A Complete Guide to Section 154 of Income Tax Act: Rectification of Mistakes in ITR Filing your Income Tax Return (ITR) accurately is crucial, but what if you or the Income Tax Department spot an error after processing? That’s where Section 154 of Income Tax Act comes into play. This provision empowers taxpayers and the Assessing Officer (AO) to correct mistakes in income tax records, ensuring fair and error-free assessments. This article explains Section 154 in simple terms, covering [...]

Income Tax Notice Reply Format: How to Draft an Effective Response Receiving an income tax notice from the Income Tax Department can be stressful, especially if you're unsure about the next steps. Whether it’s a notice under Section 139(9), 142(1), 143(1), 143(2), or 245, your first response should be calm and well-informed. Knowing how to reply appropriately is crucial to avoid penalties, reassessment, or unnecessary scrutiny. This article explains the income tax notice reply format, outlines common notice types, [...]

Section 133(6) of Income Tax Act: Power to Call for Information Explained In today’s data-driven tax ecosystem, the Income Tax Department leverages multiple sources of information to ensure accuracy and transparency in tax reporting. Section 133(6) of the Income Tax Act, 1961, is one such powerful tool that enables tax authorities to collect relevant information from various individuals and institutions even if they are not directly subject to tax proceedings. If you or your business has received a notice [...]

Section 144B of Income Tax Act: Understanding the Faceless Assessment Scheme In an effort to improve transparency and reduce direct contact between taxpayers and tax authorities, the Income Tax Department introduced Section 144B of the Income Tax Act. This section forms the backbone of the Faceless Assessment Scheme, which aims to simplify and digitize the assessment process. If you’ve received a notice or communication under Section 144B, or simply want to understand how it affects your tax filings, this [...]

What is Form 15CB? A Complete Guide to CA Certificate for Foreign Remittance Sending money outside India is subject to strict compliance regulations under the Income Tax Act. If you're a business or an individual making foreign payments, especially for import of services, royalty, commission, or dividends, you’ve likely come across Form 15CB. This form is a Chartered Accountant's certificate that plays a key role in validating that the applicable tax on such remittances has been deducted before the [...]