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...
In The Union Budget 2021, the Finance Minister Nirmala Sitharaman had proposed a major change in companies Act, which is related with Status of Small companies, which is being determined by its capital and turnover. Hence, in the budget, the limits of paid up capital and turnover had been raised from the existing, ruining lakhs […]
Extract of section 194Q from Finance Act, 2021 54. Insertion of new section 194Q. After section 194P of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021, namely:–– Deduction of tax at source on payment of certain sum for purchase of goods. ‘194Q. (1) Any person, […]
Re-validation of existing Tax Exemption Certificate under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Central Board of Direct Taxes, by Notification No. 19/2021-Income Tax Dated- 26th March, 2021, amended the Income Tax Rules, 1962 called as Income-tax (6th Amendment) Rules, 2021, pertaining to procedure for registration of fund/ trust/charitable […]
FM increased the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt, if there is no employer contribution. It was made clear that the threshold limit will not be enhanced in the cases where employer is contributing towards EPF.
In exercise of the powers conferred by section 164 of the Finance Act, 2021 (13 of 2021), the Central Government hereby appoints the 1st day of April, 2021 as the date on which the provisions of Part XIII of Chapter VI of the said Act shall come into force.
Seeks to amend notification No. 52/2017-Customs, dated 30-06-2017 to make changes consequent to enactment of Finance Act, 2021 vide Notification No. 24/2021-Customs dated 31st March, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 31st March, 2021 Notification No. 24/2021–Customs G.S.R. 236(E).—In exercise of the powers conferred by sub-section (1) of section 25 of […]
CBDT notification for introduction of new forms for filing application for registration under section 10(23C) of the Income-tax Act, 1961 Government of India amended the first proviso and second proviso of Section 10(23C) and by way of inserting clause (ac) under sub-section (1) of Section 12A of the Act through Finance Act, 2020 requiring that […]
The Finance Bill, 2021 was introduced in Lok Sabha on 01st February 2021 and passed by Lok Sabha on 23rd March 2021 with 127 new amendments in comparison to bill presented in Lok Sabha on 01st February 2021. Rajya Sabha returned the Finance Bill 2021 without any new amendment on 24th March 2021 which completes […]
Hello readers, Today I discuss very interesting and confusing topic after amendment in Finance Bill 2020– Residential Status- Resident & Non-Resident Indian in very simplified manner.. Now first question comes in our mind why it is important to determine residential status- Residential status is important as on basis of which we determine our total taxable […]
The Lok Sabha has passed the Finance Bill, 2021 on March 23, 2021, with finance minister Nirmala Sitharaman introducing 127 amendments with a view to boost ease of doing business and easing compliance burden. Among the major changes is a tweak in the proposal to tax income on P.F. contribution above Rs. 2.50 lakhs in […]
