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Income Tax : The new Income Tax Bill consolidates provisions for non-profits, covering registration, taxation, compliance, and capital gains ru...
Income Tax : The Income-Tax Bill 2025 simplifies house property income taxation, reducing complexity while maintaining key provisions for bette...
Income Tax : India's Income Tax Department shifts to a taxpayer-friendly approach, prioritizing silent recoveries, refund adjustments, and redu...
Income Tax : Explore why Cost Accountants (CMAs) should be included in the definition of "Accountant" under the Income Tax Bill 2025 for a comp...
Income Tax : Understand the New Tax Regime 2025 with updated slabs, deductions, and exemptions. Learn how to save tax and choose the best regim...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors' tax liability ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : Delhi High Court held that Freight Logistic Support Service provided by appellant are not in the nature of Fee for Technical Servi...
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...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
1. As used the phrase null and void, refers to something that binds no one or is incapable of giving rise to any rights or duties under any circumstances. The phrase was first recorded in 1669. 2. This phrase is popularly believed to be actually redundant, since null is understood to mean “void,” that is, […]
Key Changes in the Provisions of Income Tax Act, 1961 effective from 1st April 2021 and onwards The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the ‘Finance Act, 2021’. Like every year, this year also numerous amendments have come up […]
Annexure 1 Important points to remember while filing return of income in ITR utility for ITR-3 (online or offline) Validation Rules The validation process at e–Filing/CPC end is to be carried out for ITRs based on the category of defect. Category A defect are the defects, wherein return will not be allowed to be uploaded […]
Instructions to Form ITR-3 (A.Y 2021-22) Instructions for filling out FORM ITR–3 These instructions are guidelines for filling the particulars in Income-tax Return Form-3 for the Assessment Year 2021-22 relating to the Financial Year 2020-21. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. […]
What is ITR: ITR stands for Income Tax Return. The Income Tax Act, 1961 governs all the ITR forms and procedures to be followed. This article gives an in-depth understanding of the ITR definition and types of ITR forms. Income Tax Return (ITR) is a form in which the taxpayers file information about their income […]
One of the major change is the introduction of the Faceless Scheme, for Assessments, Appeals and Penalty. Faceless Assessment scheme was notified in 2019 followed by Faceless Appeal scheme in 2020 and Faceless Penalty scheme in 2021.
The Finance Act 2021, has widened the family base of the TDS Chapter by introducing a new member namely Section 194Q w.e.f. 1st July 2021. Likewise, Last year govt. introduced TCS on the Sale of Goods u/s 206C(1H). Earlier the applicability of TDS or TCS provisions were restricted to some specific items of Income or […]
My USA tax clients have started receiving third economic payment from Internal Revenue Service, * U S Treasury department, U S government. I am enclosing below the relevant website details for reference and shall cover the relevant information in this article. All information traces their origin to IRS website and I am totally bound by […]
DSC to be re-registered afresh 7th June onwards on new Income Tax portal Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards. The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons. This is a system generated e-mail […]
Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with; Facility for preparation of ITRs 3, 5, 6, 7 will be made available shortly;
