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TDS Deduction under Old vs New Tax Regime & Budget 2023 Impact

Income Tax : In which scheme shall I get my TDS deducted? Old Vs New Tax Regime and impact of Budget 2023! This is most important question, on ...

April 6, 2024 52959 Views 4 comments Print

Taxation of Debt Funds

Income Tax : Explore the changes in taxation of debt mutual funds pre and post April 2023. Learn about impacts, benefits, and strategies. Inves...

March 29, 2024 2427 Views 0 comment Print

Budget: The Beacon of Evolution

Finance, Income Tax : Explore the impact of Indias budget evolution in 2024, focusing on economic growth, reducing disparity, and strategic resource all...

March 12, 2024 153 Views 0 comment Print

Tax planning strategies: Insights from India’s Finance Act 2023

Income Tax : Unlock the latest Income Tax Act changes for FY 24-25 with our guide on slab rates, business income, trust taxation, TDS/TCS, and ...

February 28, 2024 2760 Views 1 comment Print

Changes in provisions relating to Input Service Distributor (ISD): Finance Act, 2024

Goods and Services Tax : Understand the proposed changes in Input Service Distributor (ISD) provisions post-Finance Act, 2024. Dive into altered definition...

February 24, 2024 4728 Views 0 comment Print

Latest News

ICAI submits Pre-Budget Memorandum to CBDT advocating Tax Reforms

CA, CS, CMA : Read about the Institute of Chartered Accountants of India's Pre-Budget Memorandum 2024 submission, advocating tax incentives for ...

April 30, 2024 1221 Views 0 comment Print

Parliament’s Interim Budget Session 2024 Concludes Successfully

Finance : Interim Budget Session 2024 sees high productivity with 12 Bills passed, Lok Sabha and Rajya Sabha exceeding performance targets....

February 12, 2024 537 Views 0 comment Print

Highlights of Finance Bill, 2024

Income Tax : Explore the key highlights of Finance Bill 2024, covering tax rate updates, deduction amendments, faceless scheme implementation, ...

February 2, 2024 3165 Views 0 comment Print

Interim Union Budget 2024-25: A Vision for India’s Development

Finance : Explore the key highlights of the Interim Union Budget 2024-25, focusing on economic growth, social initiatives, and fiscal polici...

February 2, 2024 852 Views 0 comment Print

Interim Budget 2024 Summary (Direct Tax And Indirect Tax)

Income Tax : Explore the key highlights of Budget 2024, featuring tax rate continuity, withdrawal of outstanding direct tax demands, significan...

February 1, 2024 1275 Views 0 comment Print

Latest Judiciary

Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...

May 9, 2017 4899 Views 2 comments Print

In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...

March 18, 2012 2246 Views 0 comment Print

Latest Notifications

Budget 2024: CBDT invites Suggestions on changes in direct & indirect taxes 

Income Tax : Explore suggestions from trade associations for Budget 2024-25 on changes in direct and indirect taxes. Submit proposals for tax s...

June 12, 2024 558 Views 0 comment Print

Finance Act 2024: President Grants Assent

Income Tax : On February 15, 2024, President Droupadi Murmu granted his assent to the Finance Act 2024 (Budget 2024), officially bringing the g...

February 15, 2024 5367 Views 0 comment Print

Government announces Remission of Income Tax Demands as per Budget 2024

Income Tax : Explore the details of F. No. 375/02/2023 - IT-Budget by the Ministry of Finance. Learn about the remission of outstanding tax dem...

February 13, 2024 11376 Views 0 comment Print

Updation of changes vide Budget 2024-25 in System

Custom Duty : Explore the impact of Budget 2024-25 updates by the Office of the Pr. Commissioner of Customs. Learn about changes, timelines, and...

February 1, 2024 759 Views 0 comment Print

Finance Bill, 2024 for Interim Budget 2024-2025

Income Tax : The Finance Bill, 2024, also known as Bill No. 14 of 2024, is a legislative proposal introduced in the Lok Sabha, the lower hous...

February 1, 2024 8175 Views 0 comment Print

Finance Act, 2023

March 31, 2023 17682 Views 0 comment Print

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 31st March, 2023 / Chaitra 10, 1945 (Saka) The following Act of Parliament received the assent of the President on the 31st March, 2023 and is hereby published for general information:— THE FINANCE ACT, 2023 No. 8 OF 2023 [31st March, 2023.] An Act to […]

Section 115BAC – Rebate to individual opting for new tax scheme

March 29, 2023 8796 Views 0 comment Print

Explore the amendments to Section 115BAC by the Finance Act, 2023. Get insights into the rebate for individuals opting for the new tax scheme and changes in maximum exemption limits, deductions, surcharge rates, and tax slabs. Stay informed for A.Y. 2024-25 and beyond.

Why this step motherly treatment for Old Tax Regime followers?

March 28, 2023 3486 Views 1 comment Print

Discover the disparities in the treatment of Old Tax Regime (OTR) followers in the Finance Bill 2023, as the Government encourages the New Tax Regime (NTR) with changes in exemptions, rates, and deductions, raising concerns for those sticking to OTR.

Debt Mutual Fund – New Tax Rule – Big Loss to Investors?

March 28, 2023 11652 Views 0 comment Print

Taxation of Debt Mutual Funds has been a topic of discussion for the past few days, with several amendments being made to the rules and regulations surrounding it.

Marginal Relief under New Tax Regime from FY 2023-34 Onwards

March 25, 2023 32265 Views 6 comments Print

Explore the concept of Marginal Relief under the New Tax Regime from FY 2023-24 onwards. Section 115BAC allows taxpayers the option to choose between lower tax rates with certain exemptions and deductions forfeited or continue paying taxes at existing rates. The income tax slab rates for FY 2022-23 and the list of exemptions and deductions not allowed under the new regime are provided.

Finance Bill 2023 as Passed by Lok Sabha on 24.03.2023

March 24, 2023 5286 Views 0 comment Print

AS PASSED BY LOK SABHA ON 24.03.2023 Bill No. 17-C of 2023 THE FINANCE BILL, 2023 A BILL to give effect to the financial proposals of the Central Government for the financial year 2023-2024. BE it enacted by Parliament in the Seventy-fourth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. Short […]

Finance Bill 2023 – Amendments Proposed in Lok Sabha

March 24, 2023 18201 Views 0 comment Print

List No. 1* LOK SABHA THE FINANCE BILL, 2023 (As introduced in Lok Sabha) Notice of Amendments *The President has in pursuance of clauses (1) and (3) of article 117 and clause (1) of article 274 of the Constitution recommended to Lok Sabha the moving of the amendments. Sl. No. Name of Member and text […]

Features of Government of Tamilnadu Budget 2023

March 24, 2023 2394 Views 0 comment Print

Discover the key features of the Government of Tamil Nadu Budget 2023-24, covering grants, infrastructure projects, welfare schemes, and financial allocations for various sectors, contributing to the state’s development and progress.

Income Tax Act Section 43B disallowance for delayed Payment to MSMEs

March 21, 2023 44118 Views 1 comment Print

To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. Section 43B of the Act furnishes for specific deductions to be permitted on real payments only rather than on an accrual basis.

Representation Against Proposed Amendment In Section 43B

March 18, 2023 12063 Views 2 comments Print

We are drawing your kind attention towards Proposed Amendment in Section 43B of The Income Tax Act, 1961, which is detrimental to MSME Sector.

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June 2024