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...
On 10th June, 2021, CBDT issued Guidelines prescribing framework for Compulsory Selection of returns for Complete Scrutiny during the Financial Year 2021- 22 to all PCC/CC/Pr.DG/DG of Income Tax. Study of these guidelines may help taxpayer analyze, as to under which category it falls. Framework is categorized as under: 1. Cases related to survey u/s […]
The Income Tax Department has launched a new portal for ease of filing on 07.06.2021. The new portal can be accessed at www.incometax.gov.in. The portal has 10 language options for its users. The objective of this portal is to provide a single window access to the income tax related services for taxpayers and other stakeholders. […]
Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June 2021. 1. key changes in ITR Forms for A.Y 2021-22 in the simplified form regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N. 2. Now what is Section 194N-TDS […]
From Financial year 2020-21, taxpayers (Individuals and HUFs) has an option to choose between Old Tax regime and the new Tax Regime. The new tax regime is available with lower tax rates and almost zero deductions/exemptions. Here is the quick comparison table between tax rates at different slabs under Old Tax Regime vs. New Tax […]
Finance Act 2021 has introduced a new Section in TDS – Section 194Q TDS on Purchase of Goods, which will be coming into effect from 1st July 2021. This new Section is quite complicated and will definitely demand some extra efforts from Accountants and Professionals. Earlier since October 2020, a new provision of TCS was introduced […]
In this article, we will discuss everything about the defective income tax returns. Meaning: Defective return is the return of income which is rejected by the Income Tax Department due to certain defects. After the defects being identified by the department, a notice under section 139(9) is issued to assessee. First of all, there is […]
Any person (being a buyer) who is responsible for paying any sum to any resident seller for purchase of any goods of the value exceeding 50 Lakhs in any Previous year required to deduct tax u/s 194Q w.e.f. July 1, 2021. “Buyer here means whose Total sales, gross receipts or turnover from the business carried […]
With the advent of technology in the space of finance, many are switching over to electronic transactions. Not only does it offer ease of use, but it also empowers individuals to manage their transactions and finances in a flexible manner. The user-friendly nature and the convenience offered by e-wallets and UPI (Unified Payments Interface) apps […]
The Finance Bill, 2021 has introduced section 194Q – TDS on purchase of goods which is having resemblance to section 206C(1H)- TCS on Sale of Goods brought in by Finance Bill, 2020. Let’s understand with it with very quick reading of both the section. Section 194Q Vs 206C(1H): Any person, being a buyer (whose sales exceeds […]
The Central Government shifted to the Faceless Assessment Scheme 2019, in Sept 2019, in which there is no in-person interaction between taxpayers and the tax officers. This was done to bring transparency in the tax administration. The assessee can E-File the reply on the income tax portal from the comfort of his home without any […]
