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Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
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 : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Keep up with Budget 2023 and the latest in personal income tax: 5 major updates revealed by FM Sitharaman. Explore higher rebate limit of Rs. 7 lakhs & an increased tax exemption limit of Rs. 3 lakhs.
Through this budget, MSMEs get a Rs. 9,000 Crores corpus and a big relief through an amendment to section 43B of the Income Tax Act. Know more!
3 essential compliances for charitable organizations: registration under Section 12AB, GST, & FCRA. Know your Income Tax requirements!
Draft submission to ITAT when AO doesn’t comply with section 147 to 151 of Income Tax. Ground of Appeal & Arguments in writing, AO’s reasons recorded u/s 148(2) were never supplied to assessee. Assessment bad in law & spirits as reopening bad enough.
Protect the interest of Micro and Small businesses with time limit for payment, interests & MSME Samadhan scheme. Disallowance under Section 43B: a retrograde step?
Finance Minister proposed to reduce the number of Basic Custom Duty (BCD) rates on goods, other than textiles and agriculture, from 21 to 13.
Ministry of Finance DIRECT TAX PROPOSALS AIMED AT REDUCING COMPLIANCE BURDEN, PROMOTING ENTREPRENEURIAL SPIRIT & PROVIDING TAX RELIEF TO CITIZENS NEXT-GENERATION COMMON IT RETURN FORM FOR TAX PAYER CONVENIENCE TO BE ROLLED OUT LIMITS OF PRESUMPTIVE TAXATION ENHANCED TO Rs 3 CRORE FOR MICRO ENTERPRISES AND Rs 75 LAKH FOR PROFESSIONALS WITH CASH PAYMENTS LESS […]
Section 43B(h) any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 shall be allowed as deduction only on actual payment.
Understand proposed amendments to the Income Tax Act 1961 for Budget 2023 and their impact on premium and paid expenses from Micro and Small Enterprises.
For Union Budget 2023, Finance Minister proposed new amendments related to TDS & TCS, as well as no changes in corporate tax rates. Highlights here!
