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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...
It has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions.
This Article explains how to save tax in a private limited company. It explains various legally permissible ways in which you end up saving a lot of income tax. Company is an artificial person created by law. it is clothed with many rights, obligations, powers and duties prescribed by law. What is a Private limited […]
e-Assessment – Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment. Electronic assessment under Income Tax have certain Advantages and Disadvantages. Advantages of Electronic assessment under Income Tax includes Faceless assessment reduces chances of corruption, Saves time and efforts, […]
The Income Tax department has notified the Income tax Return (ITR) Forms for F.Y. 2019-20 on January 3, 2020. Here’s a list of the 6 key changes introduced in the ITR1 for financial year 2019-20. ♦ Passport details In this year’s ITR-1, taxpayers will have to provide their passport number (if they have one). This […]
The income tax department in its grapple to make GST regime an ideal tax mechanism has launched many reforms like single indirect tax mechanism, completely faceless/digital tax compliance, simple TDS deduction system, and a lot more. Apart from that, if any inconvenience in tax compliance is witnessed by the government then due dates for the […]
The Central Board of Direct Taxes (CBDT) has recently notified two Income Tax Return (ITR) forms for the assessment year 2020-21. Usually, the tax department issues new ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old tradition, it has notified two ITR forms ITR-1 and […]
CIT Vs Endeka Ceramics (India) Pvt. Ltd. (Karnataka High Court) Admittedly in the instant case, the industrial undertaking of the appellant-assessee is not located in the Industrial Backward District, which has been mentioned in the Notification issued by the Central Government. It is pertinent to note here that the first Notification was issued by the […]
During the past year 2019, CPC (TDS) released a host of useful utilities at TRACES, including the following- 1. DIN Verification Functionality on TRACES Homepage wherein taxpayer can verify communication received from the department. 2. Aadhar based authentication in CPC (TDS) as additional authentication mode for TRACES users. 3. Form 16 – Part B generation […]
Stay updated with the latest income tax changes for December 2019. Learn about Form No. 10DA and claiming deductions under section 80JJAA.
Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within the next two years. Mr. Chaudhury is in a dilemma, he is aware that the amount he has received is a Capital Gain in his hands and is liable to tax. His intention is to use this fund towards paying for his new abode. What are his options?
