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Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Stay on top of important compliance deadlines including GST, ESI, PF, SEBI, and Income Tax filings, with detailed due dates and fo...
Income Tax : Confused about the TDS rate on rent under Section 194-IB for FY 2024-25? Learn when to apply 5% or 2% based on the Union Budget 20...
Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : Karnataka HC remands Lalitamba Pattina Souharda Sahakari Niyamita’s case to AO, questioning denial of Section 80P deduction on i...
Income Tax : ITAT Delhi rules in favor of Arvind Kumar Agarwal, allowing Section 10AA deduction despite late return filing. Tribunal highlights...
Income Tax : ITAT Ahmedabad rules on Aprameya Engineering’s appeal against tax rate denial under Section 115BAA due to delayed Form 10-IC f...
Income Tax : The writ petitioner impugns the order dated 27 March 2018 in terms of which the respondent has come to reject applications filed b...
Income Tax : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
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...
Chamber of Tax Consultants has made a Request for Extension of Due Dates for filing Tax Audit and Transfer Pricing Reports to Smt. Nirmala Sitharaman, Hon’ble Finance Minister,Ministry of Finance. Full text of their representation is as follows:- The Chamber of Tax Consultants Date: 7th January, 2022 To, 1. Smt. Nirmala Sitharaman, Hon’ble Finance Minister, […]
Tax Bar Association, Jodhpur has made a Request for extension of due date of Tax Audit Report and Other Reports for a month. Relevant Text of their representation is as follows:- TAX BAR ASSOCIATION JODHPUR (Rajasthan) Date: 07th January, 2022 To, Hon’ble Finance Minister. Ministry of Finance New Delhi Hon’ble Madam, Greetings of the Day! […]
On the conclusion of search/survey, the assessment of preceding 6 years is reopened u/s 153A. As per the plain reading of 153A, the assessments earlier made in respect of these years stand abated i.e. shall stand nullified and new proceedings afresh would be done u/s 153A again.
Introduction: Recently I had an interesting conversation with one of my NRI CA friends whose daughter who was a Rank holder in CA Nov 2020 Exams has been gainfully employed in one of the Big E-Commerce sellers as a financial analyst in Bengaluru who was asking me what are the avenues for saving taxes for […]
The Division bench of the High Court of Delhi in the case of Mon Mohan Kohli Vs Assistant Commissioner of Income Tax & Anr. quashed all reassessment notices on 15th Dec, 2021 issued by taxmen under the old regime on or after April 1, 2021, bringing in a huge relief for the taxpayers. They made […]
In simple terms, the ‘Annual Information Statement’ is a comprehensive statement covering details of all the financial transactions undertaken by the taxpayer in the Financial Year. Whereas, ‘Taxpayers Information Summary’ is a summarized form of the said financial details. In the present article, we will look at one of the information categories covered under ‘Annual […]
Clarification on Form 3CA- Form 3CD, Form 3CB- Form 3CD In order to avoid errors in form filing and verification, kindly ensure that following points are considered: 1. Use the latest version of the utility for generating JSON 2. Please re-enter data, if any, in clauses 11, 18, 20, 21, 26 and 34 and generate […]
Pradip Kumar Saha vs. Union of India & ors. (Calcutta High Court) The case in hand is that the appellant came to know of the notice for the first time on 11.09.2021 at 14.19 hours and received the same by speed post but the appellant’s accountant entered the online portal to submit reply to the […]
What is NFT? NFT means Non Fungible Token. Yes that’s it. Goodbye. Oh no it is more than that, first we will understand the meaning of Non Fungible. Well, it means something that cannot be exchanged for another item because of its uniqueness. For Example- If Mr. John has a unique monalisa art it means […]
Searches conducted by Income Tax Department largely in Uttar Pradesh and Maharashtra The Income Tax Department carried out search and seizure operation on 31.12.2021 on two groups engaged in the business of perfume manufacturing and real estate. Over 40 premises in the states of Uttar Pradesh, Maharashtra, Delhi, Tamil Nadu and Gujarat have been covered […]
