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Income Tax : Explore Section 43B (h) of the Income Tax Act, 1961, analyzing disallowances of expenses due to non-payment to MSMEs. Effective fr...
Income Tax : Explore Section 43B(h) of the Income Tax Act 1961, effective from April 1, 2024, applicable from Assessment Year 2024-25, impactin...
Income Tax : Discover the detailed analysis of Section 43B(h) under the Income Tax Act, 1999, concerning timely payments to Small and Micro Ent...
Income Tax : Stay compliant with Income Tax regulations. Learn about 10 transactions that may trigger scrutiny from the IT Department if not ac...
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...
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:...
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%,...
Income Tax : Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to s...
Income Tax : The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance ...
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 ...
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...
Income Tax : Explore Notification No. 36/2024 by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, concerning the ...
Income Tax : Stay informed with Ministry of Finance Notification No. 35/2024. Learn about the latest specification of 'Principal Secretary, Pla...
Income Tax : Understand the implications of the corrigendum to Income Tax Notification No. 27 of 2024. Get insights into the changes and their ...
Income Tax : Explore the Notification No. 33/2024 on the agreement between India and Spain for tax exchange. Understand its implications and ch...
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.
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.
Dont miss the deadline! File income tax return by 31st March, 2018. Learn about the requirements and avoid penalties.
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?
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).
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).
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:
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 […]
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 […]
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 […]