Income Tax articles

Notice Received U/s Section 133 (6) of Income Tax Act, 1961? An Eye Opening Case Study

Discover an eye-opening case study about a taxpayer's experience with Section 133 (6) of Income Tax Act, 1961. Learn lessons on handling tax notices effectively....

Posted Under: Income Tax |

Section 194A TDS on Interest to NBFCs: Compliance and Challenges

Non-Banking Financial Companies (NBFCs) play a crucial role in providing financial support to businesses. However, what many businesses may not realize is that there are Tax Deducted at Source (TDS) obligations associated with interest payments made to NBFCs. This article explores Section 194A of the Income Tax Act, shedding light on the ...

Posted Under: Income Tax |

Capital Gain Tax Exemption – Date of Acquiring New Property

Learn about date of acquiring a new property and its impact on capital gain tax exemption under Section 54 of Income Tax Act. Explore legal cases and guidelines....

Posted Under: Income Tax | ,

1 अक्टूबर 2023 से टीसीएस के नियमों मे बदलाव

1 अक्टूबर 2023 से टीसीएस के नियमों में हुए बदलावों का प्रभाव। नए नियमों के तहत विदेश में खर्च और लेनदेन पर टीसीएस का प्रभाव और उनकी वि...

Posted Under: Income Tax |

Supreme Court Ruling on TDS Penalty in US Technologies Case – A Detailed Analysis

Read about Supreme Court's decision in US Technologies case regarding TDS penalty under Section 271C of Income Tax Act, 1961, for delayed remittance....

Posted Under: Income Tax |

New 20% TCS on Foreign Remittance from 01.10.2023 Simplified

Learn about revised TCS rates on foreign remittance effective October 1, 2023. Discover what expenditures are affected, exemptions, and key details....

Posted Under: Income Tax |

Applicability of Audit Report 10BB & Disclosure Requirement In Audit Report

Learn about Form 10BB applicability for trusts, including disclosure requirements like commencement of activities, bookkeeping, and donation reporting, with penalties for non-compliance....

Posted Under: Income Tax |

Total Revamp required in process of rectification, stay of collection of taxes & Appeal 

Proposed reforms in tax procedures: shorten rectification processing time, allow partial payment for appeals, and streamline collection stay requests....

Posted Under: Income Tax |

Belated Return – Income Tax Return filing after due date

The deadline to file Belated return is December 31, 2023, providing taxpayers with a second chance to meet their tax obligations if they missed the original due date. This extension comes as a welcome relief for individuals and businesses who, for various reasons, were unable to file their returns on time....

Posted Under: Income Tax |

CBDT’s New Angel Tax Rules: Valuation Methods & Safe Harbour

CBDT notification amending Rule 11UA for Angel Tax. Learn about new valuation methods, safe harbor, and implications for equity shares and CCPS....

Posted Under: Income Tax |

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