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...
Scheme for taxation of virtual digital assets Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital assets has increased substantially. Further, a market is emerging where payment for the transfer of a virtual digital asset can be made through another such asset. Accordingly, a new scheme […]
UPDATES IN GST IN BUDGET 2022 1. Time-limit to avail ITC u/s 16(4) extended till 30th November of next year from 30th September. 2. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not restricted in GSTR-2B. 3. Composition Tax Payer’s Registration can be cancelled suo-moto if […]
1.Amendment of section 139 – Insertion of Section 139(8A) Any person, for an assessment year (herein referred to as the relevant assessment year), may furnish an updated return of his income whether he furnished a original return u/s 139(1) or revised return u/s 139(5) or not, at any time within twenty-four months from the end […]
DISHEARTNING BUDGET FOR SALARIED PERSONS BUT ROADMAP FOR FUTURE OF COUNTRY Budget for the year 2022 was presented by Hon’ble Finance Minister Smt. Nirmala Sitaraman which has not fulfilled expectations of salaried persons . The budget is technology driven which mainly focuses on infrastructural development. The key takeaways of budget are- UPDATES FOR SALARIED […]
There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, the Government has introduced a Section 115BBH under the Income Tax Act, 1961, which provides that any […]
1. Clause 47A have been inserted in section 2, to provide definition of Virtual Digital Currency. The motive of the insertion is to tax Cryptocurrencies, Non-fungible tokens (NFTs) and the same like instruments. Therefore, the definition of Virtual digital currencies and NFTs have been added in the legislature. Text: ‘(47A) “virtual digital asset” means–– (a) […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) related to Amendments In The Fourth Schedule, Change In Effective Rate Of Additional Basic Excise Duty On Unblended Petrol And Diesel, Amendments In The Schedule VII Of The Finance Act, 2001 (NCCD SCHEDULE) an d other Changes [Including Certain Clarifications/Technical Changes]. EXCISE Note: (a) “Basic […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the CGST Act, 2017, Amendments in the IGST Act, 2017, Amendments in the UTGST Act, 2017 and Retrospective Amendments of GST Rate Notifications. Goods and Service Tax Note: (a) CGST Act means Central Goods and Services Tax Act, 2017 (b) IGST […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the Customs Act, 1962 Other Legislative Amendments Pertaining To Customs, Amendments in the First Schedule to the Customs Tariff Act, 1975, Pruning and Review of Customs Duty Concessions/ Exemptions, Proposals Involving Changes in Effective Basic Customs Duty Rates In Respect Of […]
A new Section 139(8A) is proposed to be introduced to provide for furnishing of updated return under the new provisions. Time limit: File Updated return within 2 years from the end of Assessment Year – Applicable from AY 2022-23 Eligibility: File updated return of income by any person, whether he has filed a return previously […]
