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Income Tax : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
Income Tax : A detailed comparison of key provisions in the Income Tax Act, 1961, and the proposed Income Tax Bill, 2025, highlighting major ch...
Income Tax : Stay updated with 2024 US individual tax filing details, including deadlines, tax rates, forms, and standard deductions. Learn abo...
Income Tax : बजट में गैर-पेंशनभोगी वरिष्ठों को कर राहत न मिलने ...
Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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 : ITAT Raipur held that order of transfer of case under section 127 of the Income Tax Act without granting opportunity of being hear...
Income Tax : Kerala High Court held that court cannot interfere with order of settlement commission if challenge is merely that Settlement Comm...
Income Tax : ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasona...
Income Tax : In the matter abovementioned ITAT allowed the appeal of the assessee after deleting the addition made u/s 68 after observing the f...
Income Tax : Respondent/assessee is a Irish company. It accordingly claimed benefits of the India-Ireland DTAA. ADIR is a wholly owned subsidia...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
By insertion of section 115BAC in the Act, on satisfaction of certain conditions, an individual or HUF shall, from assessment year 2021-22 onwards, have the option to pay tax in respect of the total income at following rates:- Total Income (Rs) Rate Upto 2,50,000 Nil From 2,50,001 to 5,00,000 5 % From 5,00,001 to 7,50,000 […]
Amidst the lower gross domestic product, requirement of government expenditure and management of taxpayers’ expectations, Budget 2020 has proposed much-awaited and promising changes in terms of tax rate reductions, extension of exemptions for start-ups, etc., while also addressing some of the needs for reviving the economy. 1. Relief for start-ups and its employees: Start-ups have […]
Section-Wise Analysis of Proposed Income Tax Amendments by Finance Bill, 2020 1) INSERTION OF Section 115BAC The new Sec. 115BAC has proposed to be inserted to provide an option to Individual or HUF’s to pay tax at lower rate subject to certain conditions. This section is optional and the option shall be exercised for every […]
Tax Research Foundation presents here Clause by Clause Analysis of Union Budget 2020-21. Analysis is divided in nine parts which are Tax Rates for Financial Year 2020-21, New Optional Individual Tax Rate, Changes in Various Business Taxation Provisions, Changes Capital Gain Taxation, Changes in International Tax, Tax Administration and Compliance, Amendment in Provisions related to […]
Tax Harassment will end – assures FM while presenting union Budget 2020 Trusting every citizen, the aspirational youth, the hard-working women, the risk-taking entrepreneur, the ever hopeful and untiring farmer or the wise and old senior citizen. Many among them are taxpayers. Others may not be taxpayers today. Our Prime Minister has laid before us […]
The Hon’ble Finance Minister Smt. Nirmala Sitharaman on Saturday presented Union Budget in Lok Sabha, Based on her speech on 01.02.2020. The prominent themes of Union Budget are Aspirational India, Economic Development and Caring Society. DIRECT & INDIRECT TAX: 1. Individual Slab Rate Tax for Financial Year 2020-21, an option to select either OLD or […]
In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to […]
Section 269SU Additional e-payment facilities mandatory for business having turnover more than ₹ 50 crores In a move to encourage digital transaction and less-cash economy, a new section 269SU has been inserted in the Income Tax Act, 1961 as a part of the Finance Act, 2019 and further Central Board of Direct Taxes (CBDT) issued […]
BUDGET 2020 HIGHLIGHTS 1. To remove Criminal liability from Companies Act, 2013, Govt. is proposed to make certain amendments in Companies Act, 2013. Similarly, other laws would also be examined, where similar provisions exist, and attempts would be made to correct them. 2. Depositor insurance limit proposed to increase from Rs.1 Lac to Rs.5 Lacs. […]
1. In order to simplify income tax system, around 70 out of 100 currently available income tax deductions and exemptions have been removed. 2. Dividend Distribution Tax (DDT) abolished and companies are not required to pay any DDT. However, dividend amount is taxable in the hands of recipients at their applicable rates. 3. Concessional corporate […]
