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Mr Tarun Bajaj (Revenue Secretary) has said that the Indian government will come up with new compliance for compounding offences under GST in an interview with Businessline. When & How will GST Offences be Decriminalized? We are working on the same and very shortly we shall release the document. We will proceed in the same […]
Latest Amendments Under Section 44AB Section 44AB of the Income Tax Act, 1961 was inserted which come into force from the date 1.4.1985 (AY 1985-86) and additional revisions were incurred over time. Currently, the section exists 44AB under the AY 2022-23. Latest Update An Audit of the Individual’s Accounts Relating Businesses or Professions According to […]
The Patna bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that as per the provisions of the Income Tax Act, 1961 no income tax is payable on compensation for the compulsory acquisition of land by the Government. This came in a case where Shri Suresh Prasad is the assessee who had received compensation […]
This article elaborates on the common errors of the business valuations that the business owners have committed such as Non-taking the valuation for current business, Valuation at the Eleventh-Hour, Valuation by an Unqualified and inexperienced Valuer, Hiring a Valuer not having Knowledge of the valuation Field, lack of proper due Diligence, Insufficient Data Gathering and […]
The government, in the Finance Act, of 2022, made a new section 194R to the Income Tax Act, of 1961. It makes it compulsory for resident Indians to furnish a 10% tax on the advantages obtained through them. A resident Indian who received any advantage needs to pay the 10% tax at source on the […]
What is the New Foreign Tax Credit (FTC)? Furnishing relief to the assessee for the case of claiming the Foreign Tax Credit (FTC), the Central Board of Direct Taxes (CBDT) has changed Rules 128 of the Income Tax Rules 1962. Before the revision, the assessee can exclusively avail of FTC, via furnishing Form 67 including […]
The CBDT extended the due date for filing of online ITR for the individual assessment year 2025-26 till 16th September 2025(revised). The assessee qualified for a refund in the case of surplus tax payment. The same might comprise the instances in which employers deduct higher income tax from salaried employees because of wrong calculations or […]
As per a recent update, several banks have communicated with the Central Board of Direct Taxes (CBDT) seeking clarity on the purview of Section 194R of the Income Tax Act, as they fear that the newly presented provision will empower them to deduct 10% tax at source on incentives given to the big business customers […]
The National Faceless Assessment Centre (NFAC) provided a Standard Operating Procedure (SoP) for the Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU), and Review Unit (RU) beneath the Faceless Assessment provisions of Section 144B of the Income Tax Act, 1961. SOPs are used to furnish assistance to the units and specify the procedure to […]
