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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
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 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
♦ Basic & Accounting Treatment of ESOP : What is ESOP: ESOPs, ‘Employees Stock Ownership Plans’ or “Employees Stock Options Plans” is the generic term for a basket of instruments and incentive schemes provided to the employees of the company. A Stock Option is a right but not an obligation granted to an employee in […]
Article explains about Income Tax on Income distributed to Unit Holders by Mutual Funds (Detailed analysis with amendments made by Finance Act, 2020 and with illustrations on pre and post budget 2020 changes). India has plethora of investment instruments which are available, for an investor, to park his idle funds. At times, it becomes really […]
Unabsorbed depreciation is the excess amount of unaccounted depreciation that cannot be adjusted in the current year due to lack of profits in the profit and loss account. This unabsorbed amount can be set-off against other heads of income and is carried forward for adjustments in the forthcoming years. It can be carried forward perpetually for any number of years until the excess amount is fully adjusted.
According to section 29, the profits and gains of a profession are to be computed in accordance with the provisions contained in sections 30 to 43 D. It must, however, be remembered that in addition to the specific allowances and deductions stated in sections 30 to 36, the Act further permits allowance of items of […]
Having profit and loss in the business are two sides of a coin. Of course, losses are hard to digest. However, the Income Tax law in India does provide taxpayers with some sort of benefits of incurring losses too. Under the Income-tax Act, the Income is taxable under the five different heads: -Income from salaries […]
Article summarises Provisions of Direct Tax Vivad Se Vishwas Act, 2020 and contains/Explains Introduction to Direct Tax Vivad Se Vishwas Scheme, Who Are Eligible To Avail Direct Tax Vivad Se Vishwas Scheme, Quantification Of The Disputed Tax, Computation Of The Amount Payable Under Direct Tax Vivad Se Vishwas Scheme, Procedure For Filing Declaration Under Direct […]
Finance Act 2020 – TDS under section 194J FA 2020 has introduced lower rate of deduction @ 2% instead of 10%, under section 194J, if the service is in the nature of: 1. Technical service; or 2. Royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films For the part of […]
If you want to file your ITR defect-free then you need to avoid following Common mistakes which many users do. 1. Selection of the wrong ITR: While filing ITR, if you select ITR form which is not appropriate in your case, you may miss reporting entire/partial information to the Income-tax department. In such a case […]
Covid-19 Impact On Taxation, Relaxations By Government And Some Measures Which Need To Be Taken! The outbreak of COVID-19 across the globe has been unprecedented, with major economies announcing regulatory relaxations amidst lockdowns. Following the suit, Finance Minister (FM), Ms. Nirmala Sitharaman announced certain relief measures on 24 March 2020 relating to Taxation, Corporate Affairs, […]
In India, the status of tax residency of an individual is determined based on his number of days of stay in India during a financial year. Every year, various Non-Resident Individuals (‘NRI’) visit India to manage their family affairs/investment in India. Such individuals plan their stay in India in a manner that they remain non-resident in India for tax purposes.
