Finance ministry releases guideline for out-of-turn hearing of tax cases on PMO reference

Interest under Income Tax – A brief Discussion

Part F of Chapter XVII...
Tackle Tax Mismatch Notices From Income Tax Department with these methods

Tackle Tax Mismatch Notices From Income Tax Department with these methods

Here is how you can handle payment of advance tax if you have received IT department intimation. The financial year 2023-24 is coming to an...
Received advance tax notice with inflated demand? It’s an error. Here’s what to

Received advance tax notice with inflated demand? It’s an error. Here’s what to

The IT department has acknowledged the error. “Income Tax Department has received information about certain significant financial transactions relating to FY 2023-24 (AY 2024-25). Please...
Delhi woman gets 6 months jail for failing to file Income Tax Returns on ₹2 crore income

Delhi woman gets 6 months jail for failing to file Income Tax Returns on...

The woman's lawyer argued that she is an uneducated widow and has no one to take care of her. A Delhi Court sentenced a woman...
2

Expression “Yes” could not be considered to be a valid approval under Section 151...

The Delhi High Court has held that the expression “yes” could not be considered to be a valid approval under Section 151 of the...
Success rate of conciliations between homebuyers & developers is around 35% to 50%, says MahaRERA

डोनेशन पर मिलता है टैक्स डिडक्शन का लाभ, क्लेम के लिए ये बातें हैं...

हम जो डोनेशन करते हैं उसके जरिये भी हम टैक्स कटौती का लाभ उठा सकते हैं। बता दें कि इनकम टैक्स एक्ट 1961 के...
Accounting regulator ‘disappointed’ as 23% of important company audits needed improvement last year

Have you checked your advance tax liability? Pay by this date to avoid penalties

Advance tax: If your estimated tax liability for any given financial year after subtracting tax deducted at source (TDS) exceeds Rs 10,000 then advance...

Income Tax Department To Send Notice For ITR Mismatch, Details Here

The Income Tax Department has initiated a process of issuing formal notice to taxpayers regarding potential discrepancies identified between the information reported in their...

ITR Filing 2024: Have new income tax regime as default? You can switch back...

Updated Mar 10, 2024 | 10:24 AM IST ITR Filing 2024: Switch back to old tax regime As we all know, starting from FY 2023-24, the...
IT Section 43B(h) Disallowances and Necessary Precautions before 31st March, 2024

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 बोझ होगा कम

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...
GST Levy on Online Gaming in India: The Story So Far

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

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 Why, How and How to Act for MSME's

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 this to avoid 10 Lacs Tax Penalty

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

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

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 Petitioner

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

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 Addition u/s 69A

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 Two ITAT Judgements

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

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

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

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

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 ?

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 

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 Capital Gains

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 Guide

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...