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CA, CS, CMA : The article summarizes important notifications, circulars, judicial rulings, and regulatory changes issued between 11–17 May 202...
Income Tax : The Bombay High Court held that reopening for AY 2016–17 becomes invalid when sanction is obtained from an authority not prescri...
CA, CS, CMA : The week witnessed important rulings on benami transactions, GST natural justice violations, and misuse of insolvency proceedings....
Income Tax : A comprehensive guide explaining taxation of house property income, annual value computation, deemed ownership, and deductions und...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for May 2026. It highlights filing requirements under income tax...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
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 : The court directed the Board of Advance Rulings to expedite the disposal of a pending application under Section 245Q, ensuring tim...
Income Tax : The High Court allowed a religious society to submit delayed audit documents, citing the treasurer’s age and Covid-19 as valid r...
Income Tax : The Kerala High Court has temporarily halted income tax recovery proceedings against Palode Service Co-Operative Bank Ltd a Primar...
Income Tax : The Delhi High Court dismissed the Revenue's appeals in CIT-1 v. Casio India Co. Pvt. Ltd. for AY 2012-13 and 2013-14, affirming t...
Income Tax : The Tribunal found the addition uncalled for. cash deposits from the sale of old vehicles, accepted as genuine sales by the AO, ca...
Income Tax : CBDT Notification 150/2025 grants income tax exemption to the Jhansi Development Authority under Section 10(46A), effective from A...
Income Tax : The Central Board of Direct Taxes has granted income tax exemption to the Parambikulam Tiger Conservation Foundation on specific i...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
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...
By now You must have already gone through hundred of articles explaining cumbersome new provision of Sec.194Q which is coming w.e.f. 01.07.2021 by the Finance Act,2021. This is my humble attempt to simplify the same to make it understandable to layman aka taxpayer. If you happen to go through Honorable FM’s budget speech of 2021, […]
The Finance Act, 2021 has introduced a new Section- Sec. 206AB. This is a Special Provision for deduction of tax at source for non-filers of income tax return. This Section shall come into effect from 01st July, 2021. The purpose behind introducing this Section is to ensure maximum income tax coverage and compliance. The Government […]
Issues on New ITD Portal – listed down – members can add other issues in comment section so that all issues can be compiled. 1. DSC not getting registered or updated 2. New Incorporated companies or Firms are not able to register themselves on ITD Portal 3. Forget password option not working 4. IT Returns […]
TDS on Specified Persons under section 206AB of Income Tax Act, 1961 Section 206AB of the Income Tax Act is recently introduced vide the Finance Act, 2021. Section 206AB mandates the person to deduct TDS on ‘Specified person’. And it’s applicable from 01.07.2021. Provision of Section 206AB of the Income Tax Act– The person paying any sum to the specified […]
The Budget 2020 introduces a new regime under section 115BAC giving an option to individuals and HUFs to pay income tax at lower rates. From FY 2020-21, the assessee can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs with lower tax rates […]
Practical approach to new TDS section 194Q introduced in budget 2021 which will be effective from 01.07.2021 and its effect in application of existing section(amended) TCS u/s 206C (1H) of Income Tax which is required to be collected on sales of goods above 50 lakh. With the introduction of new section 194Q in the Budget […]
Direct Tax levied on the income of a corporate can be a considerable amount of money that has to be paid by the assessee to the government every year. But if the business is conducted keeping in mind various exemptions and deductions available for corporates under the Income Tax Act, 1961, the tax liability of […]
Organization for Economic Cooperation and Development (OECD) and the (G20) countries have launched an initiative known as base erosion and profit shifting (BEPS), which consists mostly of tax avoidance methods. These techniques primarily aim to fill in and make accommodations for tax policy loopholes, which aid in leveraging such gaps in tax regulations to deceptively shift earnings to low or no-tax nations. A business is often funded (or capitalized) through a combination of debt and equity.
Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]
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 […]
