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...
CCI Professionals Forum has given a Pre Budget Memorandum to Shri Anurag Singh Thakur, Hon’ble Minister of State for Finance. In Memorandum Suggestions for Budget 2021-22 are made. Budget 2020 is likely to be presented in Parliament on 1st February, 2021. CCI Professionals Forum (A unit of Calcutta Citizens’ Initiative) 3, Ho Chi Minh Sarani, […]
Pre Budget Memorandum: Suggestions for amendments for better compliance 1) Under section 11 exemption is available to registered trusts if they spend at least 85% of the income property held under trust. However, when any trust spends more than its income (say by borrowings) then the resultant deficit is not calculated by the ITR Form […]
The Budget for the next financial year 2021-22 would be presented in the Parliament on February 1, 2020. It is common knowledge that due to global Covid-19 pandemic, the entire year 2020 has turned out to be a ‘zero year’. The production, sales, earnings, salaries have all been drastically affected due to onslaught of this […]
The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Pre-Budget Memorandum – 2021 on Direct Taxes and International Tax to the Government. The memorandum contains suggestions for the consideration of the Government while formulating the tax proposals for the year 2021-22.
At the outset we convey your honour our Congratulations on introducing Faceless Assessment and Faceless Appeal Schemes and also introducing new Taxpayers Charter. Direct Taxes Vivad Se Vishwas Scheme is also a commendable step to reduce litigations. We assure your honour of our full support in the implementation of the same.
Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?
Govt. has come out with index table called Cost Inflation Index whose base year was fixed as 1-4-1981. In Finance Bill 2017 the Govt. has taken a very bold step and has shifted the base year from 1981 to 2001 for the benefit of investors.
Article contains updated TCS Rate Chart for For Assessment year 2020-21 (Financial year 2019-20) and Assessment year 2021-22 (Financial year 2020-21) updated with latest changes made by press release dated 13th May, 2020 and Finance Act, 2020. It further explains newly inserted TCS Provisions of Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance […]
As we all aware that Finance Act, 2013 has introduced Section 194IA. The main reason behind it is to curb black money which is routed through real estate sector. Today I am discussing this section in detail. Extract of Section 194IA: “Payment on transfer of certain immovable property other than agricultural land. 194-IA. (1) Any person, […]
As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce the tax Burdon of assessee. But in industry there is always a confusion or doubt faced by professionals on availing the rebate. Hence today I am coverig this topic with in […]
