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...
Higher TDS for Income Tax Return Defaulters w.e.f. 01.07.2021-Decoding section 206AB Have you filed ITR for the previous two years? If not, then this article can disappoint you. This is the hard truth that income tax department has introduced a new section 206AB effective from 01.07.2021 that ensures higher deduction of TDS of the payees […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues Notification extending various Income Tax due date extended to the 30th September, 2021) (including for imposition of penalty under Chapter XXI, Linking of Aadhhar with PAN, for assessment or reassessment completion under section 153 or section 153 B the Income-tax Act. Notification No. 74/2021-Income […]
Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and sale of paints. It contended before the authorities that it had been its consistent practice to value the goods in process and finished products exclusively at cost of raw materials and totally excluding overhead […]
Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as per books’: 1. Depreciation as per BOOKS 2. Income tax in BOOKS (including duty, cesses, late fee, or any other payments related to income tax liability) 3. 30% sum payable to residents on which TDS […]
Friends, “Commendable work has been done in the year gone by both in the area of facilitation and enforcement with numerous cases of fraudulent dealers and ITC being registered. The enhanced revenue collection in recent months should now be the ‘new normal.”- Hon’ble Finance Minister Nirmala Sitharaman. There are some other relevant changes in GST […]
As per Section 5 of the Income Tax Act, Income which is accrued or deemed to accrue and received or deemed to receive in India is only taxable in the hand of non -resident. Therefore, any income of non -resident which is accruing outside India is not taxable until that is deemed to accrue in India. Section 9 of Income tax act creates such deeming fiction.
New Income Tax portal was launched on 07th June 2021, now we are required to register Digital Signature Certificate (DSC) in new portal even though it was registered earlier. Pre- requirements for DSC registration : 1. Assessee must be having the registered user of the e-filing portal with valid username and password. 2. Downloaded and […]
READY REFERENCE GUIDE: TDS ON PURCHASE OF GOODS (SECTION 194Q) Applicability: -W.e.f. 1st July, 2021; -On aggregate value of purchase exceeding Rs. 50 lakhs from a single seller in a F.Y.; -To buyer whose turnover from business exceeds Rs. 10 Crs. during preceding F.Y. i.e. excluding GST; and -Only on purchase of Goods. Non-Applicability: TDS […]
Second Quarter of FY 2021-22 has started today and industry is still facing lack of understanding on new sections of 194Q, 206AB and 206CCA Finance Act 2021 has inserted 3 new sections applicable from 1st July 2021 1. Section 194Q- Tax withholding on purchase of goods 2. Section 206AB and Section 206CCA – Special provision […]
Finance Act 2020 introduced Section 206C(1H), where a person who is a seller and receives consideration for the sale of goods of value or aggregate value which exceeds Rs 50 lakhs in the previous year shall, at the time of receipt of money, collect TCS at the rate of 0.1% of the value exceeding Rs […]
