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Income Tax : Article explains provisions related to income from house property, calculation of such income, exemptions available, and applicabl...
Income Tax : Learn the key differences between tax avoidance and tax evasion in India, legal provisions, real-world cases, and government measu...
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 : 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 : Guwahati High Court's landmark judgment on the tax rate for carbonated beverages containing fruit juice as per FSSAI Regulation 2....
Income Tax : Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “busine...
Income Tax : ITAT Hyderabad held that trade advances, in the nature of commercial transactions, cannot be characterized as ‘loans or advanceâ...
Income Tax : M/s. GRR Holdings is a firm was incorporated on 31.01.2014 with two partners Shri Gaddam Shyam Prasad Reddy & Shri Syed Fayaz Moha...
Income Tax : ITAT Jaipur held that issuance of notice under section 148 of the Income Tax Act by ACIT, Jaipur, is illegal and liable to be quas...
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...
Central Government, in consultation with the Chief Justice of the High Court of Manipur designates Special Court in the Manipur under Section 280A(1) of Income Tax Act 1961 vide Notification No. 124/2021 – Income Tax Dated: 25th October, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investigation Division-V) New Delhi Notification […]
Central Government, in consultation with the Chief Justice of the High Court of Bombay designates Special Court in the Goa under Section 280A(1) of Income Tax Act 1961 vide Notification No. 123/2021 – Income Tax Dated: 25th October, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investigation Division-V) New Delhi Notification […]
Central Government, in consultation with the Chief Justice of the High Court of Karnataka designates Special Court in the Karnataka under Section 280A(1) of Income Tax Act 1961 vide Notification No. 122/2021 – Income Tax Dated: 25th October, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investigation Division-V) New Delhi Notification […]
DCIT Vs Niyati Construction Co. (ITAT Ahmedabad) The assessee has claimed that interest on Fixed Deposit, interest on SSNL Fixed Deposit and interest on SSNL Bonds was made out of surplus funds available with the assessee and the interest income was part of the business income. Therefore, the same was correctly included for calculating remuneration […]
Who should file Income Tax Return and what are the advantages of filing an Income Tax Return? Any person as described under to section 2(31) of Income tax act are required to file Income tax return if their total net income falls under the taxable category. Person includes (i) Individuals (ii) Partnership Firms (iii) HUF […]
WHAT IS TDS AND TCS IN INCOME TAX? TAX DEDUCTED AT SOURCE (TDS): TDS is known as Tax Deducted at Source, it is the income tax which is deducted from the payment made at the time of making some specified payments like rent, professional fees, commission, interest, salary etc. Normally whenever any individual earns income […]
WHAT IS PAN AND TAN? PERMANENT ACCOUNT NUMBER (PAN): PAN is assigned to all the taxpayers in India as an identification number. PAN number is a single number which is an electronic system and has all the tax related information for a company or for a person. This act as a primary key for storing […]
Understanding income tax offences and penalties. Learn about the different penalties for contravening provisions of the Income Tax Act.
Do the provisions pertaining to set-off and carry forward of losses confuse you too? If yes, then you have arrived at the right place that will clear most of your confusion as I have here tried to summarise the sections in the simplest way possible. Few points to understand before you start going through the […]
Tax Audit check list for Trust is divided in 11 parts which includes General instructions, Foreign Contribution A/C, DONATIONS, Opening Balance in Various Ledgers, Check list of Vouching bills, Debit Note, Credit Notes and documents, Cash Book/Bank Book, Journal Vouchers Vouching, Salaries/Wages/Honorarium, Ledger Posting & Scrutiny, Tax Matters and Checklist related to other records maintained […]
