Understanding small business tax obligations is a fundamental part of running a successful enterprise. At its core, these obligations revolve around accurately reporting income and expenses to the appropriate tax authorities, which in turn determines the amount of tax owed by the business. Small businesses must navigate through various types of taxes including income tax, […]
Tax burden can be overwhelming, especially if your state levies high taxes on your profit as an individual or a company. Fortunately, well-heeled individuals don’t need to be confined to the tax regime of their homeland.
In a recent revenue proposal document released on 11 March, the U.S. administration overseen by Joe Biden put forward a proposal for a 30% excise tax on crypto mining activities.
Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to securities market, as reported by one of Reporting Entities. This information comes from a recent tweet by department.
Discover how to submit an online application for Concurrent Audit Assignment in Central Bank of India for FY 2024-25. Check guidelines, eligibility, and important terms.
Ministry of Home Affairs (MHA) announced the notification of the Citizenship Amendment Act (CAA) Rules, 2024, paving the way for implementing the legislation passed by the Parliament in December 2019. Key Points: This notification establishes the procedures for eligible individuals from Afghanistan, Bangladesh, and Pakistan, belonging to Hindu, Sikh, Jain, Buddhist, Parsi, and Christian communities, […]
The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance with advance tax payments for the Financial Year 2023-24. This campaign targets individuals and entities engaged in significant financial transactions, urging them to accurately compute and deposit their advance tax liabilities by the deadline of […]
ICAI will now conduct the CA Intermediate and Foundation course examinations thrice a year, starting from June 2024. Previously, these exams were held only twice annually.
Learn how to file updated returns under Section 139(8A) of the Income Tax Act within 24 months from the assessment year end. Know the exclusions.
In a significant move, the Central Board of Direct Taxes (CBDT) has released new guidelines aimed at ensuring the priority or out-of-turn disposal of pending appeals. This directive, issued under the reference F.No. 279/Misc./M-102/2021-ITJ, supersedes the previous guidelines set in December 2021. The move is aimed at streamlining the appeals process within the Ministry of […]
