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...
Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages the potential of youth, their technological skills and entrepreneurial spirit. “In the 75th year of our independence, the next 25 years are very critical to India’s development; therefore we wanted this year’s Budget to encourage the power of youth, the power of […]
All You Wish to Know about New TDS Sections 194R, 194S & Much More The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022. Looking at the swift pace, with which the new TDS sections, are being inserted by the […]
Arjuna (Fictional Character): Krishna, Honourable Finance Minister had declared the Finance Budget of 2022-23 on 01st February in the Lok Sabha wherein proposal to bring provision of filing updated return of income tax was introduced. What is this provision of filing updated return? Krishna (Fictional Character): Arjuna, it is proposed to insert a new provision […]
Finance Bill, 2022 has proposed certain changes in Goods and Services Tax laws through proposals contained in its clauses 99 to 123. While these amendments shall come into force from a notified date after enactment of Finance Bill, 2022, there are specific proposals which upon enactment, shall come into force from retrospective effect or date […]
Cryptocurrency is a form of virtual digital asset which is designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of assets. It has become one of the fastest upcoming modes of investment. Crypto refers to the various algorithms and techniques that safeguard these entries such […]
8 Amendments in Finance Bill 2022 to overturn established judgements Unsuccessful Appeal Submissions Turned into Explanatory Memorandum to Finance Bill!! Just 1 less than 200, i.e., 199. Well yes Friends, that is the total page count of this year’s Memorandum explaining the provisions in the Finance Bill 2022, and going through these 199 pages of […]
Budget 2022 was an interesting Budget. There were different expectations from various stakeholders of the Indian Economy. While Salaried individuals expect an increase in the threshold limit of deductions available under Section 80C, 24(b), HRA and the like, business class expect operational reforms in the areas pertaining to indirect taxes. While MSMEs expect increased support […]
Tax Deduction at Source on transfer of certain immovable properties (other than agricultural land) [Section 194-IA] Analysis of Section 194-IA20 1. Person liable to deduct TDS u/s 194-IA Any person (transferee), other than the person referred to in section 194LA, responsible for paying to a resident transferor any sum by way of consideration for transfer […]
Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions. Finance Minister exhorts all banks to sign up to Account Aggregator Framework, says it will improve credit flow and promote digital lending. Meeting emphasizes that Benefits of digital banking should reach every nook and corner of the country in a […]
1. Changes under the head Rates of Income Tax, Cesses and Surcharges, chapter- II, applicable from April 01, 2022 – Assessment year 2023-2024 (i) ‘No changes’ for any type of assessee against the Income tax rates (ii) ‘Reduction’ for non-corporate assessee against the Alternate Minimum Tax (AMT)-Section 115JC (a) For a Co-operative society from 18.5% […]
