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Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
Income Tax : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : Allahabad HC quashes GST demand against Solvi Enterprises, ruling that the selling dealer was registered at the time of transactio...
Income Tax : PCIT Vs Greenply Industries Ltd (Gauhati High Court) The Gauhati High Court’s recent judgment in “The Principal Commis...
Income Tax : ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under sec...
Income Tax : ITAT Mumbai held that developer is entitled for deduction under section 80-IA of the Income Tax Act for carrying out development w...
Income Tax : ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under sectio...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income tax TCS provision on sale of goods applicable from 01st Oct 2020 with FAQ Insertion of subsection – 206 (1H) in the finance Act 2020 Section 206 (1H) read as follows (1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of […]
Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date.
All about TCS on sale of Goods [newly inserted Section 206C(1H)] effective from 01.10.2020 Introduction to TCS (Tax collection at source) Tax Collected at Source (TCS) is the tax payable by a seller which he bills on to the from the buyer at the time of sale and is payable into the Government Treasury on receipt of money from the buyer. […]
TCS on sale of goods will be applicable with effect from 1st October 2020. TCS applicability, rates and compliance are analysed below for your reference: Applicability Seller of goods are required to collect of TCS on the sale of goods exceeding Rs. 50 Lakhs with in India. Turnover of the seller during preceding financial year shall […]
Article explains How TDS is deducted on Salary, What is the Rate of TDS, How is TDS deposited to Govt. Account, How to know that TDS has been deducted, When you are required to make Direct Payment of Tax, How salary can be received without deduction of TDS or with Lower TDS, How to deduct […]
Section 5- Scope of income – Income Tax Act, 1961 5. [1] the total income of any previous year of a person who is a resident includes all income from whatever source derived which— [a] is received or is deemed to be received in India in such year by or on behalf of such person […]
Taxability of Joint Development Agreement (‘JDA’) under Income Tax Law Joint Development Agreement (‘JDA’) is the most common and popular form of arrangement for constructing properties in our Country. It is a preferable form both to the Developer and to the Landowner. But there are some issues regarding the taxability of JDA under Income Tax […]
Need to further extend various time limits under Income Tax in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19).
Article explains Maintenance of accounts by certain persons carrying on profession, Maintenance of accounts by certain persons carrying on business, Limits for Individual & HUF for maintenance of accounts in case of business or profession, Maintenance of accounts by other person, Penalty for contravention of provisions related to Maintenance of accounts and Important Notes related […]
Learn about the adequacy of the allotment letter for claiming exemption under section 54F of the Income Tax Act, 1961. Understand the conditions and requirements for tax relief on capital gains.
