Section 147 empowers the Income Tax Department to reassess the income of a taxpayer if the Assessing Officer (AO) believes that income chargeable to tax has escaped assessment for any previous year. When can Section 147 be invoked? The AO must have “reason to believe” that income has escaped assessment. Common reasons: Non-filing of return… Continue reading Section 147 – Income Escaping Assessment (Reassessment)
Form 15CA/CB Filing are compliance documents required under the Indian Income Tax Act when making payments to a non-resident or a foreign company. They help the Indian government track foreign remittances and ensure that taxes are properly deducted at source (TDS) before sending money abroad. Form 15CA – Declaration by the Remitter This is a… Continue reading Form 15CA/CB Filing Made Easy – Taxcellent Helps You Stay Compliant
The Indian Income Tax Return (ITR) framework includes a variety of forms tailored to different categories of taxpayers. Among them, ITR 4 Form Filing (Sugam) stands out as a simplified, user-friendly option for small business owners, professionals, and freelancers who want to take advantage of presumptive taxation under Sections 44AD, 44ADA, and 44AE of the… Continue reading Mastering ITR-4 for FY 2024-25 (AY 2025-26): A Complete Guide for Small Taxpayers & Professionals
We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.
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