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Income Tax : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Income of minors is clubbed with parents' income unless earned through personal skill or manual work. Tax planning strategies can ...
Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : ITAT Pune remands Bandgar vs. ITO case for fresh adjudication on property valuation and income tax additions under sections 56(2)(...
Income Tax : A similar claim for deduction as was raised by assessee-firm in the preceding year had been allowed by the department, but also th...
Income Tax : ITAT Pune ruled that Rs. 1.02 crore in short-term capital gains was wrongly added to the taxpayer’s income, as it was already ta...
Income Tax : It was a case where the statutory procedure mandated in section 144C had been attempted to be by passed by merely mentioning the n...
Income Tax : ITAT Pune ruled that Foreign Tax Credit (FTC) cannot be denied solely due to late Form 67 filing, as the requirement is directory,...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
ITAT Delhi held that issuance of notice under section 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb under which the penalty proceedings have been initiated concludes that the notice is issued in a stereotyped manner without applying mind and accordingly imposition of penalty is bad in law.
Understand the comparison of Tax Audit (Section 44AB) with Sections 44AD and 44ADA post Finance Bill 2023. Learn the eligibility criteria, conditions, and benefits of each section.
Procedure, format and standards for filling an application in Form No. 15C or Form No. 15D for grant of certificate for no-deduction of income-tax under section 195(3) of Income Tax Act, 1961 through TRACES
Understand the interplay between TDS under section 194Q and TCS under section 206C(1H) in the Income Tax Act. Learn the basic provisions and applicability of these sections on both the purchase and sale of goods.
Explore the recent amendments to the Prevention of Money-Laundering Act, 2002, making regulations on cryptocurrency transactions more stringent. Understand the expanded scope, documentation requirements, and implications for reporting entities under the PMLA Act.
Learn about TDS on the purchase of immovable property in India under Section 194IA & Form 26QB. Understand the applicable rates, thresholds, and steps for filing.
Article discusses concept of TDS on cash withdrawals as per Income Tax Act, its applicability, rates, threshold limits, and process of TDS deduction and return filing.
Place of Effective Management (PoEM) is an internationally recognized test for determining the residential status of a company incorporated in foreign jurisdiction. This concept is crucial for all the tax treaties entered into by India as it helps to avoid double taxation.
Till now many of us must have received a message informing us to link our PAN with Aadhar on or before 31/03/2023 or else our PAN will be inoperative. These messages seems to be partially correct as PAN will be inoperative for all those individuals ‘who are required’ to obtain Aadhar Card and link it to their PAN.
As you are all aware, our government is urging us to link our PAN cards and Aadhaar cards. In order to enforce some strictness in this matter, they set a deadline of March 31, 2023 (which has been extended to June 30, 2023) for doing so.
