CA NARESH KUMAR SANKHLA

Introduction: Receiving an income tax notice can be an unsettling experience for anyone. It's essential to understand the implications and respond effectively to ensure a smooth resolution. In this comprehensive guide, we will delve into the intricacies of Income Tax Notice under Section 133(6), its significance, and how to respond strategically. We'll also address common questions related to this notice to equip you with the knowledge needed to navigate this process with confidence. What is Section 133(6) as per Income Tax Act? Section 133(6) of the Income Tax Act, 1961 empowers income tax authorities to gather information from third parties deemed relevant or necessary for proceedings under the Act. This provision plays a pivotal role in ensuring transparency, accountability, and accurate assessment of taxpayers' income and claims. Key Points to Understand: - Section 133(6) allows tax authorities to request information and documents from third parties to verify taxpayers&

Discover the Ultimate Answer: Should You File Your Income Tax Return (ITR) in the Absence of Taxable Income? In a world brimming with financial complexities, the question lingers: Is it necessary to file your Income Tax Return (ITR) when you have no taxable income? Brace yourself as we unravel the untold secrets and shed light on this enigmatic topic, igniting a storm of discussions and debates among taxpayers worldwide. Know these five benefits:-  The biggest advantage is that ITR filing helps when you apply for a loan in future. For any home loan, car loan, etc, most banks seek proof of tax returns of the previous three years  The existing tax laws make ITR filing mandatory if the gross total income in a fiscal year exceeds the basic exemption limit.  The deadline to file the Income Tax Return (ITR) for the financial year 2022-23 (assessment year 2023-24) is July 31, and the tax department has opened its portal for individuals to file their taxes for the current assessment year.  The

The Reserve Bank of India has decided to withdraw the ₹2000 denomination banknotes from circulation but they will continue to remain as legal tender. It has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect. The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. ₹2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the ₹2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic," news agency ANI quoted citing sources. Rs 2,000 notes were primarily introduced to quickly replenish earlier Rs 500 and Rs 1,000 not

Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or parents are allowed for deduction.  As per section 80D, a taxpayer can claim deduction on premiums paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction.  The limit of the deduction varies with age.  A deduction of Rs 25,000 is available for self, spouse, and dependent children. An additional deduction of Rs 25,000 is available for insurance paid for parents aged less than 60 years.  If any insurer, i.e. self, spouse or parents, is above 60 years of age, then an additional deduction of Rs 50,000 is allowed instead of Rs 25,000.  Which expenses are not allowed as deductions under Section 80D?   Health Insurance premium paid in cash. Payment made on behalf of working children, siblings, grandparents or any other relative. Group health insura