Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore the latest tax provisions affecting mutual fund income, including recent changes in capital gains taxation and classificat...
Company Law : Tax implications of the Finance Bill 2024 on share buybacks. Key changes, examples, and their impact on shareholders' tax liabilit...
Income Tax : Key amendments to the Finance (No.2) Bill, 2024, include changes in tax rates, capital gains, customs duties, and excise laws, eff...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
Goods and Services Tax : Discover the major amendments in GST, excise, and customs duties introduced in Budget 2024, including changes in CGST, IGST, and C...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
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...
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 ...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...
Custom Duty : Notification No. 39/2024-Customs amends No. 45/2017-Customs to extend re-import period from 3 to 5 years, effective from 24th July...
Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...
Budget 2021- excess amount of tax, surcharge or penalty paid in pursuance of a declaration made under Income Declaration Scheme (IDS) shall be refundable to the specified class of persons without payment of any interest. The Income Declaration Scheme, 2016 (the Scheme) contained in Chapter-IX of the Finance Act, 2016 provided an opportunity to the […]
Chapter XVIIB of the Act relates to deduction of tax at source. The provisions of this chapter provide for TDS on various payments at rates contained therein. It is proposed to provide for TDS by person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very […]
Article explains Changes in Custom duty proposed/carried out by Union Budget 2021 and explains Amendment in the Custom Act, 1962, Amendments in Customs Tariff Act, 1975, Amendments In First Schedule To Customs Tariff Act, 1975, Changes In Customs Rules, Other Proposals Involving Changes In Basic Customs Duty Rates In Respective Notifications [with effect from 2.2.2021, […]
Article explains Changes in Excise duty proposed/carried out by Union Budget 2021 and explains Amendment in Fourth Schedule , Retrospective amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944, Amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944, Imposition Of Agriculture Infrastructure And Development Cess […]
New section 206AB of the Income Tax Act is a special provision providing for higher rate for TDS for the non-filers of income-tax return. Similarly it is proposed to insert a section 206CCA in the Act as a special provision for providing for higher rate of TCS for non-filers of income-tax return.
Article explains Amendment Proposed vide Union Budget 2021 in CGST Act, 2017 and IGST Act, 2017 which included Abolition of GST Audit Levy of GST on Net Interest etc. I. AMENDMENTS IN THE CGST ACT, 2017: 1. A new clause (aa) in sub-section (1) of Section 7 of the CGST Act is being inserted, retrospectively […]
Introduction to Budget 2021 – 22 The Goods and Services Tax (GST) has completed around 3 years of its implementation. GST has been recently known for increasing compliance burden on taxpayers in view of simplifying tax systems and making it online. Further, GST was introduced with a motive to remove cascading effect by introducing a […]
No one would like to go back in time to a period that had economic challenges. The positive actions of the Government of India amidst the pandemic, such as the launch of three AtmaNirbhar Bharat packages, COVID-19 vaccination drives, amongst others, have rejuvenated the Indian economy. This has given many new hope for a better […]
Aatma-Nirbhar Bharat ka Aatmanirbhar Budget The Union budget 2021 comes on the backdrop of an unprecedented pandemic, which has changed the economic landscape materially due to COVID-19. It is expected to come with announcements which are in line with the Indian government’s focus for a self-reliant economy. As we all aware that FM announced various […]
This document summarises the changes made/ proposed under the GST Law – Section wise in comparative manner for easy digest. GST Amendments carried out in the Finance Bill, 2021 will come into effect from the date when the same will be notified, as far as possible, concurrently with the corresponding amendments to the similar Acts […]