Expectation of Salaried Taxpayers from Budget 2024 As Finance Minister Nirmala Sitharaman prepares to present the budget for the fiscal year 2024-25 on February 1, 2024, salaried taxpayers are eager to see how it might impact their finances. Although the …
MPC Member of RBI Ashima Goyal Recommends for Taxing Wealthy Farmers in the Budget 2024 to Enhance Tax Fairness As the nation eagerly anticipates the upcoming Interim Budget 2024, Reserve Bank Monetary Policy Committee (MPC) member Ashima Goyal has proposed …
Income Tax Deductions for FY 2023-24 under Old Tax Regime Deductions for Individuals under I-T Act: In a financial year, individuals accumulate income across five distinct categories, contributing to the calculation of their gross total income, which is subject to …
Effective Rebate under Section 87A of Income-Tax Applicable to New Regime in FY 2023-24 Explore the amendments to Section 87A of the Income-Tax Act, effective from April 1, 2024, providing valuable insights into the rebate available to individual residents in …
TDS Deduction from Salary: A Guide for Salaried Individuals In the ever-evolving landscape of income tax laws, staying informed is crucial for salaried individuals looking to optimize the TDS deduction from their salary and to save tax. With changes effective …
Six Types of High Value Cash Transactions That May Trigger Towards a I-T Notice on You The Income Tax Act imposes restrictions on cash transactions above specified limits, aiming to combat black money and tax evasion while promoting transparent business …
The Finance Act of 2020, effective from the Assessment Year 2021-22, introduced an amendment in the rule of determining NRI status To ascertain whether an individual qualifies as a Non-Resident Indian (NRI), it is crucial to determine their residential status …
Income Tax Scrutiny on NRIs – Focussing on 181 Days Threshold Triggering the Tax Liability In recent developments, the Income Tax Department has intensified its scrutiny of Non-Resident Indians (NRIs), requesting sworn statements to ascertain the exact number of days …
Key Expectations of Personal Income-Tax Payers from Interim Budget 2024 As we eagerly await the unveiling of the interim budget on February 1, 2024, all eyes are on the potential adjustments to personal income tax, a topic that captures the …
CBDT Notification No. 5/2024 Dated. 4 January 2024 – Corrigendum CBDT Notification 5/2024: In the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 89/2023/F.No.500/PF11/S10(23FE)/FT&TR-II(2), dated 13.10.2023, published in Part-II, Section 3, Sub-section (ii) …
CBDT Notification No. 4/2024 dated. 4 January 2024 CBDT Notification 4/2024: In a recent development, the Central Government, exercising its authority under sub-clause (ii) of clause (4G) of section 10 of the Income-tax Act, 1961 (43 of 1961), has issued …
Key Income Tax Changes in Budget 2023 that will Impact your Current Year In the recently announced Union Budget 2023-24, the government has introduced a series of fresh Income Tax rules, reshaping the personal taxation landscape. These changes, aimed at …
Monthly Tax Chronicle Containing Income Tax & GST Updates of December 2023 Impacting your Current Tax Year Stay updated on the latest Income Tax and GST developments with our comprehensive monthly Tax Chronicle, offering a concise overview of crucial tax …
Key Income Tax Reforms Initiated by CBDT in the Year 2023 In the dynamic landscape of Income Tax reforms, the Central Board of Direct Taxes (CBDT) has spearheaded citizen-centric initiatives in 2023, focusing on transparency and efficiency. These transformative tax …
CBDT Circular No. 20/2023 Dated. 28 December 2023: Comprehensive Guidelines on Deduction of Tax (TDS) by e-Commerce Operators (ECOs) from Sale of Goods or Services Using their Digital Platform In a recent update, the Central Board of Direct Taxes, through …
The Court refused to accept the department’s undertaking on Seizure to seal Non-incriminating data and decided next Hearing on January 9 In a significant development, the Gujarat High Court has raised objections to the Income Tax department’s seizure of documents …
CBDT Notifies Amendment in Safe Harbour Rules for International Transactions – Notification No. 104/2023 Dated 19th December 2023 The Central Board of Direct Taxes (CBDT) vide its Notification No.104/2023 Dated. 19th December 2023 has notified some amendment in Rule 10TA …
Section 69A cannot be Invoked if Books of Accounts are not Maintained: Delhi High Court In a significant ruling on December 12, 2023, the Delhi High Court delivered a landmark judgement on Section 69A invocation criteria, in the case of …
ITAT emphasized the need for the assessing officer to establish the absence of reasonable cause before imposing penalty under section 271C of I-T Act ITAT Jaipur waives Penalty Imposed for non-deduction of TDS on Foreign Remittances: In a recent judgement …
CBDT Notification F.No.225/132/2023/ITA-II: Time Limit for Processing of Valid ITRs of AY 2018-19, 2019-20 & 2020-21 extended to 31.01.2024 The Central Board of Direct Taxes (CBDT) has issued direction to Income Tax Authorities vide its Notification No. F. No.225/132/2023/ITA-II dated …