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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 : 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 : Gujarat High Court held that refund entitled to assessee on the basis of order passed by CIT(A) cannot be unjustifiably adjusted a...
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...
In order to put a check on illicit deposit-taking activities like Saradha scam and Rose Valley chit fund scam in the country that dupe poor and the financially illiterate of their hard-earned savings. The President of India promulgated the Banning of Unregulated Deposit Scheme Ordinance, 2019 w.e.f. February 21, 2019 (hereinafter referred to as ‘BUDS’) […]
The Govt passed the Banning of Unregulated Deposit Schemes Ordinance, 2019 on 21st Feb, 2019 to ban unregulated deposits. Article explains Who are Depositor and deposit taker, Banning of Unregulated Deposit schemes (UDS), What is Unregulated Deposit Scheme(UDC) and Regulated Deposit Scheme(RDS), What kind of deposits are considered under the Banning of Unregulated Deposit Schemes […]
Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, 2019. For the sake of better understanding, the author has divided the article into four parts comprising of the definition, the substantive law and the sanctions imposed.
Whether Banning of Unregulated Deposit Schemes Ordinance, 2019 also applicable to deposits, unsecured loans etc. accepted / taken for normal trading, manufacturing etc. activities or for personal needs.
Banning of Unregulated Deposit Ordinance,2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f ,l and other provisions. For the purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 “deposit” means an amount of money received by way of an advance or […]
Under Income Tax, three persons can get affected under various provisions of the Income Tax, if Shares are issued or transferred at a consideration less than Fair Market Value (FMV) i.e. Buyer, Seller or Company inself. Examples are given below.
The President has assented The Banning of Unregulated Deposit Schemes Bill, 2019, which was passed on the 13th day of February, 2019 in the House of the People; The purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 is to provide for a comprehensive mechanism to ban the unregulated deposit schemes and to protect the interest […]
, Unregulated Deposits Scheme Ordinance is an Ordinance to ban unregulated deposits as well as to protect the interest of Depositors. This ordinance was introduced on 21-Feb-2019. Everyone needs to study this ordinance of deposit and protect himself rather than believing on fake news.
We know that in Finance Bill 2019 tax rate for FY 2019-20 for individuals / HUF has not been changed except the fact that rebate u/s 87A has revised to Rs 12,500 if Total Income is upto Rs 5,00,000 (previously it was Rs 2500 if total Income is upto Rs 3,50,000). Tax rates for Individuals […]
The Central Board of Indirect Taxes and Customs (CBIC) constitutes three Working Groups to study and recommend measures to facilitate trade, promote exports and improve compliance.
