India's income tax laws are subject to periodic revisions. Read Our Latest News and Updated on Income-tax, Articles on income tax India to understand income tax slab, Income tax e-filing, income tax refund, income tax return, income tax act, income tax e payment, etc
Income Tax : Explore the impact of Tax Deducted at Source (TDS) on commercial business income in India. Detailed analysis, rates, compliance, a...
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 : Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert ana...
CA, CS, CMA : Stay compliant with tax obligations in May 2024. Check the due dates for income tax, GST, PF, ESI, and more. Get organized with th...
Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...
Income Tax : Live Webinar on Section-43B(h) of Income Tax Act, 1961 read with Section-2, 7-8, 15-16-17 of MSMED Act 2006 on 03-03-2024- SundayÂ...
Income Tax : Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me te...
Income Tax : Join the exclusive webinar on Understanding TDS on Purchase/ Sale of Property under Section 194IA of Income Tax Act, 1961. Many ta...
Income Tax : CBDT notified Income-tax Return Forms (ITR Forms) for Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2...
Income Tax : Explore the impact of book acceptance or rejection on taxation with insights into grounds for rejection and factors favoring accep...
Income Tax : Kerala High Court overturns rejection of Snehatheeram Charitable Trust's application for 80G certificate under Income Tax Act, 196...
Corporate Law : Karnataka High Court considers income variations in compensation assessment. Detailed analysis of Jayashree Vs Mahaningappa & Othe...
Income Tax : ITAT Delhi's order on Trident Towers Pvt. Ltd vs ACIT addresses the deletion of addition under section 68 of the Income Tax Act, c...
Income Tax : Explore the Coastal Ceramics vs Union of India case where AP High Court rules that an interest-free refundable security deposit fo...
Income Tax : Notification No. 38/2024-Income Tax: Central Government approves Amul Research and Development Association for tax benefits under ...
Income Tax : Explore Notification No. 13/2024 by the Ministry of Finance, Central Board of Direct Taxes. Learn about the summoning of witnesses...
Income Tax : Explore the key amendments in Income Tax Rules, 1962, effective from April 2023. Detailed analysis of ITR-7 Forms modifications an...
Income Tax : Read Notification No. 56/2023 under the Income Tax Act, 1961, specifying the details of a zero coupon bond issued by REC Ltd. Lear...
Income Tax : The Ministry of Finance has issued Notification No. 52/2023-Income Tax, Dated : 20th July, 2023 under section 10(34B) of the I...
Commodities Transaction Tax (C.T.T.), is a tax payable to the central government on trades made on commodities. CTT was first proposed in 2008 and received violent opposition as commodity trading was at a beginning stage in India, and levying such tax could lead to a dip in commodity trades. CTT was brought before parliament again […]
CBDT has issued Notification No. 19/2021 dated 26th March 2021 which makes it mandatory for all the trusts/ societies/institutions registered under section 12A and 80G to obtain fresh registration in prescribed format The applicant shall make an application in Form 10A with the Principal Commissioner or Commissioner authorized by the Board on or before the […]
The Income Tax Department conducted search and seizure operations on a business group engaged in gaming activity, online betting (including cricket betting), etc. on 15.02.2022. Total of 29 premises spread over Mumbai, Delhi, Surat, Jaipur, Pune and Kolkata were covered. The search action revealed that the group was operating in a clandestine manner and had concealed its operations and income from law enforcement agencies. The revenue generated by the group from its activities is largely in cash.
Budget 2022 was an interesting Budget. There were different expectations from various stakeholders of the Indian Economy. While Salaried individuals expect an increase in the threshold limit of deductions available under Section 80C, 24(b), HRA and the like, business class expect operational reforms in the areas pertaining to indirect taxes. While MSMEs expect increased support […]
BENEFITS FOR RETIRED EMPLOYEES – UNDER INCOME TAX LAW > Higher Basic exemption limit > Exemption from tax on amount received as Gratuity, Commuted Pension, Leave Encashment and from Provident Fund > Higher deduction for Medical Insurance Premium > Higher deduction limit for interest from Banks and Post Office ………….and many more BENEFITS UNDER DIRECT […]
It was March 2020, almost 2 years after the first Covid Lockdown. Many youngsters entered the Stock Market first time during this period. Nearly 8,39,81,228 Active accounts are managed by CDSL and NSDL. People started trading intraday, BTST, STBT, Option selling, futures. For them, they are either trading or investing. But from a taxation perspective, […]
An E-commerce seller is a seller who lists its products/services on E-commerce platforms like Amazon, Flipkart etc. The question is whether & what TDS do they require to deduct. The answer is- like any other business, TDS compliance apply to an E-commerce seller just like it applies to any other business & they are required […]
1. Changes under the head Rates of Income Tax, Cesses and Surcharges, chapter- II, applicable from April 01, 2022 – Assessment year 2023-2024 (i) ‘No changes’ for any type of assessee against the Income tax rates (ii) ‘Reduction’ for non-corporate assessee against the Alternate Minimum Tax (AMT)-Section 115JC (a) For a Co-operative society from 18.5% […]
Concessional Rates of Income Tax @ 22% for Companies in India Applicable from AY 2020-21 – FY 2019-20 ♦ Income tax @22% in place of 25% or 30% under the Section 115-BAA 1. Income Tax @ 22% is applicable on the Companies (i) All Indian companies are permitted to avail concessional rate of income tax […]
As per Ind AS, all forwards contracts in foreign currency needs to be marked to market at exchange rate as on the day of closing of financial period. However taxability of MTM ( Marked to Market ) losses is governed by ICDS & Income Tax Act. Assessee needs to make adjustments in Computation of Income to disallow unrealized MTM losses for the financial period considered in Profit and Loss Account.
