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...
Validity of Section 194N (TDS on Cash Withdrawal) as Proposed by Finance Bill 2019(2) 1. A new section 194N (‘said Section’) is proposed to be inserted in the Income-tax Act, 1961 (‘the Act’) Vide Finance bill 2019. Said section provides for withholding of tax by the payer Banks, Co-opt societies and Post offices engaged in […]
Like every year, I am glad to present you an E-book on ‘Union Budget -2019 An Analysis of Income Tax Proposals for Layman as well Tax Practitioners’. This e-book contains proposals of this budget and in addition to that references to relevant sections, sub-sections, clauses, sub-clauses, provisos etc. which are inserted or substituted or otherwise […]
Union Budget 2019 : Article explains Changes Income tax slab rates for Financial Year 2019-20 (Assessment Year 2020-21), Income tax slab rates for Financial Year 2019-20 (Assessment Year 2020-21), TDS at the time of purchase of immovable property – 194IA, Mandatory furnishing of return of income by certain persons, Inter-changeability of PAN & Aadhaar and […]
–Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 is a Dispute Resolution cum Amnesty Scheme for legacy cases of Central Excise, Service Tax and Cess. –GST has just completed two years. An area that concerns me is that we have huge pending litigations from pre-GST regime. More than Rs. 3.75 lakh crore is blocked in litigations […]
Rationalisations of provisions relating to maintenance, keeping and furnishing of information and documents by certain persons entering into an international transaction or specified domestic transaction Section 92D of the Act inter alia, provides for maintenance and keeping of information and document by persons entering into an international transaction or specified domestic transaction in the prescribed […]
The provisions of section 56(2)(viib) of the Act provides for charging of the consideration received for issue of shares by certain companies, where such consideration exceeds the fair market value of such shares. However, the Central Government is empowered to notify that the provisions of this section shall not be applicable to consideration received by […]
The existing provisions of the section 56 of the Income-tax Act, inter alia, provide that income by way of interest received on compensation or on enhanced compensation referred to in section 145A(b) shall be chargeable to tax. The Finance Act, 2018 substituted the provisions of section 145A with sections 145A and section 145B. However, no […]
Section 270A contains provisions relating to penalty for under-reporting and misreporting of income. The existing provisions provide for various situations for the purposes of levy of penalty under this section. However, these provisions do not contain the mechanism for determining under-reporting of income and quantum of penalty to be levied in the case where the […]
Rationalisation of the provisions of section 276CC The existing provisions of section 276CC of the Act, inter alia, provide that prosecution proceedings for failure to furnish returns of income against a person shall not proceeded against, for failure to furnish the return of income in due time, if the tax payable by such person, not […]
Budget 2019: Clarification with regard to provisions of secondary adjustment and giving an option to assessee to make one-time payment In order to align the transfer pricing provisions with international best practices, section 92CE of the Act provides for secondary adjustments in certain cases. It, inter alia, provides that the assessee shall be required to […]
