Received income tax notice under Section 143 (3) ? What is faceless assessment & how you should respond

Assessments under Section 144B of the Act are often described as both “faceless” and “jurisdiction-less”. India’s faceless assessment regime is an important part of a broader strategy to move away from manual, officer-led discretion-based scrutiny to a technology-led standardised and transparent tax administration. It significantly reduces the need for in-person meetings, improves accountability, and ensures…

Read More

ITR filing: Sold shares, property or crypto this year? Here’s what you must know before filing your income tax return

The first step in capital gains taxation is to identify the asset sold and determine whether the resulting gains are taxable. (Image source: Magnific) Many individual taxpayers view filing an Income Tax Return (ITR) as a straightforward task—declaring salary income, updating investment details and paying any balance tax. However, capital gains can turn an otherwise…

Read More