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Insertion of section 74A: One more positive effort of government to reduce the litigation and incentivizing the taxpayer

Goods and Services Tax : New Section 74A in CGST Act 2017 simplifies tax determination and penalties for FY 2024-25 onwards, ensuring fair treatment for fr...

July 24, 2024 246 Views 0 comment Print

Penalizing Genuine Taxpayer in the name of simplification of GST: Budget 2024

Goods and Services Tax : Explore how Budget 2024's new Section 74A in the GST Act affects genuine taxpayers, increasing compliance time and potential inter...

July 24, 2024 264 Views 0 comment Print

Decoding of Newly Inserted Section 74A in CGST Act, 2017

Goods and Services Tax : Discover the key updates under Section 74A of the CGST Act, 2017, including thresholds, penalties, and procedural changes for tax ...

July 24, 2024 234 Views 0 comment Print

Union Budget 2024 Highlights and Tax Reforms

Finance : Union Budget 2024 brings key changes in tax rates, benefits for salaried employees, increased expenditure across sectors, and new ...

July 24, 2024 360 Views 0 comment Print

Analysis of changes proposed in TDS in Union Budget 2024-2025

Income Tax : Explore the proposed changes in TDS regulations in the Union Budget 2024-25, impacting sections 271H, 200, 197, and more. Understa...

July 24, 2024 5370 Views 0 comment Print

Latest News

ICAI Welcomes Union Budget 2024-25: Key Highlights

Income Tax : ICAI applauds Budget 2024-25 for its focus on employment, skilling, MSMEs, and the middle class. Discover key tax reforms and econ...

July 24, 2024 84 Views 0 comment Print

Section 80G Amendment: National Sports Fund Update

Corporate Law : Finance Bill 2024 updates Section 80G to reflect "National Sports Development Fund" and changes approval procedures for charities....

July 24, 2024 60 Views 0 comment Print

Section 194F Amendment: TDS Omission for Mutual Fund Unit Repurchases

Income Tax : Explore the amendment to Section 194F removing TDS on Mutual Fund and UTI unit repurchases, effective from October 2024 under the ...

July 24, 2024 111 Views 0 comment Print

Assessment, Reassessment & Re-computation Time-Limits amended: Budget 2024

Income Tax : Budget 2024 proposes amendments to section 153 and section 139 of Income Tax Act to address procedural difficulties and streamline...

July 24, 2024 153 Views 0 comment Print

Budget 2024: Credit of TCS/TDS Allowed in Salary Tax Calculation

Income Tax : Learn about the proposed amendments to Section 192 of the Income-tax Act, allowing salaried employees to claim credit for TCS and ...

July 24, 2024 3528 Views 0 comment Print

Latest Judiciary

Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

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...

May 9, 2017 4911 Views 2 comments Print

In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

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 ...

March 18, 2012 2264 Views 0 comment Print

Latest Notifications

Customs Tariff Amendment Rules 2024: CVD & Injury Determination

Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...

July 23, 2024 150 Views 0 comment Print

Notification No. 39/2024-Customs Extends Re-import Period

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...

July 23, 2024 186 Views 0 comment Print

CBIC amends 32 Custom duty notifications to extend their validity

Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...

July 23, 2024 111 Views 0 comment Print

Amendment to Export Duty on Raw Hides & Leather: Notification No. 37/2024-Customs

Custom Duty : Notification No. 37/2024-Customs revises export duties on raw hides, skins, and leather, effective from 24th July 2024. Updated ra...

July 23, 2024 105 Views 0 comment Print

Exemption of BCD & SWS on Critical Minerals: Notification No. 36/2024-Customs

Custom Duty : Notification No. 36/2024-Customs exempts BCD and SWS on critical minerals like graphite, cobalt, and lithium, effective from 24th ...

July 23, 2024 177 Views 0 comment Print

Union Budget 2010-11: Grasim superseded, High Court got the power to condone delay in filing of appeal

February 27, 2010 490 Views 0 comment Print

The question whether courts have the power to condone delay in filing of appeals under section 260A of the Income-tax Act arose because of careless drafting. While all other provisions of the Act provide that the authority therein can condone a delay in filing an application/appeal, the draftsman forgot to add a similar provision in s. 260A. This bit of careless drafting lead to a spate of litigation.

