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Latest Articles


Section 43B(h): Disallowances of expenses due to non-payment to MSMEs

Income Tax : Explore Section 43B (h) of the Income Tax Act, 1961, analyzing disallowances of expenses due to non-payment to MSMEs. Effective fr...

March 28, 2024 705 Views 0 comment Print

Section 43B(h) of Income Tax Act 1961 w.e.f 01-04-2024 & Applicable from AY 2024-25

Income Tax : Explore Section 43B(h) of the Income Tax Act 1961, effective from April 1, 2024, applicable from Assessment Year 2024-25, impactin...

March 27, 2024 2325 Views 0 comment Print

Detailed Analysis on Section 43B(h)

Income Tax : Discover the detailed analysis of Section 43B(h) under the Income Tax Act, 1999, concerning timely payments to Small and Micro Ent...

March 27, 2024 1308 Views 0 comment Print

10 High-Value Transactions That Could Trigger Income Tax Department Notices

Income Tax : Stay compliant with Income Tax regulations. Learn about 10 transactions that may trigger scrutiny from the IT Department if not ac...

March 27, 2024 9486 Views 2 comments Print

MSME Payments: Section 43(B)(h): Now at Present What You Have to do?

Income Tax : The financial year 2023-24 is about to end, so all taxpayers who purchase goods or services from MSME registered MICRO and SMALL m...

March 27, 2024 33750 Views 1 comment Print


Latest News


24X7 Control Room to monitor cash movements for General Elections 2024

Income Tax : Ministry of Finance sets up a 24X7 Control Room for Lok Sabha Elections 2024 in Delhi to monitor cash movements. Toll-free number:...

March 20, 2024 396 Views 0 comment Print

Direct Tax Collections Surge: FY 2023-24 Records Remarkable Growth

Income Tax : Ministry of Finance reveals impressive growth in India's direct tax collections for FY 2023-24, with net collections up by 19.88%,...

March 20, 2024 3777 Views 0 comment Print

Income Tax Dept admits Inconsistencies in Securities Market Data (SFT-17)

Income Tax : Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to s...

March 12, 2024 384 Views 0 comment Print

Ministry of Finance Launches e-Campaign for Advance Tax Compliance

Income Tax : The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance ...

March 10, 2024 480 Views 0 comment Print

Guide to Filing Updated Returns Under Section 139(8A)

Income Tax : Learn how to file updated returns under Section 139(8A) of the Income Tax Act within 24 months from the assessment year end. Know ...

March 9, 2024 1548 Views 0 comment Print


Latest Notifications


Changes in ITR form V and Acknowledgement for A.Y 2024 25

Income Tax : Explore amendments in ITR form V & Acknowledgement for A.Y 2024-25 as per Income Tax Act, 1961 & Rules, 1962. Understand filing pr...

March 28, 2024 3765 Views 0 comment Print

Notification No. 36/2024: Income Tax Exemption- National Mission for Clean Ganga

Income Tax : Explore Notification No. 36/2024 by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, concerning the ...

March 27, 2024 210 Views 0 comment Print

CBDT notifies ‘Principal Secretary, Planning Department, UP U/s. 138(1)(a)(iii)

Income Tax : Stay informed with Ministry of Finance Notification No. 35/2024. Learn about the latest specification of 'Principal Secretary, Pla...

March 22, 2024 396 Views 0 comment Print

Corrigendum to Income Tax Notification No. 27 of 2024

Income Tax : Understand the implications of the corrigendum to Income Tax Notification No. 27 of 2024. Get insights into the changes and their ...

March 19, 2024 2505 Views 0 comment Print

CBDT Amends India-Spain Double Taxation Avoidance Agreement (DTAA)

Income Tax : Explore the Notification No. 33/2024 on the agreement between India and Spain for tax exchange. Understand its implications and ch...

March 19, 2024 381 Views 0 comment Print


India & Hong Kong sign Double Taxation Avoidance Agreement

March 19, 2018 2541 Views 0 comment Print

On 19.03.2018, Government of India and the Hong Kong Special Administrative Region (HKSAR) of People’s Republic of China have signed an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.

Notices U/s. 142(1)(ii) & (iii) of Income Tax Act 1961 in revised format

March 19, 2018 42471 Views 0 comment Print

In case where notice u/s 142(1) (i) &(ii) is already issued in old format to the assessees, requiring them to furnish information mentioned in notice at the date and time fixed in the office of Assessing Officer, an SMS/Email is being sent to all such assessees intimating them to furnish the said information electronically through their account in e-filing website.

Why to file income tax return by 31 March, 2018?

March 18, 2018 11091 Views 9 comments Print

Dont miss the deadline! File income tax return by 31st March, 2018. Learn about the requirements and avoid penalties.

Max opp Investment Ltd (SC)- Section 14A – An Analysis

March 18, 2018 19026 Views 0 comment Print

Supreme Court (SC) Ruling – Whether the expenditure incurred (including interest paid on funds borrowed), while purchasing the shares/ stocks of a company for the purpose of gaining control over the investee company or as ‘stock-in-trade’ (i.e. as a business activity) and not as investment to earn dividends, can be treated as expenditure ‘in relation to income i.e. dividend income, which does not form part of the total income?

Sec. 14A – End of controversy relating to strategic investments & stock-in-trade

March 17, 2018 6564 Views 2 comments Print

In case of group of companies, normally a company hold shares in various subsidiaries / group companies. The dividend paid by these group companies is exempt in the hands of the parent company under section 10(34) of the Income-tax Act, 1961 (Act).

Demo and GST led to slow growth of India’s trade: ASSOCHAM-Deloitte study

March 16, 2018 1395 Views 0 comment Print

While the year 2017 saw global trade expansion as a consequence of acceleration in global trade growth in the first six months of the year, India’s slow growth of trade has been a concern. Many are attributing this short term down turn as a negative fallout from the reforms – Demonetization and Goods and Service Tax (GST).

5 Key Amendments to Finance Bill, 2018 passed by Lok Sabha

March 16, 2018 53610 Views 7 comments Print

The Lok Sabha has introduced the Notice of Amendments to the Finance Bill, 2018 on 12 March 2018. Please find below an analysis of the amendments which are effective from Financial Year 2018-19 (i.e. Assessment Year 2019-20), except as provided otherwise:

Interest on bank deposit of equity funds at pre-commencement stage taxable as Other Source Income

March 15, 2018 2625 Views 0 comment Print

Hll Biotech Ltd. Vs ITO (ITAT Cochin) Conclusion: Since assessee-company was still at the pre-commencement stage and during this phase, it had raised equity funds which was invested in fixed deposits of the Banks as well as the holding company and had earned interest on the same, the interest earned had to be taxed as […]

Beware of The Black Money Act! 31st March deadline can make people ‘dead’

March 15, 2018 36804 Views 4 comments Print

May be I am already late, with just less than a fortnight for the Financial Year to end.  For, soon after that, the killing provisions of the Black Money Act – a real ‘black’ legislation passed by this Govt. in 2015 – may help the bloodhounds of the Department to begin their devil dancing against […]

Lok Sabha passes Finance Bill 2018 with amendments (Download Bill)

March 15, 2018 34302 Views 1 comment Print

The Lok Sabha on March 14, 2018  passed the Finance Bill 2018 after the Finance Minister Arun Jaitley moved as many as 21 amendments. Finance Bill 2018 as passed by Lok Sabha has introduced some changes in the provisions originally proposed in the Lok Sabha on February 1, 2018. The relevant appropriation Bills moved by Jaitley […]

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