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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...
The issue under consideration is whether Assessemnt order u/s 153C issued in the name of Amalgamated Company will be considered as valid?
Everyone wants to be his or her own boss. Freelancer is a person who is self-employed and not necessarily committed to a particular employer for long-term. Fields where freelancing is predominant include experts services of Chartered Accountants, lawyers, business Consultants, web designers, etc. Freelancer works for particular type of engagement for specific amount of fees. For example- […]
Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?
Govindam Clearing Agencies Pvt. Ltd Vs DCIT (ITAT Jaipur) AO had disallowed the interest and made an addition of Rs. 18,315/- on account of late deposit of TDS by the assessee. We find that the facts are undisputed that the assessee has claimed interest as expense incurred for delayed payment of TDS. We find that […]
Downloading the utility 1. Go to e-filing portal at https:iincometaxindiaefiling.gov.in/ 2. Click on the Forms (other than ITR) tab under the Downloads 3. Click on the Download link against Form 61A to download the Utility. It allows the user to save the file in the location selected by the user.
Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E – Furnishing of Statement of Financial Transactions in Form 61A. Form 61A – Format and Instructions
A finance lease is essentially a financing arrangement whereby the lessee assumed the ownership of the asset in as much as it is the borrower who chooses the property to be purchased, takes delivery, enjoys the use of occupation of the property, bears the wear and tear and takes the risk of loss or damage.The decision of the Tribunal could well prove to be a turning point insofar as the claim of depreciation in a finance lease in concerned. Though the decision of Tribunal is not the last word on the question of law; nevertheless the ruling could take away the heat from long drawn debate over availability of depreciation in a finance lease.
NPS is a government-sponsored pension scheme. It was launched in January 2004 for government employees. However, in 2009, it was opened to all sections. The scheme allows subscribers to contribute regularly in a pension account during their working life. On retirement, subscribers can withdraw a part of the corpus in a lump sum and use the remaining […]
The ongoing Covid – 19 pandemic has affected the human lives severely. Besides the impact on human lives it has drastically impacted the businesses. As per the data of the National Statistical Office (NSO) India has recorded worst GDP growth rate of -23.90% for quarter 1 of FY 2020-2021. This indicates that the businesses are […]
A Hindu Undivided Family (HUF) is known as a Joint Hindu Family under the Hindu Law. It comprises all persons lineally descended from a common ancestor and living under a common roof and joint in estate, food and worship. Yet, an HUF can exist without holding any property. There are two schools of law governing HUF in India: Mitakshara and Dayabhaga. West Bengal is the only state in India which follows the Dayabhaga school of law.
