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...
Interest of more than Rs 2.5 Lakh earned annually from contribution to Employees Provident fund (EPF) or Government Provident Fund (GPF) will not be taxed retrospectively, Expenditure Secretary TV Somanathan clarified.
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 105 of the Finance Bill, 2021 with respect to recovery of self- assessed tax.
Clause No. 103 of the Finance Bill, 2021 provides charging of interest on Net Tax Liability u/s 50, CGST Act, 2017 by substituting proviso to sub-section 1 retrospectively, w.e.f. 1.7.2017. Section 50(1) of the CGST Act after the proposed amendment, if implemented, will read as under; “50. Interest on delayed payment of tax.─(1) Every person […]
Article explains Concept Of TDS Under Section 194Q, 11 Rules for Deduction of TDS under Section 194Q, Examples on TDS under Section 194Q, Practical Difficulty Faced in Deduction of TDS under Section 194Q and Authors Comment on deduction of TDS under Section 194Q. ♦ Concept of TDS Under Section 194Q Budget 2021 introduced section 194Q […]
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 106 of the Finance Bill, 2021 with respect to provisional attachment of property/bank account.
The Union Budget 2021 has come up with important amendments with regard to the filing of annual return and reconciliation statement under Goods and Services Tax (i.e., GST). As per the amendment, GST annual return and reconciliation statement can be submitted on a self-certification basis. Accordingly, post Budget approval, certification of chartered accountant/ cost accountant […]
Before diving into whether you need your books to be audited under Section 44AB, let’s understand the meaning of Tax Audit. Tax audit refers to the examination of a taxpayer’s accounts. This examination of books of accounts is conducted for ensuring that such taxpayer has maintained his books of accounts as well as other records […]
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 114 of the Finance Bill, 2021 to with respect to changes in scope of zero-rated supplies.
Recently, the Union Budget 2021, presented on 1st February 2021, has come up with the proposal of satisfaction of one more additional condition for availing Input Tax Credit under Goods and Services Tax (i.e., GST). Accordingly, the provisions of section 16 of the Central Goods and Services Tax Act, 2017 covering eligibility and conditions for […]
The first ever digital budget was presented on 1st February 2021 by the Finance Minister of India, Smt. Nirmala Sitharaman. The budget 2021 came up with the expansion of the scope of supply covered under section 7 of the Central Goods and Services Tax Act, 2017. The present article briefly explains the same. Basics of […]
