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Income Tax : Compare the breakeven tax liabilities between the old and new tax regimes for FY 2024-25 and understand when each regime is more f...
Income Tax : Explore the complex interplay of tradition and tax law surrounding Streedhan (women's jewellery) in India, CBDT guidelines, and co...
Income Tax : Understand the 2025 tax rules for capital gains on stocks and mutual funds in India. Learn about STCG, LTCG, exemptions, and tax-s...
Income Tax : Overview of Finance Act 2025 changes: capital assets, fund manager relocation, search case assessments, and more. ...
Income Tax : Learn about Section 194-IB of Income Tax Act, requiring individuals paying monthly rent exceeding ₹50,000 to deduct TDS at 2%. U...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITAT Jaipur quashes penalty under Section 271E of the Income Tax Act in Anil Sharma vs. ITO due to absent recorded satisfaction....
Income Tax : Madras High Court held that re-opening u/s. 148 read with section 147 of the Income Tax Act not sustained as there is no failure o...
Income Tax : Patna High Court held that Faceless Assessment Procedure as prescribed under section 144B of the Income Tax Act is duly followed a...
Income Tax : Madras High Court held that the provisions of Section 40A(7) of the Income Tax Act would override Section 43B of the Income Tax A...
Income Tax : ITAT Kolkata overturns CIT(A) order on tribal doctor's tax exemption, orders re-examination of income sources and bank deposits un...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Income Tax : CBDT notifies Greater Mohali Area Development Authority for income tax exemption under section 10(46A), effective from assessment ...
Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of sale of goods or provision of service or both,
We are observing since month of August, 2020 that price of Gold has increase tremendous. During August 2020 it reach to Rs. 52,000. If we look back, prices of Gold in the year 2000 was Rs. 4,400 while in the year 2010 it was Rs. 18,500 and in 2020 it has reached to Rs .52,000.
Section 206C(1H) of Income Tax Act, 1961– Tax Collected at Source (TCS) based on the Turnover Relevant extract of the Provision Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than […]
After the introduction of GST, number of cases were noticed that some suppliers do not file the returns even though they have not opted for composition scheme or below threshold limit. They do not upload their transactions in the form of GSTR-1 and do not pay the tax thereon, full or partly and there was […]
A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. Parents can now open up to two SSY accounts for girls and a third account can be opened in case of birth of twins/triplets.
♦ Introduction to Section: -Section 206C of the Income Tax Act provides for the collection of Tax at Source (TCS). –TCS is collect on specified goods like Alcoholic Liquor for human consumption, tendu leaves, scrap etc. -In order to widen and deepen the tax, a two new sub-section (1H) is inserted with effect from 1.10.2020. […]
The Telecom major Vodafone won a long pending case against the Indian government in an international court over Rs.22, 000 crore in retrospective tax dispute. Let’s take a look at what happened; Facts of the Case: The main companies involved were as under: HTIL Hutchison Telecommunications International Ltd (Hong Kong). It was the seller and earner of […]
Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him.
The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?
Parliament received the assent of the President to Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 on the 29th September, 2020 and unless otherwise provided, it shall be deemed to have come into force on the 31st day of March, 2020.
