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- Sunday�...
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 �...
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...
In continuation of the previous article where the eligibility of Startup was discussed, in this article we shall discuss the Taxation & other benefits available to start-ups. Under the taxation benefits, following benefits shall be available to start-ups: I. Deduction Under Section 80-IAC of The Income Tax Act, 1961 (‘Act) II. Angel tax Incentive III. […]
Due to COVID-19, the world is tremulous, which was not witnessed by the present generation. More than 4 million people have lasted their breath globally in the last 18 months on account of this disease. India accounts for about 10% of this death count.
The basic edifice of presumptive scheme u/s 44AD is assessee would not be called to maintain books under the Act and get them audited if profit shown by assessee is otherwise in accordance with prescription of section 44AD of the Act. But maintaining books of account is sine qua non for making addition under section 68. Since […]
A cryptocurrency is digital, decentralized currencies that are issued by a private enterprise to work as a consideration of transaction between two individuals or businesses without any direct interference from the government. There are around 4000 different cryptocurrencies in the world and around 15 million people have invested $1.36 Billion in cryptocurrencies in India. Some […]
Section 194P was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021, which was made applicable w.e.f. 1st April, 2021. Extract of Section 194P: (1) Notwithstanding anything contained in the provisions of Chapter XVII-B, in case of a specified senior citizen, the specified bank shall, after giving effect to the deduction allowable under Chapter VI-A and […]
According to Section 10 (1) of the Income Tax Act, any income arising from the agricultural lands, buildings, or any other agricultural or commercial product which is less than Rs. 5000 will not be counted in an individual’s total income. SOURCES OF AGRICULTURAL INCOME Any income arising through (i) Rent or lease of Land in […]
The foreign account compliance tax account (FATCA) is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports. This act was enforced in 2010 in the U.S.A as a part of the Hiring Incentives to Restore Employment ACT. (HIRE). FATCA was enforced […]
With the effect of 1. 07.2021 Finance Act, 2021 had inserted section 194Q in Income Tax Act, 1961 to provide a deduction of tax on certain purchases. Section 194Q of the Income-tax Act states that any person who buys goods of an amount exceeding 50 lakhs rupees from a resident seller in any previous year […]
Major amendment pertaining to Due date of Filing of Belated return or Revised return Rationalisation for Reducing time to file belated return and to revise original return and its effect on other provision of Income Tax With the massive technological upgrade in the Department where the processes under the Act are moving towards becoming faceless […]
The related party transactions have always been under the close scanner of the Tax Authorities. Owing to the inherent nature of such transactions it is believed that such transactions are by far the most convenient way of shifting profits and accordingly subjected to detailed scrutiny by the Tax Authorities. The international transactions have been under […]
