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It was carried by the Delhi High Court that the provision u/s 153C of the Income Tax Act, 1961 for the Assessing officer of a searched person to record ‘satisfaction’ and handover documents for undisclosed income of another person cannot be replaced by just uploading such information on the insight portal of the department. It […]
The income of the taxpayer company emerged in India, as the payer, Genpact India, was also located in India. Hence, under the source rule u/s 5(2), the income obtained via the taxpayer company accrued or emerged in India. The method of furnishing technical services via the taxpayer and getting the payments that have the source in India […]
With the approaching Union Budget 2025-26 the discussions strengthen on easing the tax system of India. Recommendations have been shared with Finance Minister Nirmala Sitharaman, from the Industry bodies, including the Federation of Indian Chambers of Commerce and Industry (FICCI), advocating tax reforms to augment the ease of doing business and diminish complexity. Facilitating the […]
According to the report, the Gujarat State GST department has escalated its concentration on business-to-consumer (B2C) sectors, objecting to solving tax compliance issues. For potential tax evasion and non-compliance, industries like coaching classes, ice cream parlours, salons and mobile phone dealers are under the probe. Tax evasions are exposed in the raids that emerged recently […]
With the Goods and Services Tax (GST) implementation on July 1, 2017, businesses in India have experienced a thrilling shift. The same amendment has substituted a complex system of various indirect taxes with a single tax structure (One Nation, One Tax), particularly impacting cost, compliance, and functional effectiveness. GST objectives were to improve the operation […]
What is Section 115BAC of the IT Act? A person, whether an individual or an undivided Hindu family (HUF), having income apart from the income from a profession or business, can practice the same option for the earlier year to be taxed u/s 115 BAC including with his or her income return to get provided […]
What is Form 29B? Section 115JB of the Income Tax Act mentions that Form 29B is significant to evaluate the book profits of the company. Through this form, you are enabled to compute the book profit to claim the Minimum Alternate Tax (MAT) credit. The same form is required to be provided by the Chartered […]
The income tax department mentioned that it is not seeing Digi Yatra data to catch tax evaders. The IT department published on X denied reports that mentioned that Digi Yatra data will be utilised to catch the tax evaders. It is clarified that, as of now, no such move has been made by the Income […]
For the upcoming budget, 2025, Prime Minister Narendra Modi convened a consultation with prominent economists to discuss key economic strategies. The main motto of the meeting was centred around crucial topics such as lowering income tax slab rates, streamlining customs tariffs, and introducing initiatives to boost exports. Sources from the Bureau revealed that the Prime […]
