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1. Intra-Head Adjustment of Losses [Section 70]Within the same category of income, the Income Tax Act permits the adjustment of losses from one source against profits from another, provided they fall...

Introduction The Finance Act, 2018 and the Finance Act, 2020 have introduced enabling provisions in the Income-tax Act, empowering the Central Government to notify schemes for conducting income tax as...

Taxation Aspects of Employer-Provided Insurance for EmployeesThe taxation of employer-provided insurance for employees is a complex topic that requires careful consideration by both employers and empl...

1. IntroductionUnder the Goods and Services Tax (GST) regime, the government has been empowered to specify a list of services on which GST is payable on a reverse charge basis. In this regard, the gov...

1. IntroductionUnder the Goods and Services Tax (GST) regime, the government has been empowered to specify a list of goods on which GST is payable on a reverse charge basis. In this regard, a notifica...

1. Introduction to Reverse Charge Mechanism (RCM)In the Goods and Services Tax (GST) regime, the liability to pay tax generally lies with the supplier of goods or services. However, the GST law also p...

In the realm of modern accounting, Artificial Intelligence (AI) emerges as a disruptive force, promising transformative opportunities while presenting significant challenges. This article delves into...

The Institute of Chartered Accountants of India (ICAI) has put forth its Pre-Budget Memorandum 2024 to the Central Board of Direct Taxes (CBDT), advocating for significant tax reforms to bolster econo...

Extract of Tweet made by Central Council Member (CCM) of ICAI Dhiraj Khandelwal @kdhiraj123 There is lots of discussion on NFRA order, just to clarify I am not in active practice since 2010 however ac...

On 29th April 2024, the Direct Taxes Committee of The Institute of Chartered Accountants of India announced the release of an Exposure Draft titled ‘Guidance Note on Reports on Audit under Section 12A...

In Circular No. 6/2024, CBDT provides relief to deductors/collectors grappling with the consequences of Inoperative PANs. If a deductee/collectee’s Inoperative PAN becomes operative (via Aadhar linkag...

Clarification of BSE on SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023 Clarification of BSE on SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated Octob...

Introduction: Circular No. 7/2024 issued by the Central Board of Direct Taxes (CBDT) addresses the extension of due dates for filing Form No. 10A/10AB under the Income-tax Act, 1961. Over the years, v...

Introduction: Notification No. 41/2024-Income Tax, dated 24th April 2024, issued by the Ministry of Finance under the Income Tax Act, 1961, holds significance for Kerala Autorickshaw Workers Welfare F...

Introduction: As per the CBDT Circular No. 6/2024 dated 23.04.2024, several grievances have been received from taxpayers who are TDS/TCS deductors or collectors. They have received notices for short d...

GST Revenue Collection Second highest monthly Gross GST Revenue collection in March at ₹1.78 lakh crore; Records 11.5% y-o-y growth (18.4% on net basis) Gross Good and Services Tax (GST) revenue for M...

The CBDT, aiming to address grievances of deductors/collectors who collected TDS/TCS at the normal rate but were required to deduct/collect at double the rate due to the deductee’s PAN being inoperati...

Introduction: The recent notification under section 80G(2)(b) of the Income Tax Act 1961 has significant implications for Shree Ramanuj Kot Trust in Indore. Issued by the Ministry of Finance, this not...

Notification No. 39/2024-Income Tax, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, introduces pivotal changes to the Income-tax Act, 1961. Dated 22nd April,...

Section 12AB - Procedure for Registration of Trusts on or after 01-04-2021The introduction of Section 12AB in the Income-tax Act, 1961 has brought about significant changes to the registration process...