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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...
Expansion of TCS (Tax Collected at Source) Compliance under Income Tax. Eligibility: – Sale of any goods above INR 50 Lacs; and Turnover of INR 10 Crore and above during FY 2019-20. Law: – It is proposed to levy TCS on sale of goods as per section 206C (IT Act) at the rate of 0.1% […]
From 01-04-2020, the equalisation levy shall be charged at the rate of 2% from the consideration received or receivable by an e-commerce operator from e-commerce supply of goods or services made or provided or facilitated by it to the following persons:
Equalization levy and amendments in Finance Act 2020 Section 163 to 172 deals with Equalisation levy definition, interest, penalty, filing of the annual statement, the penalty for failure to furnish statements. Challan no 285 is used to deposit Equalisation levy. Form -1 on income tax site is to be filed on or before 30th June […]
The CBIC vide various notifications issued on April 3, 2020, provided various reliefs in terms of: -extension of date of filing of GST return -To provide relief by conditional lowering of interest rate -To provide relief by conditional waiver of late fee for delay in furnishing returns -Extension of date of for filing of intimation […]
An exemption under section 10(8A) and section 10(8B) of the Income Tax Act are interconnected. Section 10(8A) provides exemption towards remuneration / fee and other income received by the ‘consultant’. Whereas, section 10(8B) provides exemption towards remuneration / fee and other income received by the employee of the consultant. Exemption available, and conditions to be […]
Once the domestic law prohibits allowing any deduction for the purpose of calculating ‘fees for technical services/fees for included services’, then, the same was not an allowable deduction and, therefore, AO and CIT(A) were right in holding that the assessee was liable to be taxed on gross basis rather than on net basis.
There could be tax implications on the conversion of a Company into LLP (for transfer of business) in the hands of LLP and on its shareholders (for extinguishment of shares held in such Company). The Income-tax Act, 1961 (IT Act) contains specific provisions governing tax implications in case of conversion of a Private Limited Company […]
Tax Audit Meaning -A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assesse exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act,1961 by a Chartered Accountant. -Simply Tax Audit means, an audit of matters related to tax. […]
Due to the COVID-19 outbreak, the Finance Minister has announced various relief measures and to give effect to this The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 was passed on 31.03.2020. Now, what this means for you as an individual taxpayer ? Let us look into some major relaxations introduced in the […]
Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, or disposal of their applications, whichever is earlier (Order passed on 31.03.2020).
