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This time, due to the lower tax deducted at source (TDS) of many individuals for FY20, Income Tax authorities have sent notices to several taxpayers. The reasons cited in notices is that while some taxpayers have not paid the apt tax on interest that is earned by them others have paid lower tax on credit […]
A tweet of TMC MP Mahua Moitra created chaos across the media and general public as to whether the income of non-resident Indian citizens working in Gulf Countries is subject to Income tax or not. Thereafter, Finance minister Nirmala Sitaraman clarified the issue with her tweet that amendment in the Finance Act, 2021 “liable to […]
The MCA department has notified new rules namely Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022 whereby the department has clarified some of the provisions and also provided a revised format of CSR Annexure. The new rules have initiated new prerequisites like impact assessment of CSR contribution, the involvement of International Organisations for the purpose […]
The income tax Appellate Tribunal (ITAT) stated that the AO is taking the rental income via commercial properties as the income beneath the head ‘House Property’ rather than the Income from Business. The taxpayer is the owner of Discovery Estates Pvt. Ltd. which owned the construction businesses of the commercial complex and also earning the […]
The Central Board of Direct Taxes (CBDT) has once again delayed the “Tax Audit Clause 30C and 44” till the date 31st Mar 2022 due to the pandemic COVID-19. For the fourth time, The CBDT has once again provided an extension to the aforesaid due date for filing Form 3CD. As per the Income Tax […]
In response to several representations received by The Central Board of Direct Taxes (CBDT) for seeking clarification on the ‘search case’ mentioned in the Vivad Se Vishwas Act 2020, CBDT has examined the aforesaid provision and issued proper clarifications on the same. As per CBDT, search case includes within its purview either assessment or reassessment […]
Now, you shall not be paying taxes in the way you used to pay in FY 2021-2022. Noteworthy changes in the Income-tax regime that shall be operative from 1st April 2021 include the following: No requirement of tax filing for senior citizens above 75, Pre-filled IT forms, Tax on interest on PF, Income tax return […]
On Wednesday, Finance Minister Nirmala Sitharaman moved 127 amendments in Lok Sabha. One of the amendments approved by Lok Sabha relates to the increase in the exemption limit of provident fund to Rs 5 lakh given the condition that the employer has not contributed to the PF corpus. As per a consultant in a leading […]
March 31 2025 is the deadline for doing investments for tax-saving concerned with the financial year 2024-25. To date, many individuals might not have made tax-saving investments for the present year. Now they might be planning to do it as only a couple of days are left. However, it is not an apt idea to […]
