Income Tax : Learn the importance of show-cause notices, their legal implications, and how to respond effectively to protect your rights. Explo...
Income Tax : Learn about income tax deductions on home loans, including benefits under Sections 24, 80C, 80EE, and 80EEA. Understand eligibilit...
Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...
Income Tax : Explore the financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...
Income Tax : On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for t...
Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...
Income Tax : ITAT Ahmedabad held that merely making a claim that is not sustainable does not amount to furnishing inaccurate particulars of inc...
Income Tax : ITAT Chennai held that construction of new dwelling unit on first floor is eligible for deduction under section 54F of the Income ...
Income Tax : ITAT Ahmedabad held that passing of ex-parte order by CIT(A) without adjudicating issues on merits, such order is not sustainable ...
Income Tax : ITAT Ahmedabad held that genuineness of transaction, creditworthiness and identity of creditors not proved, hence addition u/s. 68...
Income Tax : Telangana High Court held that notice issued u/s. 148 of the Income Tax Act must comply with the requirement of the Scheme whether...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...
Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...
TDS/ TCS on Non- filers of ITRs at Higher Rates U/s 206AB and 206CCA of the Income Tax Act, 1961 (effective from 01.07.2021). Article contains Analysis of Section 206AB, Analysis of Section 206CCA, Sample format of Declaration To Be Obtained From Parties For Not Imposing Higher TDS/ TCS Rates As Per Section 206AB/ 206CCA of […]
Understanding the allowability of foreign tax credit under Income Tax Act 1961. Learn how to take credit for taxes paid outside India as a resident Indian.
Finance Act 2020 had amended section 206C of the Income-tax Act 1961 by inserting a new subsection (1H) which says that the seller is required to collect the tax if the sale of goods to buyers exceeds Rs.50 lakhs. Finance Act 2021 inserted a new section 194Q which says that the buyer is required to […]
Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants & taxpayers to be part of the interaction.
We are listing around 38 issues in portal and this is the beginning only because still we are working on preliminary aspects and further issues are bound to arise when we start working with the Portal and make Tax Compliances on behalf of our clients, the valued Tax Payers of the Nation.
fter launching of the website by the Income Tax Department on 07th day of June, 2021 the members are facing the problems as discussed below:- 1. DSC is not getting registered or updated, 2. New Incorporated companies or Firms are not able to register themselves on ITD Portal ,
Undertaking pursuant to Section 206AB and Section 206CCA of the Income Tax Act, 1961 To, (NAME OF THE BUYER/ SERVICE PROVIDER) Dear Madam/Sir, Subject: Declaration confirming filing of Income Tax Return for immediate two preceding years This is in respect to payments due or payments to be made to us for Financial Year 2021-22 (period […]
The Income Tax Department launched the new completely revamped Income Tax Website 2.0. Now, there is a lot of discussion on the social media whether this update was really required or not or regarding the multiple issues which everyone is facing. The old website was project was proposed in 2006 and launched sometime in 2007. […]
The Budget 2020 introduces a new regime under section 115BAC giving an option to individuals and HUFs to pay income tax at lower rates. From FY 2020-21, the assessee can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs with lower tax rates […]
Direct Tax levied on the income of a corporate can be a considerable amount of money that has to be paid by the assessee to the government every year. But if the business is conducted keeping in mind various exemptions and deductions available for corporates under the Income Tax Act, 1961, the tax liability of […]
