Finance, Income Tax : Explore the impact of Indias budget evolution in 2024, focusing on economic growth, reducing disparity, and strategic resource all...
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 ...
Goods and Services Tax : Understand the proposed changes in Input Service Distributor (ISD) provisions post-Finance Act, 2024. Dive into altered definition...
Income Tax : Explore key amendments in Finance Act 2024, covering tax rates, deductions, faceless schemes, and TCS. Understand changes for info...
Goods and Services Tax : Understand the changes in ISD and Cross Charge post-Budget 2024. Navigate through the implications, amendments, and compliance con...
Finance : Interim Budget Session 2024 sees high productivity with 12 Bills passed, Lok Sabha and Rajya Sabha exceeding performance targets....
Income Tax : Explore the key highlights of Finance Bill 2024, covering tax rate updates, deduction amendments, faceless scheme implementation, ...
Finance : Explore the key highlights of the Interim Union Budget 2024-25, focusing on economic growth, social initiatives, and fiscal polici...
Income Tax : Explore the key highlights of Budget 2024, featuring tax rate continuity, withdrawal of outstanding direct tax demands, significan...
Income Tax : Explore the key highlights of the Finance Minister direct tax proposals, including unchanged tax rates, withdrawal of outstanding ...
Income Tax : On February 15, 2024, President Droupadi Murmu granted his assent to the Finance Act 2024 (Budget 2024), officially bringing the g...
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...
Finance : An analysis of the Ministry of Home Affairs' latest memorandum on formulation of Revised Estimates (RE) for 2023-2024 and Budget E...
Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...
Income Tax : MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 31st March, 2023 / Chaitra 10, 1945 (Saka) The following Act o...
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.
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.
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.
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.
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.
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 […]
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 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 […]
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 […]
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. […]