Income Tax : Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates...
Income Tax : F&O traders need to know how their profits are taxed. With the ITR return filing date approaching, it is imperative to know how st...
Income Tax : Get answers to common ITR issues and FAQs for filing your tax return for AY 2024-25. Resolve filing errors and understand tax regi...
Income Tax : How to calculate the turnover of Futures & Options (F&O) for taxation purposes, including detailed examples and tax filing require...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...
Income Tax : Learn who can file ITR-1, who cannot, necessary documents, and precautions. Understand the process of filing ITR-1 (Sahaj) online ...
Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...
Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...
CA, CS, CMA : Discover comprehensive proposals from The Punjab Accountants Association to improve tax compliance, extend filing deadlines, inclu...
Income Tax : In the case of Anil Champalal Jain vs ITO (ITAT Mumbai), learn why Mumbai ITAT ruled that cash deposits during demonetization alon...
Income Tax : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...
Income Tax : ITAT Jaipur quashes PCIT order in Yesh Dagas case, citing violation of natural justice principles. Key points of the judgment and ...
Income Tax : Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...
Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...
Income Tax : CBDT directs DGIT (Systems) to share income tax information with Telangana's Agriculture Department as per Section 138(1)(a) of th...
Income Tax : Discover the latest Income Tax Act notification under section 138 for Telangana by the Ministry of Finance. Details on the designa...
Income Tax : Explore the latest amendment in the Income Tax Act 1961 by Notification No. 50/2024 issued by the Ministry of Finance. Detailed an...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : Get insights on Circular No. 7/2024 issued by CBDT, extending due dates for filing Form No. 10A/10AB under the Income-tax Act, 196...
CBDT Circulars CBDT Circulars to Reduce Litigation S.No. Section of Income Tax Act Circular No. & Date Summary of Circular 1 2(22)(e) Circular No.19/2017 [F.No.279/ Misc./140/2015/ITJ], Dated 12-6-2017 Trade advances, which are in the nature of commercial transactions, would not fall within the ambit of the word ‘advance’ in Section 2(22)(e) of the Act 2 […]
From the ancient time, retrospective law or ex post facto law has been a part of standard jurisprudence. It is neither an Indian creation, nor it is being used exclusively in India. Instances of its application to the International law as well as to the domestic laws of many countries have been cited in the article.
Exemption – Whether all Adventures (Transactions) are Covered in Business Definition for Levy of Income Tax PRELUDE: The general rule under the Income-tax Act is that all revenue receipts are taxable unless a receipt is specifically exempt and equally well, all capital receipts are exempt from taxation unless an item falls within the provisions of […]
Changes Related To Pass Through Income In Income Tax Returns of Assessment Year (AY) 2020-21 Pass through income-> Any income accruing or arising to, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment fund, shall be chargeable to income-tax in the same manner as […]
Key notes under Implementation of Right Claim under Income Tax Act, 1961 in respect of Association under THE CONSTITUTION OF INDIA An Assessee has not claimed and /or overlooked some deductions / exemptions in return of Income before the authority, subsequently the Assessee awarded that additional claim for deductions /exemptions could have been made for […]
1. Introduction High Value transactions are transactions which are incurred in high denominations. From last few years income tax department is shaking hands with all the other related Govt. departments from which it can procure financial information and trace all the persons who are spending high amount but are not filing income tax return or […]
So, let’s take a look to 20 RECENT Amendments that has changed Income Tax in a big way. Majorly applicable from AY 21-22 & SOME APPLCIABLE FROM AY 20-21. Some changes are so drastic steps that this will change the Income tax completely like option for New vs. old in personal taxation and same way new rates for Corporate.
The provisions containing taxation of IT-enabled business process outsourcing units are not contained in the Income-tax Act, 1961 but are given in Circular No. 5/2004 dated 28.9.2004 issued by CBDT. The provisions are briefed hereunder – ♣ A non-resident entity may outsource certain services to a resident Indian entity. If there is no business connection […]
वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान शुरू करने के लिए सीबीडीटी 20 जुलाई, 2020 से आयकर विभाग की नई पहल 20 जुलाई, 2020 से वित्त वर्ष 2018-19 के लिए स्वैच्छिक अनुपालन पर ई-अभियान शुरू करने जा रही है। एक आधिकारिक प्रेस विज्ञप्ति में, सीबीडीटी ने कहा है कि सोमवार से […]
We often get tempted by attractive offers and cashbacks offered by various vendors when we make digital payments. Online shopping websites and some stores are offering cashbacks on use of certain credit cards or mobile wallets to pay for the goods.
