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...
This is a compliance handbook covering important compliance related provisions of Income Tax Act, 1961 and covers following topics- Tax Rates for AY 2020-21 Tax Rates for AY 2021-22 Advance Tax Tax Deducted at Source (TDS) Tax Collected at Source (TCS) Presumptive Tax Scheme Tax Audit Income from Capital Gains Income from House Property Taxability […]
SECTION 139 OF INCOME TAX ACT’1961 [AMENDED UPTO FINANCE ACT (NO.2) 2019] Ques 1: Why this post? Ans: In the approaching return filing season the aforesaid section namely ‘FILING OF RETURN’ has a great importance and that too w.r.t. amendments it contains till AY 2020-21 i.e. FY 19-20. Thus, the author has come up with […]
Applicability of Clubbing Provisions on remuneration income of Spouse from a Concern in which other Spouse has Substantial Interest ‘Substantial Interest’ by an Individual – Meaning The following are the two cases where it can be said that an individual has a “substantial interest”— In the case of a company – Where an individual beneficially holds […]
Does Demand or Coercive Action sustain without a notice and without the personal hearing Show cause notice means a Court order that requires a party to appear before the court and explain why a certain course of action should not be taken against it. If the party cannot convince the court or fails to appear, that course of […]
Theory of the Test of Human Probabilities and surrounding circumstances and its applicability to the provisions of Income Tax Act 1961 The purpose of this article is to provide a focus on various decisions and judgments of Tribunals and Courts on the issue of Theory of the Test of Human Probabilities and sorrounding circumstances and […]
With effect from AY 2017-18 company would be resident in India if in any previous year: 1. It is an Indian Company (i.e. Incorporated as per Companies Act 2013 or 1956) 2. Its Place of Effective Management (POEM) is in India for a particular PY. POEM means a place where key managerial and Commercial decisions […]
As per section 2(42C) of the Income-tax Act 1961, ‘Slump Sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. For understanding the term ‘Slump Sale’, it is significant to delve into […]
The present article features the TDS provisions contained under section 194J of the Income Tax Act, 1961 relating to the TDS deduction on fees for professional or technical services. Coverage of Section 194J of the Income Tax Act Categories of the person covered under section 194J Every person, except an individual or a HUF, making payment […]
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought […]
Section 79 stipulates that in case of a Company, not being a company in which the public are substantially interested, shall not be allowed to carry forward and set-off the losses against the income of previous year, unless on the last day of the previous year, the shares of the company carrying not less than […]
