IT Section 43B(h) Disallowances and Necessary Precautions before 31st March, 2024
The Finance Act of 2023 inserted a new clause (h) in income tax section 43B that allows deductions made to MSMEs on an actual...
IFSC की यूनिट्स को कुछ पेमेंट पर TDS से मिलेगी छूट, टैक्स कांप्लायंस का...
HomeBusinessGovt Excludes TDS For Certain Payments To Units In IFSC From April 1
The exemption from TDS will cover payments such as professional/referral fees, brokerage...
No penal interest on TDS for crypto investors who failed to file the TDS...
From July 2022, virtual digital assets (VDA) transfer made to a resident individual attracts tax deducted at source (TDS). The TDS deducted by the...
24 FAQs on Remission or Extinguishment of Old Small Demands Related to Direct-Tax
1. What is the scheme about?
The government announced a scheme to waive off outstanding direct tax demands up to a certain limit for specific...
45 Day Rule Made for MSME’s Benefit is Hurting MSME’s very Badly – Here’s...
While the government has intended to protect MSMEs and ensure timely payments, this new regulation has raised concerns in the market and has led to...
Income Tax Assessment Order without DIN Number is Liable to be Quashed – Delhi...
Author Comments - The Delhi Income Tax Tribunal recently held that where the assessment orders are passed without mentioning the DIN number on the...
If You Own US Stocks Like Apple, Tesla etc – Don’t Forget to do...
Get a Tax Penalty Notice of 10 Lakhs if you're buying stocks of Google, Apple, Meta, etc. but not disclosing these assets and dividends...
Form 10BB (A.Y. 2023-24 onwards) FAQs
Question 1:
From which Assessment Year re-notified Form 10BB is applicable?
Resolution:
Form 10BB notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year...
Form 10B (A.Y. 2023-24 onwards) FAQs
Question 1:
From which Assessment Year re-notified Form 10B is applicable?
Resolution:
Form 10B notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year...
Madras HC Set Aside Demand Order Since Notice Was Not Sent on Email of...
Case Details: R. Soundararajan & Co. v. Deputy Tax Officer - 155 taxmann.com 385 (Madras)
Judiciary and Counsel Details
Mrs S. Srimathy, J.
N. Viswanathan for the...
Income Tax commences 360 degree profiling of HNI tax evaders
Introduction
The Income Tax Department (ITD) of India has commenced a 360-degree profiling of high net worth individuals (HNIs) to identify and crack down on...
Books of Account and Vouchers are not required in 44AD return – ITAT Deletes...
(2023) 10 ITAT CK 0027
In The Income Tax Appellate Tribunal (Delhi E Bench)
Case No : Income Tax Appeal No. 1186/DEL/2023
M/S. Economical Credit & Construction Co....
Payment by Builder for Damages to Allottees is not Interest, No TDS – Analyzing...
Referring Two Cases
Case Details: Sawhney Builders (P.) Ltd. v. ACIT (TDS) - 151 taxmann.com 97 (Delhi-Trib.)
M/s Pratibha Housing Pvt. Ltd. Vs Commissioner...
No angel tax scrutiny for DPIIT-recognised start-ups: CBDT tells officers
In a directive issued to its field officials, the Central Board of Direct Taxes (CBDT) has instructed them not to carry out scrutiny of...
CBDT Issues Clarification on Reporting of Substantial Contributors in Form 10B/10BB
Circular No. 17/2023, dated 09-10-2023
One of the conditions for availing exemptions under Sections 11/12 or Section 10(23C) is a requirement to get the audit...
OECD convention on Pillar One digital tax released
The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (Inclusive Framework) has released the text of a new multilateral convention that updates the international...
Cash Limits under Income Tax Act
The Income Tax Act, 1961 (the Act) imposes certain restrictions on cash transactions. These restrictions are in place to curb tax evasion and black...
Income Tax Refund for AY 2023-24 Still Not Received ?
Most Common Reasons for Not Receiving Income Tax Refund
If you filed your income tax return (ITR) for the assessment year 2023-24 and have...
Singapore’s tax residency certificate is Valid proof for tax treaty Benefits
Introduction
The Income-tax Appellate Tribunal (ITAT) is a quasi-judicial body in India that hears appeals against orders passed by the Commissioner of Income-tax (CIT). The...
Sum Received for Giving Up Rights to Buy a Property is Taxable under Head...
Introduction
The Income Tax Appellate Tribunal (ITAT) has held in the case of Sukhwant Singh v. Income-tax Officer - 154 taxmann.com 369 (Chandigarh -...
How to Save Taxes on Capital Gains from Sale of Residential Property: A Comprehensive...
Introduction
Selling a residential property can be a major financial transaction, and it is important to be aware of the tax implications. Capital gains tax...
REC Launches New Mobile App for 54EC Bonds Investors: SUGAM REC
REC Limited, a leading public sector enterprise in India, has launched a new mobile app called "SUGAM REC" for investors of its 54EC Capital...
Good news for non-residents: Claiming treaty benefits to become easier
Non-resident taxpayers in India will soon have an easier time claiming treaty benefits. The Central Board of Direct Taxes (CBDT) is proposing a number...
Rule 11UA Amended to Broader Horizons for Non Resident Investors
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within...
Aadhaar-Pan Linking
PAN-Aadhaar Linking Deadline Not Extended after 30th June'2023 - Income Tax Department Comes Out To Help PAN Holders
The deadline for linking PAN with Aadhaar...
Employees Deposit Linked Insurance Scheme 1976
The Employees’ Deposit-Linked Insurance Scheme (EDLI) is an insurance scheme launched by the Employees Provident Fund Organisation (EPFO) of India in 1976. It provides...
E-Appeal Scheme 2023
Notification No. 33/2023, dated 29-05-2023
The Finance Act 2023 introduced a new designated income tax authority of Joint Commissioner (Appeals) vide amendment in section...
Comprehensive Guide to gold purchases, possession limits and taxation in India
The withdrawal of Rs 2000 notes from circulation by the Reserve Bank of India (RBI) has allegedly caused a surge in individuals purchasing gold...
Free Samples, business trips and vouchers to Customers Are All Liable for TDS u/s...
Engagement in the form of free samples, business trips and vouchers is perceived as a freebie under Section 194 R
Compliance with the strict Section...
Arms Length Price Decided by ITAT Can be Scrutinized Further
"There cannot be any absolute proposition of law that in all cases where the Tribunal has determined the arm’s length price the same is...