ICWAI welcomes the union Budget 2010 proposals

February 27, 2010 657 Views 0 comment Print

The Budget 2010-11 has been presented at the turbulent time when the inflation is rising and economic growth has to grow overcoming the economic slow down. Every one had great expectations from the Finance Minister. The common man is worried about inflation, salaried class expecting a big tax relief, industry is worried about withdrawal of stimulus package and increase service tax rate.

Budget 2010-11: Taxation of income of non-life insurance business

February 27, 2010 496 Views 0 comment Print

Section 44 read with the First Schedule to the Income-tax Act provides the scheme of computation of income of insurance companies. According to Rule 5 of the said Schedule, the income of non-life insurance business is taken as ‘profit before tax and appropriations’ as per the profit and loss account of the company, prepared in accordance with the regulations made by the Insurance Regulatory Development Authority (IRDA), subject to certain adjustments.

Budget 2010-11: Document Identification Number

February 27, 2010 724 Views 0 comment Print

Section 282B (Allotment of Document Identification Number) is a new section inserted by the Finance (No. 2) Act, 2009 in the Income-tax Act with effect from 1st October, 2010. Under the provisions of this section, an income-tax authority is required to allot a computer generated Document Identification Number before issue of every notice, order, letter or any correspondence to any other income-tax authority or assessee or any other person and such number shall be quoted thereon.

Budget 2010-11: Amendments related to Settlement Commission provisions

February 27, 2010 1172 Views 0 comment Print

Under the existing provisions of section 245A(b), the term “case”, in relation to which an application can be made is defined as any proceeding for assessment, 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 is made to the Settlement Commission. However, it excludes, among others, proceedings for assessment or reassessment resulting from a search or as a result of requisition of books of account or other documents or any assets, initiated under the Act.

Budget 2010-11: Deductor needs to issue TDS and TCS certificate even after 1st April, 2010

February 27, 2010 688 Views 0 comment Print

The existing provisions of section 203(3) of the Income-tax Act dispense with the requirement of furnishing of TDS certificates by the deductor to the deductee on or after 1st April, 2010. Similarly, under section 206C(5) of the Act, a collector of tax at source will also not be required to issue tax collection certificate to the person from whom tax has been collected on or after 1st April, 2010.

Budget 2010-11: Centralised Processing of Returns

February 27, 2010 319 Views 0 comment Print

Under the existing provisions of section 143(1 B), the Central Government may, for the purposes of giving effect to the scheme of centralised processing of returns under section 143(1A), issue a notification relating to such processing of returns. Such a notification can be issued up to 31st March, 2010.

Budget 2010 – Minimum Alternate Tax (MAT) Rate increased to 18%

February 27, 2010 6541 Views 0 comment Print

Under the existing provisions of section 115JB of the Income Tax Act, a company is required to pay a Minimum Alternate Tax (MAT) on its book profit, if the income-tax payable on the total income, as computed under the Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2010, is less than such minimum.

Budget 2010-11: Deduction of profits of a hotel or a convention centre in the National Capital Territory

February 27, 2010 562 Views 0 comment Print

Section 80-ID of the Income-tax Act provides for 100 per cent deduction for five years, of profits derived by an undertaking from the business of a two-star, three-star or four-star category hotel or from the business of building, owning and operating a convention centre located in the National Capital Territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Ghaziabad, provided such hotel has started functioning or such convention centre is constructed during the period 1.4.2007 to 31 .3.2010.

Budget 2010-11: Deduction for developing and building housing projects

February 27, 2010 1307 Views 0 comment Print

Under the existing provisions of section 80-IB(10), 100 per cent deduction is available in respect of profits derived by an undertaking from developing and building housing projects approved by a local authority before 31.3.2008. This benefit is available subject to, inter alia, the following conditions:

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July 2024