Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Learn about the amendment to Clause 22 of Form 3CD under Section 43B(h) and its impact on reporting requirements for payments to M...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Explore Section 119(2)(b) of the Income Tax Act, allowing CBDT to condone delays in ITR filing due to genuine hardships. Learn pro...
Income Tax : Understand the process of condonation under Section 119(2)(b) for filing returns with genuine hardship. Learn about the time limit...
Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...
Income Tax : Explore the Lok Sabha query on technical glitches in the IT portal and TRACES. Learn about processing delays, PAN-Aadhaar issues, ...
Income Tax : The CBDT awards the Taxnet 2.0 project to Bharti-Airtel Ltd, enhancing the IT Department’s digital infrastructure with secure, r...
Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...
Income Tax : Read CAASs recommendations for fair tax audit allocation, ensuring auditor independence and quality. They suggested automated allo...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Ahmedabad held the Discounted Cash Flow Method [DCF method] adopted by the assessee for valuing the CCPS is legitimate and in...
Income Tax : Delhi High Court held that once the Tribunal had called upon the AO to examine the issue afresh, the said direction could not have...
Income Tax : Rajasthan High Court held that section 119(2)(b) of Income Tax Act read with CBDT Circular No.09/2015 dated 09.06.2015 clearly ref...
Income Tax : Read the full judgment of Umang Mahendra Shah Vs Union of India by Bombay High Court, ruling that an order under Section 148A(d) w...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
Income Tax : Ministry of Finance amends tax exemption notification, extending the eligible investment deadline to 31st March 2025 under section...
Income Tax : CBDT Notification 91/2024 extends the deadline for Section 10(23FE) tax exemptions to March 31, 2025. Discover the key changes and...
In this Article we would be discussing on the Applicability and Structure of Income Tax E-assessment; Key features of scheme and some key points to think upon.
As we all know that when we file TDS return of salary i.e. Form 24Q, we are always have a confusion as to now how to get Form 16 (Part A and Part B) both together? How we can apply for the same? Hence today I am covering this so that enlighten you all with […]
A crisis like this calls for bigger tax measures which can form part of larger economic stimulus which the government provides to bring economy back on track. Therefore, the following measures have been proposed for the short-term basis, i.e. for 3-6 months, to enable the taxpayer to withstand the uncertainty in the economy:
There is some report circulating on social media regarding suggestions by a few IRS officers on tackling Covid-19 situation. It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report. No permission was sought by the officers before going public with their personal views & suggestions, which is […]
We all are aware that whenever we login into our Income Tax Account, at that time we get an auto pop up to update our contact details and if the contact details are already updated then we get the message of update address details. With general human tendency we usually read those message and just […]
The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery proceedings and using arm-twisting methods by adjusting outstanding demands of the start-ups, today stated that these observations are completely unfounded and are total misrepresentation of facts.
As we aware that, lots of times we faced may difficulties regarding E-filing, refund, rectification, etc but we usually avoid to complaint against it thinking in a way that the process is very much lengthier or tedious and hence Income tax Department has been come up with solution to our this problem which is called […]
An employee, having income other than the income under head profit and gains of business or profession and intending to opt for the concessional rate under section 115BAC of the Act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the deductor shall compute his total income, and make TDS thereon in accordance with the provisions of section 11513AC of the Act. If such intimation is not made by the employee, the employer shall make TDS without considering the provision of section 115BAC of the Act.
Several cases have come to the notice of the Central Government wherein deductors/ collectors were held to be an assessee in default for short deduction of TDS/short collection of TCS in cases where final transaction was done before laying of the Finance (No.2) Bill, 2019 in the Parliament, i.e. 5th July, 2019.
Central Government hereby specifies that a non-resident being an Eligible Foreign Investor which operates in accordance with the Securities and Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th January, 2017, shall be deemed as Foreign Institutional Investor (FII) for the purposes of transactions in securities made on a recognised stock exchange located in any International Financial Services Centre (IFSC), where the consideration for such transaction is paid or payable in foreign currency.
