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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Article explains Income Tax Treatment of Immovable Property Received as Gift Without Consideration or for Inadequate Consideration, Any property other than immovable property received Without consideration of For Inadequate Consideration and all those gifts which are fully exempt under Income Tax under Section 56(2)(X) 1. Cash: If aggregate value is less than Rs.50000 than nothing […]
As we all aware that currently this is the TDS compliance period is going on. At the time of compliance many tax deductor face the confusion at the time of tax deduction such at what amount the TDS should be deducted and at what amount, when the invoice is issue within ambit of GST? That […]
Harina Developers Pvt. Ltd. Vs ITO (ITAT Bangalore) The issue under consideration is that whether the loan received from two directors can be considered as unexplained cash credit u/s 68 of the Act? In the given case, the assessee has received amount from two of its directors. The assessee could file only ledger account extract […]
Taxation of a person depends on his residential status in the country. Section 6 sub-section (1) of the Income Tax Act, 1961 provides the circumstances under which an INDIVIDUAL is said to be Resident in India. Once the INDIVIDUAL is said to be resident in India, then we need to find out if he qualifies […]
For small businesses to comply with the taxation provisions without consuming much time and resources, the government of India has incorporated a scheme of presumptive taxation. Businesses adopting the presumptive taxation scheme are not required to maintain regular books of account. Section 44AD(1) says : “Notwithstanding anything to the contrary contained in sections 28 to […]
Startup India campaign was formally launched by Prime Minister Shri Narendra Modi on January 16, 2016, from Vigyan Bhawan, New Delhi. Now, we have marked 5 year journey of startup India initiative. Government is focusing to make India a $5 trillion economy but it won’t be possible without building a strong startup ecosystem in India. […]
Reimbursement can be described as repayment of what has already been spent or incurred. Therefore, it should not be considered a reward or compensation for a service rendered.
This is a compliance handbook covering important compliance related provisions of Income Tax Act, 1961 and covers following topics- Tax Rates for AY 2020-21 Tax Rates for AY 2021-22 Advance Tax Tax Deducted at Source (TDS) Tax Collected at Source (TCS) Presumptive Tax Scheme Tax Audit Income from Capital Gains Income from House Property Taxability […]
Analysis of amendments to Section 6 – Residency provisions under the Income-tax Act, 1961 (‘the Act’) Old Provisions Proposals made through Finance Bill 2020 (Change to Old Provisions highlighted in RED) Amendments made through Finance Act 2020 (Change to Old Provisions highlighted in RED) I. Resident in India if :- (a) Stays in India […]
The Indian Trust Act, 1882, governs a Private Trust. Private trust is a vehicle through which property can be transferred from one person (owner) to another for the benefit of an individual or an ascertainable group of people. A private trust is created for the benefit of specific individuals i.e., individuals who are defined and […]
