Income Tax : CBDT has notified Cost Inflation Index (CII) from 1981-82 to 2023-24. Find out the Meaning & Index of CII and its use for computin...
Income Tax : A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 6...
Income Tax : Explore the intricacies of capital gains on Joint Development Agreements (JDAs) and the exemption under Section 54 of the Income T...
Income Tax : Provisions of section 28 of Income Tax Act, 1961 specify income chargeable to income tax under ‘Profits and gains of business or...
Income Tax : Curbing cash transactions Section 269SS of Income Tax Act mandates electronic modes for loans above ₹20,000 to fight black money...
Goods and Services Tax : TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Online GST Course Covering whole Gamut of GST an...
CA, CS, CMA : We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Th...
CA, CS, CMA : In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax...
Income Tax : CA Sandeep Kanoi After protest from all over India partial extension by CBDT, Dr. Hasmukh Adhia who took over as Revenue Secretary...
Income Tax : In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), ...
Income Tax : Hon'ble SC held that Making a claim which would prima facie disclose that the expenses in respect of which deduction has been clai...
Income Tax : It is not in dispute that the period during which interim stay of the order passed by the court is in operation has to be excluded...
Income Tax : The initial assessment year has been defined and the expression or' has been used in respect of new units by stating commences op...
Income Tax : Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, as...
Income Tax : We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take ...
Income Tax : The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Dir...
Income Tax : Vide its order dated 30.09.2015 CBDT has extended due date only for the state of Haryana, Punjab , Union Territory of Chandigarh a...
Income Tax : It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of th...
Income Tax : Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall...
For reducing the income tax burden and for providing relief from tedious taxation work to the small taxpayers, the Indian government incorporated the presumptive taxation scheme under Section 44AD. Taxpayers opting for the presumptive taxation scheme can declare their income at the prescribed rate and aren’t required to maintain the books of accounts. As per […]
Section 44AA of the Income Tax Act specifies the books of accounts that an assessee is required to maintain for Income Tax. Section 44AA together with Rule 6F lays down the provisions concerning maintaining these books of accounts. As per this section, every person carrying on Legal, Medical, Engineering, Architectural, Accountancy, Technical consultancy, Interior decoration, […]
Section 35CCD of the Income Tax Act provides deduction towards expenditure incurred on the skill development project. Whereas, rule 6AAF of the Income Tax Rules provides the guidelines to be followed by the company in order to notify the skill development project. Further, rule 6AAG provides the conditions to be satisfied by the skill development […]
Section 38 – Building, etc., partly used for business, etc., or not used exclusively Section 38 of the Income Tax Act deals with the deductions related to buildings, etc., partly used for business, etc., or not exclusively so used. The provisions contained in this section provides in summarized in two parts: 1. Deductions with respect […]
According to Section 37 of the Income Tax Act, 1961, any expenditure not being the expenditure allowed under Sections 30 to 36 and not of capital or personal nature and which are expended exclusively for the purposes of the business or profession are allowed while computing the income from business or profession. Conditions laid out […]
Deduction available towards expenditure on specified business under section 35AD of the Income Tax Act is briefly explained in the current article. Article explains Provisions of section 35AD of the Income Tax Act, Conditions for claiming deduction under section 35AD, Amount of deduction available under section 35AD and List of specified business covered under section […]
Capital expenditure incurred by the telecommunication company for acquiring use of spectrum is allowable as a deduction under section 35ABA of the Income Tax Act. Notably, the deduction is allowed over the period of time the spectrum remains in use. The deduction provisions of section 35ABA are briefly taken up and explained in the current […]
An amount deposited into ‘Deposit Account’ or ‘Special Account’ for utilization of the same for the specified purpose is allowed as a deduction under section 33AB. Deduction under section 33AB of the Income Tax Act is available to an assessee carrying on business in India of growing and manufacturing tea, coffee or rubber. The present […]
As per provisions of rule 24(2) of the Central Goods and Services Tax Rules, 2017, every person who is granted provisional GST registration can submit an application in Form GST REG-26 for grant of final GST registration. In short, Form GST REG-26 is an application form to be furnished by the person having provisional registration […]
On being dis-satisfied with the revocation application filed by the taxable person, the proper officer will issue a show cause notice in Form GST REG-23. The proper officer is required to mention the reasons based on which he believes that the revocation application so filed is liable to be rejected. The present article briefs the […]
