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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 63 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 1617 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 2157 Views 0 comment Print

Highlights of Finance Act, 2024

Income Tax : Explore key amendments in Finance Act 2024, covering tax rates, deductions, faceless schemes, and TCS. Understand changes for info...

February 20, 2024 3219 Views 0 comment Print

ISD vs Cross Charge: The Budget Twist

Goods and Services Tax : Understand the changes in ISD and Cross Charge post-Budget 2024. Navigate through the implications, amendments, and compliance con...

February 13, 2024 1521 Views 0 comment Print


Latest News


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 390 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 2277 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 549 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 1089 Views 0 comment Print

Budget 2024 Speech (Direct Tax And Indirect Tax)

Income Tax : Explore the key highlights of the Finance Minister direct tax proposals, including unchanged tax rates, withdrawal of outstanding ...

February 1, 2024 480 Views 0 comment Print


Latest Notifications


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 4875 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 7389 Views 0 comment Print

Formulation of RE 2023-2024 and BE 2024-2025-reg

Finance : An analysis of the Ministry of Home Affairs' latest memorandum on formulation of Revised Estimates (RE) for 2023-2024 and Budget E...

September 4, 2023 825 Views 0 comment Print

CBDT releases draft rule 11UA to implement amendment by Finance Act 2023

Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...

May 26, 2023 5538 Views 0 comment Print

Finance Act, 2023

Income Tax : MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 31st March, 2023 / Chaitra 10, 1945 (Saka) The following Act o...

March 31, 2023 15858 Views 0 comment Print


Additional depreciation on Plant or machinery used for less than 180 days

March 3, 2015 173886 Views 12 comments Print

To remove the discrimination in the matter of allowing additional depreciation on plant or machinery used for less than 180 days and used for 180 days or more, it is proposed to provide that the balance 50% of the additional depreciation on new plant or machinery acquired and used for less than 180 days which has not been allowed in the year of acquisition and installation of such plant or machinery, shall be allowed in the immediately succeeding previous year.

Budget 2015: Extension of eligible period of concessional tax rate U/s. 194LD

March 3, 2015 4078 Views 1 comment Print

It is proposed to amend sub-section (2) of section 194LD to provide that the concessional rate of five per cent withholding tax on interest payment in respect of investments in Government securities and rupee denominated corporate bonds shall now be available on interest payable before the 1st day of July, 2017.

Tax Regime for Real Estate Investment Trusts and Infrastructure Investment Trusts

March 3, 2015 12487 Views 1 comment Print

The Finance (No.2) Act, 2014 had amended the Act to put in place a special taxation regime in respect of business trusts. The business trust as defined in section 2(13A) of the Act includes a Real Estate investment Trust (REIT) or an Infrastructure Investment Trust(InviT) which is registered under regulations framed by Securities and Exchange Board of India (SEBI) in this regard.

Budget 2015- Amendment related to Settlement Commission

March 3, 2015 2903 Views 0 comment Print

The existing provision contained in clause (b) of section 245A of the Act defines a case for the purpose of Chapter XIX-A as any proceeding for assessment under this Act, of any person in respect of any assessment year or assessment years which may be pending before an Assessing Officer on the date on which an application under sub-section (1) of section 245C is made. The Explanation to the said clause provides for deemed commencement of proceedings under different situations.

S. 11 Delay in Return filing -Benefit of income Accumulation not available

March 3, 2015 19847 Views 2 comments Print

In case the Form 10 is not submitted before this date, then the benefit of accumulation would not be available and such income would be taxable at the applicable rate. Further, the benefit of accumulation would also not be available if return of income is not furnished before the due date of filing return of income.

Return to be filed by universities and hospitals referred to in section 10 (23C)

March 3, 2015 4511 Views 0 comment Print

Budget 2015-16 Furnishing of return of income by certain universities and hospitals referred to in section 10 (23C) of the Act Under the provisions of section 10 of the Act, exemption under sub-clause (iiiab) and (iiiac) of clause (23C), subject to specified conditions, is available to such university or educational institution, hospital or other institution […]

Clarity regarding source rule in respect of interest received by non-resident in certain cases

March 3, 2015 1117 Views 0 comment Print

The provisions of section 5 of the Act provide for scope of total income for the purposes of its chargeability to tax. In case of a non-resident person, the chargeability of income in India is on the basis of source rule under which certain categories of income are deemed to accrue or arise in India. […]

Power of CBDT to prescribe manner/ procedure for computing period of stay in India

March 3, 2015 11198 Views 0 comment Print

Power of the Central Board of Direct Taxes to prescribe the manner and procedure for computing period of stay in India The provisions of sub-section (1) of section 6 provide the conditions under which an individual is held to be resident in India. The determination is based, inter alia, on the number of days during […]

Download Comprehensive Free E-book on Budget 2015

March 3, 2015 28587 Views 0 comment Print

E Book – Comprehensive ICAI Budget Publication The Direct Taxes Committee of ICAI jointly with Indirect Taxes Committee of the ICAI has come out with E Book on clause wise comprehensive analysis of Tax Proposals of Union Budget 2015  to enable our members and stakeholders in line with ICAI’s well earned position as the Partner […]

Specified domestic transaction audit limit raised to Rs. 20 crore

March 3, 2015 107800 Views 4 comments Print

Raising the threshold for specified domestic transaction In a second blow to Chartered Accountants FM has raised Limit for Audit of Specified Domestic Transaction to Rs. 20 Crore from Rs. 5 Crore with effect from Assessment year 2016-17. This may effectively take 90% Assessees out of Ambit of  Transfer Pricing Audit of Specified Domestic Transaction.  […]

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