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Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : Budget 2025 highlights income tax changes, revised tax slabs, TDS amendments, IFSC incentives, updated return filing limits, and d...
Income Tax : The Income Tax Bill 2025, set to replace the 1961 Act, redefines the role of Chartered Accountants in tax compliance and represent...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Supreme Court rules on penalty under Section 271E of the Income Tax Act in CIT vs. Jai Laxmi Rice Mills. Find out how assessment o...
Income Tax : Visakhapatnam ITAT allowed a Section 54F capital gains exemption, even though the assessee didn't deposit the sale proceeds in a s...
Income Tax : Bombay High Court holds that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenueâ€...
Income Tax : ITAT Mumbai rules that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s app...
Income Tax : ITAT Nagpur overturns CIT(A) order, allowing deduction under Section 80P for a cooperative society. The tribunal rules AO's disall...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Capital Gain as defined u/s 45 Any profit or gain on transfer of a capital asset effected in the previous year (1) Receipt of insurance amount for capital assets in the year of receipt damage due to flood, riot, accident fire and action by enemy (1A) Any gain on transfer of capital assets by way of conversion in to stock in trade of business at fair market price (2) Any gain to beneficial owner in case of transfer of security by depository (2A)
Whether CBDT have any power to extend due date Under section 44AB of the Income Tax Act,1961 without extending due date for filing return of income u/s 139(1)?
We are attaching detailed comparative analysis of Revised Tax Audit Report in the excel format with updated table formats as per the schema of the Forms 3CA/3CB-3CD on the Income Tax website. The file also contains the Screenshots of the updated schema for the clauses where the changes in table formats took place.
Budget 2014 (Finance Bill, 2014) has been enacted on 6th August, 2014 with the President of India giving his assent and the Act been gazetted. Most of the tax provisions (Income Tax) shall come into force from first day of April, 2014, i.e., for the current financial year 2014-15 which is the relevant year for the assessment year 2015-16 (when you file your returns next year).
Assessee is an employee of a Canadian Company. He went to Canada on 1st March, 2013 and he came back to India on 2nd October, 2013. Then on 17th November, 2013 he again went to Canada and came back on 22nd November, 2013. Assessee was paid salary outside India and that was also in a Bank Account which is also operated outside India. It also to be noted that during the period of stay in India, neither salary was paid in India nor any other payment was received by the employee from the company in India.
ITAT Mumbai has in the case of Shri Rajeev G. Kalathil Vs. DCIT held that Purchases can not be termed as bogus by the AO merely because the supplier was listed as a hawala dealer by the Vat authorities.
CA Sudhir Halakhandi The central Board of Direct taxes has extended the date of obtaining and furnishing the Tax Audit report u/s 44AB to 30/11/2014 through an order issued under section 119 of the Income Tax Act, 1961 on 20/08/2014 but the order is silent about the date of filing of Income tax returns u/s […]
Attention Deductors: The Online Corrections facility is currently live only with Digital Signatures and the facility without the same will be available in a week. Attention Government Deductors: Please quote the Accounts Office Identification Number (AIN) in your TDS Statements Source – http://contents.tdscpc.gov.in/
Practical Difficulties – Where audit is already completed but report is not uploaded, report will be required to be prepared under new format. E.g. Listed Companies, PSUs, Banks, Insurance companies etc.
Form 3CA & 3CB 1. Period of P&L a/c / Income and Expenditure Account 2. the particulars given in the said Form No. 3CD and the Annexure thereto are  true and correct subject to the following observations/qualifications, if any: Form 3 CD 1. Clause – 4 N Particulars Of Registration Excise , Service tax , Sales […]
