Residential Status Dispute Resolved by ITAT: Non-Resident Status Confirmed on 176 Days Stay in India Residential Status of Individual: In a recent decision, the Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the Revenue’s appeal and upheld the order passed by …
Unconventional but Effective Tax Saving Tips for Salaried Individuals Applicable for the FY 2023-24 (AY 2024-25) Optimizing your tax saving is crucial, especially for individuals falling under tax bracket. Strategic planning well in advance is key to navigating the complexities …
Supreme Court Order: Case of Mangalam Publications vs CIT In a recent landmark decision on 23.01.2024, in case of Mangalam Publications vs CIT (Civil Appeal No. 8580-8582 of 2011), the Supreme Court addressed the reopening of a concluded assessment under …
CBDT Press Release Dated 23 January 2024: Direct Tax Statistics for Financial Year 2022-23 In a recent development, the Central Board of Direct Taxes (CBDT) has unveiled crucial statistics regarding Direct Tax collections and administration for the financial year 2022-23 …
CBDT Circular 1/2024 Dt 23 January 2024 – Circular Providing Explanatory Notes on the Provisions of Finance Act 2023 In a significant update on 23rd January 2024, the Central Board of Direct Taxes (CBDT) released Circular No. 1/2024, providing detailed …
Did you Fail to File your Income Tax Return? Find the Options Still Available Before you When taxpayers find themselves unable to meet the Income Tax return deadline due to valid reasons, there are still options available to file their …
SC to Decide upon Applicability of Income-Tax Exemption on Nuns & Priests Working as Teachers in Govt Aided Christian Missionary Schools Applicability of Tax Exemption on Nuns & Priests: The Supreme Court has recently acknowledged the significance of addressing a …
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 …