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India’s Finance Minister, Smt. Nirmala Sitharaman has presented distinct new income tax rule modifications in the budget 2023. There will be certain significant modifications with the start of the new fiscal year (FY 2024-25). From April 1, 2024, such revisions shall be implemented. From April 1, 2024, the corresponding changes, will add new regulations or […]
The new guidelines would have been furnished by the Central Board of Direct Taxes (CBDT) on how the tax exempted maturity amount via the life insurance policy shall get computed in the fiscal year when the premium filed would be more than the particular level. Under the new rules, the maturity amount via the life […]
Most of the contributors to India’s economy are the Micro, Small, and Medium Enterprises (MSME) sector along with Indian Startups being the prime contributors. All of these would sum up greater potential for the manufacturing, services, and export industries and provide employment in the country. As this becomes essential for these businesses to know the […]
People who work abroad and returned to India, become tax residents in India, and the taxation of their foreign retirement accounts (FRAs) has been a hurting point for a longer time. While the foreign country where they have their FRAs generally taxes this income only on withdrawal, there was no such provision in Indian tax […]
The Finance Ministry of India has recently announced the latest set of rules notified under the income tax act for the provident fund (PF) savings. The 2021-22 budget speech of Finance Minister Nirmala Sitharaman mentioned that the income on contribution towards PF would be taxed for above INR 2.5 lakh but further it was extended […]
The Central Board of Direct Taxes (CBDT) revised the Income Tax laws on return of income compatible to revise beneath section 148 Get o know the legal mechanism of how to respond to the assessment and the reassessment notice as per section 148 of the Income Tax Act 1961 of the Income Tax Act. CBDT […]
The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
The Government revised the Income-tax rules and with this amendment, the authorities can now try to resolve the Mutual Agreement Procedure (MAP) disputes within the 24 months. This step has been taken for faster resolution of cases related to multinational corporations who have opted to the alternative process for resolution of the tax-related disputes. The […]
Initiated from 1 September, the Budget 2019 is all set to lead the way of tax proceedings. Amendments introduced in the 2019 Budget by Finance Minister Nirmala Sitharaman will have many effects but what strikes directly to the common man is Tax Deducted at Source (TDS). Latest Update 13th April 2022 The ITAT New Delhi […]
