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Income Tax : Understand TDS on Purchase of Goods (Section 194Q) and TCS on Sale of Goods (Section 206C(1H)). Learn their applicability, rates, ...
Income Tax : The Andhra Pradesh HC nullified proceedings under Section 498A IPC & Dowry Act, citing no utility after Family Court voided the ma...
Income Tax : If you’re earning a salary and living in a rented home, you can benefit from the House Rent Allowance (HRA) under Section 10...
Income Tax : In this comprehensive guide, we delve deep into the nuances of Form 61A, exploring its significance, eligibility criteria, filing ...
Income Tax : Delve into the taxation of mangoes in India, from exemptions for farmers to GST rates for processed products. Learn how taxes impa...
Income Tax : CBDT, has introduced a new feature in Annual Information Statement (AIS) accessible via compliance portal on Income Tax Department...
Income Tax : Learn how to prepare Inventory Valuation Reports under Section 142(2A) of the Income Tax Act, 1961 with our comprehensive Guidance...
Income Tax : Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down ...
Income Tax : CBI) made a significant arrest today in Mumbai, apprehending an Income Tax Officer caught red-handed accepting a bribe of Rs. 4.00...
Income Tax : Engage in shaping tax audit guidelines! Direct Taxes Committee invites public comments on the Exposure Draft for Guidance Note on ...
Income Tax : Powers of Section 127 could be invoked for public interest and administrative convenience and the ground of coordinated investigat...
Income Tax : Explore Section 153A of Income Tax Act, its implications, and judicial interpretations. Learn about search proceedings, panchnama,...
Income Tax : Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and opt...
Income Tax : Reassessment proceedings initiated by officers without jurisdiction and completed by different officers without recording fresh re...
Income Tax : Learn about the case of Skybridge Solutions Private Limited vs. DCIT (ITAT Hyderabad) regarding the final assessment order passed ...
Income Tax : Ministry of Finance notifies Income Tax Act Section 10(46) for Tamil Nadu Electricity Regulatory Commission, exempting specified i...
Income Tax : Understand the guidelines set by the Indian Ministry of Finance for the compulsory selection of returns for complete scrutiny duri...
Income Tax : Get insights on Circular No. 7/2024 issued by CBDT, extending due dates for filing Form No. 10A/10AB under the Income-tax Act, 196...
Income Tax : Explore Notification No. 41/2024-Income Tax regarding Kerala Autorickshaw Welfare Fund Scheme, Kollam. Analysis, impact, and impli...
Income Tax : Learn about CBDT Circular No. 6/2024 offering relief to TDS deductors for transactions up to March 31, 2024, when PAN becomes oper...
Under the existing provisions of section 80-IA(4)(iv) of the Income-tax Act, a deduction from profits and gains is allowed to an undertaking which,— (a) is set up for the generation and distribution of power if it begins to generate power at any time during the period beginning on 1st April, 1993 and ending on 31st March, 2012; (b) starts transmission or distribution by laying a network of new transmission or distribution lines at any time during the period beginning on 1st April, 1999 and ending on 31st March, 2012;
It is proposed to include three new businesses as specified business for the purposes of the investment-linked deduction under section 35AD, namely:-(a) setting up and operating an inland container depot or a container freight station notified or approved under the Customs Act, 1962 (52 of 1962);(b) bee-keeping and production of honey and beeswax; and (c) setting up and operating a warehousing facility for storage of sugar.
it is proposed to provide a suitable clarification so that a hotel owner continues to be eligible for the investment- linked deduction under section 35AD if he, while continuing to own the hotel, transfers the operation of such hotel to another person. Accordingly, a new sub-section (1A) is proposed to be inserted in section 35AD to provide that where the assessee builds a hotel of two-star or above category as classified by the Central Government and subsequently, while continuing to own the hotel, transfers the operation thereof to another person, the assessee shall be deemed to be carrying on the specified business of building and operating hotel.
In order to incentivise companies to invest on skill development projects in the manufacturing sector, it is proposed to insert a new provision in the Income-tax Act to provide weighted deduction of 150% of expenses (not being expenditure in the nature of cost of any land or building) incurred on skill development project. The skill development project eligible for this weighted deduction shall be notified by the Board in accordance with the prescribed guidelines.
Agricultural extension services play a critical role in enhancing the productivity in the agricultural sector. In order to incentivise the business entities to provide better and effective agriculture extensive services, it is proposed to insert a new provision in the Income-tax Act to allow weighted deduction of 150% of the expenditure incurred on agricultural extension project. The agricultural extension project eligible for this weighted deduction shall be notified by the Board in accordance with the prescribed guidelines.
Under the existing provisions of Section 35(2AB) of the Income-tax Act, a company is allowed weighted deduction at the rate of 200% of expenditure (not being in the nature of cost of any land or building) incurred on approved in-house research and development facilities. These provisions are not applicable in respect of any expenditure incurred by a company after 31st March, 2012.
In order to encourage new investment by the assessees engaged in the business of generation or generation and distribution of power, it is proposed to amend this section to provide that an assessee engaged in the business of generation or generation and distribution of power shall also be allowed initial depreciation at the rate of 20% of actual cost of new machinery or plant (other than ships and aircraft) acquired and installed in a previous year.
It is proposed to insert a new clause (48) in section 10 of the Income-tax Act to provide for exemption in respect of any income of a foreign company received in India in Indian currency on account of sale of crude oil to any person in India subject to the following conditions: (i) The receipt of money is under an agreement or an arrangement which is either entered into by the Central Government or approved by it. (ii) The foreign company, and the arrangement or agreement has been notified by the Central Government having regard to the national interest in this behalf. (iii) The receipt of the money is the only activity carried out by the foreign company in India.
Advance Pricing Agreement is an agreement between a taxpayer and a taxing authority on an appropriate transfer pricing methodology for a set of transactions over a fixed period of time in future. The APAs offer better assurance on transfer pricing methods and are conducive in providing certainty and unanimity of approach.
Curbing the Black Money A Priority Concern for the Government; Number of Proactive Steps To Tackle the Malaise Announced; White Paper to be Laid in Current Session Itself: FM
