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
CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...
CA, CS, CMA : Check the December 2024 due date calendar for various tax and compliance obligations, including GST, Income Tax, ESI, and Providen...
Income Tax : Explore why the Income Tax Department is disallowing Section 87A rebate on capital gains under the new tax regime, leading to unex...
Income Tax : Learn how Section 80D offers additional deductions on health insurance premiums for individuals and HUFs. Maximize tax savings und...
Income Tax : Learn about capital gain tax exemptions on property under redevelopment, including eligibility under Section 54 and implications f...
Income Tax : The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years....
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 : Madras High Court held that lease rent received from letting out property in industrial park is chargeable to tax under the head â...
Income Tax : ITAT Ahmedabad held that AO had no jurisdiction to initiate proceedings u/s. 153C of the Income Tax Act beyond permissible period ...
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 : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...
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...
Income Tax : Notification 88/2024 amends Income Tax regulations, extending the deadline from March 31, 2024, to March 31, 2025. Updated by CBDT...
The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one hundred percent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years, beginning from the year of incorporation, at the […]
Extension of the last date for commencement of manufacturing or production, under section 115BAB, from 31.03.2023 to 31.03.2024 Section 115BAB of the Income-tax Act provides for an option of concessional rate of taxation @ 15 % for new domestic manufacturing companies provided that they do not avail of any specified incentives or deductions and fulfil […]
Consequence for failure to deduct/collect or payment of tax – Computation of interest Section 201 of the of the Act deals with the consequences of persons who fail to deduct tax or after deducting, fail to deposit the same to the credit of the Central Government. Sub-section (1A) of the said section provides that if […]
Clarification regarding deduction on payment of interest only on actual payment Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Explanation 3C, 3CA and 3D of this section provides that a deduction of any sum, being interest payable on loan or borrowing from specified financial institution/NBFC/scheduled bank or […]
Clarifications on allowability of expenditure under section 37 Section 37 of the Act provides for allowability of revenue and non-personal expenditure (other than those failing under sections 30 to 36) laid out or expended wholly and exclusively for the purposes of business or profession. Explanation 1 of sub-section (1) of section 37 of the Act […]
Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year Section 14A of the Act provides that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income that does not form part of the total income as per the provisions […]
Amendments related to successor entity subsequent to business reorganization Chapter XV of the Act refers to liability in certain special cases. Section 170, inter-alia, governs the procedure of taxation in case of succession to business in the event of reorganization or restructuring of the business which is discussed as under. 2. Though section 170 provides […]
Clarification regarding treatment of cess and surcharge Section 40 of the Act specifies the amounts which shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”. Sub-clause (ii) of clause (a) of section 40 of the Act provides that any sum paid on account of any […]
Amendment in section 245MA of the Act related to Dispute Resolution Committee Finance Act, 2021 introduced a new chapter XIX-AA in the Act consisting of section 245MA for constituting Dispute Resolution Committee (DRC) for specified persons who may opt for dispute resolution under the said section and who fulfil specified conditions mentioned in the said […]
Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court. Section 158AA of the Act provides that where the Commissioner or Principal Commissioner is of the opinion that any question of law arising in the case of an assessee (relevant case) is identical […]
