by Audit Analyst | Jan 3, 2026 | Income Tax
Classification of Crypto Assets Virtual Digital Assets (VDAs), including cryptocurrencies like Bitcoin and Ethereum, are taxable in India. The Income Tax Act defines VDAs under Section 2(47A) for clarity. This includes cryptocurrencies, NFTs, and similar digital...
by Audit Analyst | Jan 3, 2026 | Income Tax
Understand the Nature of the Notice First, carefully read the notice type, section, and reason for issuance. Common notices include Section 139(9) (defective return), 143(1) (intimation), 143(2) (scrutiny), and 148 (reassessment). Understand whether it’s a request for...
by Audit Analyst | Jan 3, 2026 | Income Tax
Understanding Rectification Rectification is a process under Section 154 of the Income Tax Act. It allows correction of mistakes or errors in the income tax return already processed. It is applicable when there is an error in computation, TDS mismatch, or omission. It...
by Audit Analyst | Jan 3, 2026 | Income Tax
Understanding Self-Assessment Tax Self-assessment tax is the final amount of tax payable by a taxpayer after accounting for advance tax and TDS. It is calculated after preparing the income tax return but before filing it. The taxpayer must pay this tax to avoid late...
by Audit Analyst | Jan 3, 2026 | Income Tax
Separate Nature of Taxes Income Tax and Goods and Services Tax (GST) are two distinct types of taxes. Income tax is levied on income earned by individuals or businesses. GST is levied on the supply of goods and services, not on income. Paying income tax does not...
