Income Tax : Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sectio...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Decode tax intricacies on derivatives transactions, understand income classification, tax audit applicability, and potential legis...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
Income Tax : Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Tax...
Income Tax : Representation for extension of Due date of Income Tax Returns And Audit Report For A.Y. 2021-2022 (F.Y. 2020-2021. It is reques...
Income Tax : CAAS has made a representation to Union Finance Minister and brought to her attention the Flaws in New Income Tax Portal which are...
Income Tax : Dear Taxpayer, As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be...
CA, CS, CMA : ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audi...
Income Tax : ITAT noted that CIT(A)'s decision was reasoned, considering discrepancies in repayment timelines and absence of proper documentati...
Income Tax : Read the full text of the ITAT Mumbai order in the case of Krimesh Ramesh Divecha Vs DCIT for A.Y. 2015-16. Understand the assessm...
Income Tax : ITAT Mumbai invalidates income tax assessment for a merged entity, emphasizing the legal principle against actions on non-existent...
Income Tax : Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and opt...
Income Tax : Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance o...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : In compliance to the judgments of various High Courts and after considering the representations received for extension of the due ...
Income Tax : Notification No. 33/2014-Income Tax S.O. 1902 (E).. In exercise of the powers conferred by section 295 read with section 44AB of t...
Hyderabad ITAT grants additional opportunity to taxpayer to explain nature & source of cash deposits made during demonetization. Read full text.
ITAT upholds PCIT’s decision on erroneous assessment orders in tax evasion case. Changela’s appeals dismissed as inadequate inquiries led to erroneous orders.
ITAT Mumbai held that addition u/s. 68 of the Income Tax Act by treating transaction of sale of shares of Sunrise Asian as a bogus penny stock unsustainable as material on records supports genuineness of the transactions.
ITAT Mumbai rules no addition under section 68 based on turnover declared under section 44 AD of Income Tax Act for Kalpesh Kantilal Gada. Detailed analysis and order explained.
Delhi ITAT ruling on Manish Kumar Mittal Vs ITO case clarifies treatment of cash-in-hand from business profits declared under Sec 44AD, preventing it from being added as unexplained money.
ITAT Jaipur held that assessee failed to get its books of accounts audited based on a reasonable cause. Accordingly, penalty under section 271B of the Income Tax Act for failure to get books of account audited not leviable as assessee reasonable cause shown.
Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed for seamless filing. Get expert insights.
Unlock the intricacies of income tax implications for stock market transactions in India, covering capital gains, F&O trading, and tax audit requirements.
Understand the implications of Section 43B(h) of the Income Tax Act, 1961, on timely payments to MSMEs. Learn about benefits, applicability, due dates, and exceptions.
Introduction: The financial year 2023-24, corresponding to the assessment year 2024-25, introduces significant amendments that impact taxability, exemptions, and deductions. These changes are pivotal for taxpayers aiming to navigate the altered fiscal landscape effectively. Understanding these amendments is crucial for optimizing tax planning and compliance. Applicable Sec Particulars Taxability Sec 50AA Taxability of Debt Fund […]
