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...
Issue faced in Intimation under section 143(1) with respect to Late Fees under section 234F of Income Tax Act, 1961 Currently the Income Tax authority Centralize Processing Centre (CPC) is issuing intimation for Assessment Year (AY) 2020-21 (FY 19-20) as well as AY 2021-22.  In the intimation generated for AY 2020-21, the CPC is levying […]
A tax is a mandatory charge levied by the government on an individual’s or a business’s hard-earned income during any financial year. While paying taxes is certain and inescapable there are various ways to diminish this burden and one such measure is tax planning. Tax planning is a process of analyzing one’s financial situation during […]
What Is Annual Information Statement (AIS) And Taxpayer Information Statement (TIS) The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year (FY). It contains the information relating to income earned from various sources such as salary, dividend, interest from savings account, recurring deposits, sale and […]
There was a controversy whether livestock would constitute plant within the meaning of clause (3) of section 43 of the Act, that controversy has now been set at rest by the amendment of section 43(3) by the Parliament by the Finance Act, 1995 with retrospective effect from the inception of the Act, i.e., 1-4 -1962 to exclude tea bushes and livestock from the ambit of ‘plant’. 1t is now made clear in the definition of ‘plant’ in section 43(3) mentioned below
What is Annual Information Statement (AIS)? Annual Information Statement (AIS) is a utility/ form available on Income Tax Portal which displays all the financial and tax related information available with the Tax Department with regard to the taxpayer. It is an extension of an earlier available form, called 26AS, on the portal which contained the […]
SALES, TURNOVER & GROSS RECEIPTS TURNOVER: The initial test is to see if the total sales, turnover or gross receipts in business or profession during the previous year, as the case may be exceed the prescribed limit under section 44AB. However, the term “sales”, “turnover” or “gross receipts” are not defined in the Act, and […]
Meaning of set off of Losses under Income Tax Act, 1961: Set off means setting of losses against profits of same head of income or may be different during the year. Meaning of carry forward of losses under Income Tax Act, 1961: Carry forward of losses means carrying the losses amount to be be set […]
Annual Information Statement (AIS) Utility Presentation Background ♦ To promote transparency and simplifying the tax return filing process, CBDT has amended Form 26AS (vide Notification dated May 28, 2020) ♦ The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the taxpayer for a particular financial year. […]
User can view Annual Information Statement (all parts and information) by importing the downloaded (AIS) – JSON file and can prepare the feedback through AIS Utility as well in offline mode. The purpose of this document is to provide a comprehensive understanding of the Annual Information Statement (AIS) Utility available at Compliance Portal (AIS Homepage). […]
Income Tax Department conducts searches in Delhi and Haryana The Income Tax Department carried out search and seizure operations on 09.11.2021 in the case of a Fintech company providing instant short term personal loan through Mobile App. The searches were conducted on the business and residential premises in Delhi and Gurugram. During the search, it […]
