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In a nation as diverse and economically vibrant as India, comprehension and adherence to income tax compliance are crucial factors in fostering financial stability and making a positive contribution to national development. Being the second-most populous country in the world, India heavily relies on a robust taxation system to finance essential services and infrastructure initiatives. […]
The Income Tax Appellate Tribunal (ITAT), the Ahmedabad bench has ruled that income generated from commercial activity cannot be deducted under Section 80P of the Income Tax Act, 1961. The assessee, Jetalpur Seva Sahkari Mandali Ltd., filed an income tax return for the assessment year 2017-18, declaring an aggregate income of Rs. 21,52,910/-. The return […]
With the advent of social media, there is an increasing need for bloggers and content producers. The popularity of the blogging industry is largely due to its high-income potential as well as the platform it provides for personal expression. The Income Tax Act’s tax regulations apply to the money a blogger makes. Definition of a […]
The Income Tax Appellate Tribunal (ITAT), Pune Bench passed a ruling that no income tax can be levied on a transaction that has never materialized. Here, in this case, The assessee filed his income tax return declaring a total income of Rs.2,94,330/-. The Assessing Officer noticed that the assessee ventured into two Development Agreements for […]
Budget 2020 may bring good news for the taxpayers by announcing a flat tax rate without exemptions. Finance Minister Nirmala Sitharaman may announce a reduction in Income tax slab and new Income tax slab for individuals with the high-income bracket in the budget 2020-21. Personal income tax may reduce in consonance with the reduction in […]
In simple words, a trust is an organization to which the owner donates his property for the benefit of others from that particular property. Whereas, Trust, as defined by the authority, is a commitment affixed to the ownership of property, and arising out of confidence rested in and accepted by the owner, or declared and […]
All the unaccounted income and not paying up the taxes will not be fruitful from now onwards as the tax department has made it clear that it will be important to pay the income tax. Also, the income tax department has the database of all the citizens which would further help him to get the […]
Seeing the increasing corporate tax concerns in the country, the finance minister, Nirmala Sitaraman has announced some amendments to the Income Tax Act, 1961 and the Finance (No.2) Act 2019 on 20 September 2019 via The Taxation Laws (Amendment) Ordinance, 2019. The changes have been made to ease out the liquidity concerns of corporate and […]
In the Rajya Sabha, the Hon’ble Union Home Minister Sh. Amit Shah has passed a resolution to amend the Article 370 of the Indian constitution that offers ‘privileges of special autonomous status’ to the State of Jammu & Kashmir. By making amendments in Article 370, the special state right of Jammu & Kashmir has been […]
