Understand capital gains tax on assets like property and stocks. Learn the difference between short-term and long-term gains, how to calculate them, and available tax exemptions.
What is PGBP? Learn how “Profits and Gains from Business or Profession” is taxed in India, including key sections, eligible deductions, and presumptive tax schemes.
Learn the difference in investment accounting between AS 13 and Ind AS 109. Understand how these standards classify, measure, and account for impairment of financial assets.
Compare AS 11 and Ind AS 21 on accounting for foreign exchange rates. Understand the differences in how they handle monetary items, and the capitalization of exchange differences.
Cuttack ITAT cancels penalties under sections 271D and 271E, ruling that the Assessing Officer must record satisfaction in the assessment order before initiating penalty proceedings.
Summary of the significant capital gains tax changes from the Finance Act 2024, effective July 23rd, including new holding periods, tax rates, and exemptions.
Learn how foreign currency fluctuations impact fixed asset accounting under Indian standards. Compare AS 11 vs. Ind AS 21, and understand key concepts like capitalization and hedge accounting.
ITR-3 is the tax form for individuals and HUFs with business or professional income. Learn who must file, the types of income covered, and important deadlines.
The Supreme Court ruled that a show cause notice, not a summons, initiates GST proceedings, clarifying Section 6(2)(b) and preventing dual tax authority actions.
The Bombay High Court ruled that a capital gains exemption for multiple residential properties before the 2014 amendment is valid, reaffirming a liberal interpretation of tax law.
