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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 : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
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 : 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 : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
The Government passed Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. Below are a few impact areas that the companies and investors will need to revaluate:
CTBA has requested for Extension of due date for filing of Tax Audit Report and Income Tax Returns of specified assessees to 30/11/2019
Sales Tax Bar Association requested to provide an extension upto November 15, 2019 for filing of income tax returns and tax audit reports by the assesses for whom the due date otherwise is September 30, 2019. Request is been made to Hon’ble Smt. Nirmala Sirtharaman, Union Finance Minister, Government of India. SALES TAX BAR ASSOCIATION […]
Deduction under section 80DDB of the Income Tax Act is available towards the amount actually paid for the medical treatment of the specified disease. The current article explains all the provisions attached with the said deduction along with the frequently asked questions. Eligibility of deduction under section 80DDB – For better understanding, the eligibility of deduction under […]
Discover the benefits and consequences of filing your income tax return. Understand the importance of filing your ITR and how it impacts your financial obligations.
Assesse-cooperative society registered under the Maharashtra Co-op. Society Act, 1960 was entitled for exemption under section 80P on giving of loans to members/nominal members as the definition of ‘member’ given in section 2(19) of the Maharashtra Cooperative Societies Act took within its sweep even a nominal member, associate member and sympathizer member and there was no distinction made between duly registered member and nominal, associate and sympathizer member.
Grievances of Startups should be handled within the following time-frame:- i) In case of any grievance, the preliminary Action Taken Report is to be submitted to this office by the next day i.e. within one working day of calling of report by this office.
The Minimum Alternative Tax (MAT) is a provision introduced in direct tax laws to limit the tax deductions/exemptions otherwise available to taxpayers so that they pay a ‘minimum’ amount of tax to the government.
1. What are the legal structures that one can use to run a small business in India? Ans: Small businesses in India are usually run as either proprietorship concerns, partnership firms, or small companies. Proprietorship concerns are business run by individuals. Partnership firms are established under the Indian Partnership Act, 1932. Companies are incorporated under […]
1. Salary means all remuneration paid or due under an express or implied contract of employment except that received by a partner of a firm from the firm. It includes wages, annuity or pension, gratuity, fess, commission, perquisites or profits in lieu of or in addition to any salary or wages or any advance of […]
