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Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
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...
DISCUSSION ON SECTION 194Q AT A GLANCE ♦ Introduction The Finance Act, 2021, has widened the scope of the TDS Chapter in the Income Tax Act, 1961 by introducing a new section namely 194Q dealing with ⇓ TDS on Purchase of Goods w.e.f. 1st July 2021. This new TDS provision is just a replica of section […]
A Critical Analysis Of Tds On Freight Payments Under Section 194 (6) Of The Income Tax Act, 1961 MEANING AND IMPORTANCE OF TDS IN GENERAL Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, contract […]
RBI has recently issued a Circular by which it released Quick Insight of Income-tax implications for Financial Year 2021-22 detailing the various tax implications for the current financial year, in accordance with the amendments made in the Finance Act, 2021. Full Text of the same is as follows:- Finance Act, 2021 The Honourable Finance Minister […]
Understand the implications of TDS Section 206AB and Section 206CCA of the Income Tax Act, 1961. Learn about the higher TDS rates and how they apply to specified persons.
Upload Income Tax Forms – FAQs Q.1 How can I access the category of Income Tax Form applicable to me for filing? Ans. Under the Income Tax Form Options in the e-File menu, you will be presented with a category list of all available Income Tax Forms with short descriptions. Choose the form(s) that are […]
FAQs on How to use offline utilities to file Income Tax returns (ITR) Q.1 Who can use the ITD’s offline utilities to file returns? Ans. All persons eligible to file ITR can download the offline utilities for ITRs and use them to file returns. Q.2 What is new about the ITD’s offline utility in AY […]
ITR status shows the current status/stage of your filed ITR. Once your ITR has been filed, you may check if it has been accepted and processed by the Income Tax Department. In certain cases where some discrepancies are found, you may need to respond to the communication from the ITD. Hence, it is advisable to periodically check your ITR status.
FAQs on How to e-Verify Income Tax Return (ITR) Q.1 Why do I need to e-Verify? You need to verify your Income Tax Returns to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid. e-Verification is the most convenient and instant way to verify your ITR. You […]
How to Add/Remove/Validate Demat Account on new Income Tax Portal- FAQs Q.1 Can I enable EVC for multiple demat accounts? Ans. No. EVC can be enabled for only one demat account at any point of time. If you try to enable EVC for another demat account, then you will receive a message to disable EVC […]
Tax Inspectors Without Borders (TIWB), a joint initiative of the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD), launched its programme in Bhutan today. India was chosen as the Partner Jurisdiction and has provided the Tax Expert for this programme.
