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...
We here in, would like to bring to your kind notice, few of the issues which might be faced by taxpayers and Chartered accountants as regards certain specific proposals made in this Union Budget, 2022-2023.
Income Tax Rates: Tax rates remain same as last year. Tax Rates for Individuals. Income Tax Slab Income Tax Rate (Old Rate) * Income Tax Rate (New Rate 115BAC) ₹0 – ₹2,50,000 Nil Nil ₹2,50,001 – ₹ 5,00,000 5% 5% ₹5,00,001 – ₹ 7,50,000 20% 10% ₹7,50,001 – ₹ 10,00,000 20% 15% ₹10,00,001 – ₹12,50,000 […]
Cryptocurrency, Nonfungible tokens (NFT) or legally known as Digital Assets are the new and the fastest upcoming modes of investment which have taken the world by storm. During the past few years there are multiple platforms from which one can invest in such digital assets in India and everyone is attracted towards this new form […]
Provisions under section 194R of Income Tax Act, 1961 The new TDS u/s 194R on Business Promotion Expenses shall be applicable as follows – In the recent budget 2022 in Income Tax, it is proposed to impose a TDS on business promotion expenditure expended by an organisation. It has far reaching implications even in the […]
Recent change in Finance Act 2021 in Section 45(4) and Section 9B will have far reaching impact on taxability of firm and other specified entities. We through, a series of articles, wish to discuss various issues. Reconstitution of Specified Entity – Firm, AOP, BOI- Liable for tax u/s 45(4) and 9B of ITA -Will impact […]
Scheme for taxation of virtual digital assets Virtual Digital Assets, especially cryptocurrencies & Non-Fungible Tokens (NFTs), have gained tremendous popularity in recent times and the volumes of cryptocurrency trading has increased substantially. With a view to bring clarity for taxation of such assets, provisions to define such assets, provide for the taxation from income arising […]
Finance Minister, Smt Nirmala Sitharaman, has announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23 while presenting the Union Budget 2022-23 in the Parliament. The Reserve Bank of India will launch the CBDC from the upcoming financial year that will be backed by blockchain technology. Key Highlights: […]
Updated Return in the Income Tax Act, a new concept added by the Finance Bill, 2022 The current provision of the income tax act requires the assessee to file its voluntary income tax return latest by 31st Dec of the relevant assessment year (including the timeline for belated and revised return). In view to enhancing […]
Articles explains the definition of virtual digital asset u/s 2(47A) , the taxability of virtual digital asset u/s 115BBH, the TDS provision u/s 194S and the proposed amendment u/s 56(2)(X) of the Act. Meaning of Virtual Digital Asset Finance Bill, 2022 has proposed to inset a new clause (47A) to section 2 of income tax […]
Analysis of applicability of section 194R Finance Bill 2022 has proposed to insert Section 194R in the Income Tax Act, 1961 (“Act”). As per the memorandum explaining the provisions in the Finance Bill, this change shall take effect from 1st July 2022, though the section has been inserted from 1st April 2022 itself. In this […]
