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Income Tax : यूनियन बजट 2024 में प्रस्तावित इनकम टैक्स एक्ट की नई...
Income Tax : Explore the enhanced benefits of Tax Regime 3.0 introduced in Budget 2024. Learn about simplified rates, increased deductions, and...
Income Tax : Explore Budget 2024-25's Section 194T, mandating 10% TDS on payments exceeding Rs. 20,000 to firm partners, effective April 2025....
Income Tax : Explore the 5 key proposals in capital gains taxation introduced in Budget 2024. Learn about changes in exemption limits, tax rate...
Income Tax : Explore the controversial changes in capital gains tax introduced in Budget 2024. Understand the impact on investors and real esta...
Income Tax : Explore the Lok Sabha query on technical glitches in the IT portal and TRACES. Learn about processing delays, PAN-Aadhaar issues, ...
Income Tax : Punjab Accountants Association urges Finance Minister to amend Section 43(B)(h) for MSMEs, proposing better payment timelines and ...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Budget 2024 introduces provisions for exempting or reducing TCS on certain transactions. Effective from October 2024....
Income Tax : Delhi High Court held that the receipts from Indian customers for services provided outside Indian Territory, in connection with u...
Income Tax : Jharkhand High Court held that the delay in filing the appeal without any condonation of delay application is a defective one and ...
Income Tax : Bombay High Court held that upto 1 April, 2005, the expression ‘built up area’ would exclude the balcony area and are not to b...
Income Tax : ITAT Chennai held that addition towards on-money sale amount based on the third-party statement without any cogent positive eviden...
Income Tax : ITAT Delhi held that addition on account of unexplained money under section 69A of the Income Tax Act unjustified as revenue faile...
Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...
Income Tax : Notification 95/2024 exempts Himachal Pradesh State Load Despatch Centre specified income from tax, effective for AY 2021-2024, wi...
Income Tax : Explore Income Tax Notification No. 94/2024 dated 24th July, 2024, detailing tax exemptions for Punjab Skill Development Mission S...
Income Tax : Finance Minister Nirmala Sitharaman introduced the Finance Bill 2024 and the Final Budget for the fiscal year 2024-25 in the Lok S...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
Municipal Corporation has to carry out certain functions of obligatory and some of discretionary character. In carrying out such functions, it has powers granted under the Act. It can generate revenue and apply the same for the purpose of carrying out its functions.
Losses in Speculation Business The existing provisions of section 73 of the Act provide that losses incurred in respect of a speculation business cannot be set off or carried forward and set off except against the profits of any other speculation business. Explanation to section 73 provides that in case of a company deriving its […]
Click here for Highlights of UNION BUDGET – 2014 Click here for Clause by Clause Analysis on DIRECT TAX Click here for Clause by Clause Analysis on CUSTOM Non-Tariff
CA Srikant Agarwal We are uploading here Excel file containing Income Tax calculator as modified by Finance Bill 2014 presented on 10TH July 2014. The above Income Tax calculator contains the rate of tax for last 18 financial year (i.e Financial year 1997-98 to 2014-15) and income tax calculator for last 9 years (i.e Financial […]
Assessee alongwith his wife jointly owned bungalow. The bungalow was sold at Rs.3/ crores. With this sum, they bought three flats, one in the Assessee’s name, another in the name of Assessee and his wife and third in the name of the wife.
The existing provisions of section 12AA of the Act provide that the registration once granted to a trust or institution shall remain in force till it is cancelled by the Commissioner. The Commissioner can cancel the registration under two circumstances: (a) the activities of a trust or institution are not genuine, or; (b) the activities […]
FM Arun Jaitley said that Modi govt budget for middle class is committed to lower taxes and lower taxes gave people money to spend which in turn helps in economic growth. FM Hikes Income Tax exemption limit in personal income tax from Rs 2 lakh to 2.5 lakh, tax exemptions limit in investments under 80C from Rs 1 lakh to Rs 1.5 lakh and interest on housing loan from self occupied property from Rs 1.5 lakh to 2 lakh. Fm also raises limit for investment in PPF from Rs 1 lakh to Rs 1.5 lakh. These measures will help salaried class and middle class to do tax saving of upto Rs 39,655.
Impact of Budget (Income Tax Amendments) on your investments/personal finance strategy: There were few changes (amendments) of Income tax in the current budget. Major highlighted were Change in Tax Slab (from Rs. 2Lakhs to Rs. 2.5Lakhs for Individuals) Increase of limit U/s. 80C (savings) – from Rs. 1Lakh to Rs. 1.5Lakh Increase in deduction of […]
The existing provisions contained in section 139 of the Act provide that every person being a company or a firm or being a person, other than a company or firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous […]
It is true that the reasons for initiating re-assessment proceedings do in fact state that there was a failure on the part of the Petitioner to disclose fully and truly all material facts necessary for its assessment.
