tax liability

Don’t Get Caught Off Guard! High-Value Cash Transactions & Tax Notices in India

Introduction India’s tax landscape is complex, and understanding the nuances of high-value cash transactions and income tax notices is crucial for individuals and businesses alike. In this guide, we’ll delve into the definition and implications of high-value cash transactions, reporting requirements, scrutiny by the Income Tax Department, and how to navigate income tax notices effectively. […]

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Understanding the Rules and Benefits of Carrying Forward Losses in Income Tax Returns

One of the main reasons for carrying forward losses in income tax returns is to provide businesses and individuals with a way to recover from financial setbacks and maintain continuity in their operations. By allowing losses to be carried forward, the tax system acknowledges that businesses and individuals may face temporary difficulties that could affect

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