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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 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 : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
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...
For small businesses to comply with the taxation provisions without consuming much time and resources, the government of India has incorporated a scheme of presumptive taxation. Businesses adopting the presumptive taxation scheme are not required to maintain regular books of account. Section 44AD(1) says : “Notwithstanding anything to the contrary contained in sections 28 to […]
Startup India campaign was formally launched by Prime Minister Shri Narendra Modi on January 16, 2016, from Vigyan Bhawan, New Delhi. Now, we have marked 5 year journey of startup India initiative. Government is focusing to make India a $5 trillion economy but it won’t be possible without building a strong startup ecosystem in India. […]
Reimbursement can be described as repayment of what has already been spent or incurred. Therefore, it should not be considered a reward or compensation for a service rendered.
This is a compliance handbook covering important compliance related provisions of Income Tax Act, 1961 and covers following topics- Tax Rates for AY 2020-21 Tax Rates for AY 2021-22 Advance Tax Tax Deducted at Source (TDS) Tax Collected at Source (TCS) Presumptive Tax Scheme Tax Audit Income from Capital Gains Income from House Property Taxability […]
Analysis of amendments to Section 6 – Residency provisions under the Income-tax Act, 1961 (‘the Act’) Old Provisions Proposals made through Finance Bill 2020 (Change to Old Provisions highlighted in RED) Amendments made through Finance Act 2020 (Change to Old Provisions highlighted in RED) I. Resident in India if :- (a) Stays in India […]
The Indian Trust Act, 1882, governs a Private Trust. Private trust is a vehicle through which property can be transferred from one person (owner) to another for the benefit of an individual or an ascertainable group of people. A private trust is created for the benefit of specific individuals i.e., individuals who are defined and […]
SECTION 139 OF INCOME TAX ACT’1961 [AMENDED UPTO FINANCE ACT (NO.2) 2019] Ques 1: Why this post? Ans: In the approaching return filing season the aforesaid section namely ‘FILING OF RETURN’ has a great importance and that too w.r.t. amendments it contains till AY 2020-21 i.e. FY 19-20. Thus, the author has come up with […]
While the entire Business Operations are shut down, the Business Community is under stress because many have to shut down their operations permanently due various reasons which are beyond their control, which they might not have dreamt of. To give stimulus to the suffering business community and to fight the epidemic the CBDT can announce […]
Budget 2013 proposal requires buyers to deduct tax at 1% on the sale consideration payable to resident sellers. However, there is no obligation on the buyer to deduct tax when the immovable property is an agricultural land. In order to avoid the compliance hassles for small tax payers this requirement will not apply if the total consideration is less than fifty lakh rupees.
Centralized Processing Cell (TDS) has observed from its records that though you have reported deductees with more than Rs. 50,000 of TDS in your Quarterly TDS statements, but the PANs are either ‘Not Available’ or ‘Invalid’. The ‘Invalid’ PANs appear structurally valid, however, they are actually incorrect, as they are not available in the PAN Master records.
