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Income Tax : Understand the rules for disclosing foreign assets and income by resident Indians. Learn eligibility, required ITR schedules, due ...
Income Tax : Learn steps for calculating and paying advance tax for corporates, due dates for instalments and penalties for delayed payments u...
Income Tax : Bombay HC grants interim relief allowing taxpayers to claim Section 87A rebate for AY 2024-25. Revised ITR deadline extended to 15...
Income Tax : Learn about capital gain exemptions for investing in multiple residential units under Section 54F, with case law insights on eligi...
Income Tax : Learn the step-by-step procedure for NGO Darpan registration, required documents, and how to obtain a unique ID for your NGO or ch...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Income Tax : The Government's report on income tax return filings, including the percentage of filers, income categories, zero income declarati...
Income Tax : Analysis of a 25% rise in income tax returns filed over five years, with key government initiatives like pre-filled forms, updated...
Income Tax : The PIL challenges the TDS system's constitutionality, citing undue burdens, forced labor, and Article 14, 19, and 21 violations, ...
Income Tax : Exploring the need for relaxation in Vivad Se Vishwas II Scheme, 2024, addressing issues of pending appeals filed after July 23, 2...
Income Tax : ITAT Kolkata held that the disallowance u/s 14A of the Income Tax Act, read with Rule 8D of the Income Tax Rules should be restric...
Income Tax : In the case abovementioned ITAT Ahmedabad remanded the matter to CIT (A) after considering that assessee could not file evidence b...
Income Tax : Return for AY 2002-03 was filed on 30.10.2002 and an intimation under Section 143(1) was issued on 19.12.2003. A Revised return wa...
Income Tax : ITAT Ahmedabad held that section 275(1A) of the Income Tax Act empowers AO to pass penalty order by enhancing or reducing penalty ...
Income Tax : ITAT Ahmedabad held that the income of beneficiaries of trust cannot be treated as income in the hands of the trust. Accordingly, ...
Income Tax : The CAG's 2024 report on direct taxes highlights tax issues, recovery, and errors in corporate and income tax assessments, with co...
Income Tax : The Central Silk Board gains tax exemption for specified income from grants, royalties, fees, and interest, effective for 2024-202...
Income Tax : Govt. issues notification exempting TDS on payments to Credit Guarantee Fund Trust for Micro and Small Enterprises under Income-ta...
Income Tax : Circular No. 19/2024 offers clarifications on the eligibility and settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024....
Income Tax : CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Officia...
How to Upload Form BB (Wealth Tax Returns)- FAQs Q.1 What is Form BB used for? Ans. Form BB is used for filing Wealth Tax Returns which can be done online. Individuals, HUFs and Companies whose net wealth exceeds a specified taxable limit (as per the Wealth Tax Act for that particular AY) must file […]
How to file Income Tax Form 10-ID under Section 115BAB – FAQs Q.1 What is Form 10-ID? Ans. New Manufacturing Domestic Companies can opt to pay tax at a concessional tax rate of 15% (plus applicable surcharge and cess) under Section 115BAB of the Income Tax Act, 1961 subject to certain conditions. In order to […]
Dashboard and Worklist (Taxpayer) on Income Tax Website- FAQs Q.1 I am a salaried employee registered with e-Filing. Where do I access all my tax-related information on the e-Filing portal? Ans. You can access all your tax-related information and to-do items on your e-Filing Dashboard. The Dashboard contains links to important services that you would […]
Off let Income tax Department has started issuing notices under section 143(2) of the Income tax Act, 1961 (Act) for the AY 2020-21 through online mode or through National e-Assessment Facilitation Center highlighting certain issues for which case has been selected for scrutiny assessment proceedings. Let us understand the aspects of the same in view […]
Ministry of Finance notified rules for appointment of members in various tribunals on 12.02.2020 in which practice of judicial and accountant members was requiring 25 years of practice. In WP (C) 804 of 2020 dated 27.11.2020 Taking cognizance of this the Honourable SC in Madras Bar Association v. Union of India & Anr. [Writ Petition […]
Understand the new Section 194Q of the Income Tax Act and its implications for buyers. Learn about the applicability and conditions for TDS deduction on purchase of goods exceeding Rs. 50 lakhs.
CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by the growth […]
TDS on Purchase of Goods Section 194Q | TCS on Sale of Goods 206C(1H) | New TDS Rate from 1st July Introduction As you may be aware, Finance Act 2021 has inserted sec 194Q under Income Tax Act 1961 w.e.f 1st July 2021, introducing TDS (Tax Deducted at Source) on purchase of goods @ 0.1%. Buyers whose […]
The entries in the account books of the vendor and the vendee are not relevant for the purpose of determining whether a sale of immovable property had taken place. Its was too well settled that the litle to lands and buildings could not pass till a conveyance deed was executed and duly registered. The assessee […]
The Article is meant to have a deep insight into the Provisions of Section 194Q vis a vis Section 206AB and Section 206CCA read with Sub Section (1H) of Section 206C of the Income Tax Act, 1961. The author has made a humble attempt to touch the relevant topics on the subject. But since the […]
