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Income Tax : Learn about Section 87A rebate applicability on short-term capital gains under the new tax regime for FY 2023-25. Explore legal ch...
Income Tax : Explore the Principal Purpose Test (PPT) in international tax law, its impact on treaty benefits, legal uncertainty, and potential...
Income Tax : Budget 2025 introduces tax reliefs, higher TDS thresholds, and urban housing reforms, impacting real estate growth while raising c...
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 : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Delhi High Court held that initiation of disciplinary proceedings against Joint Controller General of Accounts (Administration) ba...
Income Tax : Madras High Court held that extension of period for bringing immovable property to sale by auction is justifiable since time limit...
Income Tax : ITAT Jaipur quashes PCIT order revising assessment of Auro Iron, citing insufficient inquiry and overreach on reassessment grounds...
Income Tax : ITAT Jaipur held that assessee just needs to establish that the amount has come from the bank account of the cash-creditors. Asses...
Income Tax : ITAT Kolkata held that issuance of notice under section 143(2) of the Income Tax Act by non-jurisdictional Assessing Officer rende...
Income Tax : Income Tax offices across India will remain open on March 29-31, 2025, for pending work, as per CBDT order under Section 119 of th...
Income Tax : CBDT notifies Income Tax (Sixth Amendment) Rules, 2025, introducing safe harbour rules for assessment year 2025-26. Full details o...
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...
Specified persons are required to install and operationalise facilities for digital payment on or before January 31, 2020, However, if the specified person fails to do so, he shall be liable to pay a penalty of ₹ 5,000 per day during which such failure continues from February 01, 2020, under section 271DB of the Income Tax Act for such failure.
In this Article we would be discussing about the Applicability of the new provisions as introduced by The Taxation Laws (Amendment) Act, 2019; the different Structure of Companies and the options available to them. A. Tax rates of company is broadly divided in two categories i.e. turnover based and conditional based from AY 2020-2021:
Please also refer the case JLC Electromet Pvt. Ltd. Vs ACIT (ITAT Jaipur). I’m trying to analyse only some of the provisions applicable, only for understanding purpose. As per Section 195 of Income Tax Act, any person who makes payment to non-resident by way of interest (except the interest as specified in Sections 194LB or […]
In order to boost Digital payment in economy, Government take various move from Demonetization to Amending provision of Income Tax and GST. Along with Banking regulator move to drive NEFT transaction 24*7. Recently Finance minister Nirmala Sitharaman ji announced the exemption of Merchant Discount Rate(MDR) charges on the transactions done via UPI and RuPay modes. […]
Dear Professional brothers and sisters I have a thought in my heart that what is the definition of PRACTITIONER and what is his ‘ROLE IN BUSINESS SOCIETY”. So, I am preparing this article for dedicated to my professional brothers and sisters. Kindly read and think I am correct or not and kindly give your valuable […]
ITO Vs Sejal Gopalbhai Shah (ITAT Ahmedabad) The issue under consideration is whether capital gain will be taxed in the hands of general power of attorney holder with respect to land sold? ITAT states that, the assessee was just general Power of Attorney holder with respect to the lands in dispute. This fact has not […]
TAX DEDUCTORS: IT’S TIME TO FILE TDS RETURN FOR QUARTER 3 OF FINANCIAL YEAR 2019-20 31st January, 2020 is the last date for filing TDS statement for the quarter October- December, 2019. The more you delay, the more you pay! 1. Time Limit to File Statement for quarter ending on 31.12.2019: Due date of filing […]
Every Political Party, whether big or small, need funds to run its’ election campaigns, advertise heavily and buy votes to win the elections. With elections around the corner in various Legislative Assemblies and the upcoming elections of Lok Sabha in 2019, the political funding flight is on the runway to take-off.
Avoid penalties for non-filing of ITR before December 31st, 2019. Learn about Section 271F and the consequences of not filing your income tax return on time.
ncome from House Property covers the rent earned from the House property which is chargeable to tax. Sometimes, the owner may have to pay tax on ‘deemed rent’ in case the property is not let out or vacant. The income from house property would be taxable if it satisfies the following three essential conditions:
