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 informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
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...
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- 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 : 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 : 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...
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT Notified Income Tax Rule 8AC so as to provide for computation of short term capital gains and written down value u/s 50 where depreciation on goodwill is received. (Notification No. 77/2021-Income Tax [G.S.R. 472(E)]qvc) ♦ CBDT further extends the timeline for e-filing of Form 15CA/ […]
On August 2, 2021, the Hon’ble Supreme Court of India ordered for Cancellation of Registration of Batanagar education and Research Trust (Trust) on the ground of misuse of status conferred under section 12AA and 80G of the Income Tax Act, 1961. Fact of the Case:- At the time of conducting a survey on an entity […]
Under law, identity or recognition of a person is established by relevant documents mentioned under those laws. For example passport establishes citizenship; Aadhar Card establishes residency for the purpose of government subsidies and benefits. In the same way, residency under direct tax laws is established by ‘Tax Residency Certificate’ also known as ‘TRC’. In one […]
Any assessee who has tax payable and don’t file his/her Income Tax Return within the due date specified u/s 139(1) is liable to pay interest u/s 234A. Meaning of Due Date U/s 139(1) Non Audit Cases : 31st July Audit Cases : 31st Oct, Due to Covid 19 CBDT on 20th May 2021 extended the […]
1. Section 139(1)(a) explanation has been amended which reads as under: – Explanation 2- In this sub section due date means, – a) Where the assesse is i. A company ii. A person other than company whose accounts are required to be audited under this Act or any other law for the time being in […]
1. Section 11(1)(d) has been amended which reads as under: – Income in the form of voluntary contribution made with the specific direction that they shall form part of the corpus of the trust or institution subject to the condition that such voluntary contributions are invested or deposited in one or more of the forms […]
On 1/10/2020, new section 206C(1H) relating to TCS on sale of goods was introduced. It states that, the seller at the time of sale of goods of the value aggregating to Rupees Fifty Lakhs or more in previous year should deducted TCS. Further the following year a new section was introduced in the Finance Bill […]
Taxation on Capital gain on shares & securities has always been a matter of concern for investors since special rates apply on Income from capital gain. In the table below, we have bifurcated the capital gain assets on the basis of period of holding & type of entities: ASSETS PERIOD OF HOLDING SHORT TERM/ LONG […]
CBDT vide notification dated 29 July 2021 [Notification No. 83/2021/F. No. 370142/30/2021-TPL] has omitted certain Rules due to provisions becoming redundant owing to omission or applicability of such provisions not relevant now as the same has expired long time ago. Further, the same is to ease the burden of the taxpayer in certain circumstances where […]
Where the taxpayer is living in his or her own house or, if one does not pay rent for one’s accommodation, then the HRA is fully taxable (i.e., the individual cannot claim the HRA exemption according to Section 10(13A)
