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Income Tax Exemption for West Bengal Transport Workers Social Security Scheme
Notification No. 99/2024-Income Tax | Dated: 12th August, 2024 under section 10(46) of Income Tax Act, 1961 in case of West Bengal Transport Workers Social Security Scheme The Ministry of Finance’s Ce...
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No Penalties for Estimated Income: A Comprehensive Review
Overview: The debate over whether to impose penalties on estimated income has become increasingly pressing in the field of taxation. The contention lies primarily in the speculative nature of income e...
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Indexation under LTCG on Immovable Properties: A Shift in Taxation
Impact on Real Estate InvestmentsThe Budget 2024 has introduced a significant change to the taxation of long-term capital gains (LTCG) on immovable properties, effectively eliminating the cost inflati...
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Non-Resident Foreign Company Interest Income Taxability under the Income Tax Act, 1961
Definition of a CompanyThe Income Tax Act, 1961, defines a "Company" as:Indian companyBody corporate incorporated outside IndiaInstitution, association, or body assessable as a Company for specific as...
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CBDT Eases TDS/TCS Rules for Death Before PAN-Aadhaar Link
On August 5, 2024, the Central Board of Direct Taxes (CBDT) issued Circular No. 8 of 2024, easing TDS/TCS provisions for cases where the deductee or collectee has died before linking their PAN and Aad...
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Income Tax Relief to Cooperative Societies
On August 6, 2024, the Ministry of Cooperation introduced significant income tax relief measures for cooperative societies to promote their financial health and support rural communities. Key changes...
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No proposal to reclassify Bengaluru as a metropolitan city for HRA purposes
On August 6, 2024, the Minister of Finance responded to an unstarred question in the Rajya Sabha regarding the inclusion of Bengaluru for House Rent Allowance (HRA) tax exemptions. Currently, under Ru...
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Tax Benefits For Skill Training Institutions
The government currently provides various GST exemptions for skill development training institutions, including those associated with the National Skill Development Corporation and other approved bodi...
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Tax Incentives To Fintech Sector
On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for the fintech sector in India. The government’s policy focuses on phasing...
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Budget 2024 - Side Effects of Indexation Removal for Long-Term Capital Gains
Existing Provision before Union Budget 2024The Income Tax Act, 1961, Section 48, outlines the computation of capital gains by deducting expenditures, cost of acquisition, and cost of improvement from...
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Filing Timeframe Additional Tax Upto 1 year 25% After 1 year upto 2 years 50%Filing Income Tax Returns for Multiple Years: Understanding ITR-U
Filing Income Tax Returns for Multiple Years: Understanding ITR-UFiling income tax returns for 2-3 years at once is not a common practice, but it's essential for individuals who need to provide proof...
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PAN-Aadhaar Linkage failure: Higher TDS/TCS Exemption for Deceased Deductees
Central Board of Direct Taxes issued Circular No. 08/2024 on August 5, 2024, addressing the issue of higher TDS/TCS rates under sections 206AA and 206CC of the Income-tax Act, 1961, in cases where the...
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Due Date Compliance Calendar
Managing Compliance-Related DeadlinesStaying informed about important compliance deadlines is crucial for businesses to ensure smooth operations and avoid penalties. This calendar provides an organize...
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Defective Return Notice under Section 139(9) of the Income Tax Act, 1961
Understanding the ConceptThe non-audit income tax return filing session for AY 2024-25 has concluded, and the Income Tax department has released interesting statistics. Out of the 7.28 crore returns f...
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Consequences of Not Filing Your Income Tax Return on Time and Recommended Actions.
Consequences of Not Filing Your Income Tax Return on Time and Recommended ActionsIn India, the timeline for filing income tax returns (ITR) for the financial year 2023-24, corresponding to the assessm...
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Tax Liability on Haircuts under IBC: Clarifications by MCA
The Ministry of Corporate Affairs (MCA) addressed an important question regarding tax liability on haircuts taken by banks, financial institutions, and other creditors for companies resolved under the...
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Taxation of Alternative Investment Funds (AIFs): A Comprehensive Overview
IntroductionAlternative Investment Funds (AIFs) are investment vehicles that pool funds to invest in various financial instruments. Governed by the Securities Exchange Board of India (SEBI), AIFs can...
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Reporting Requirements under Clause 22 of Form 3CD: Ensuring Timely Payments to Micro and Small Enterprises
IntroductionThe Central Board of Direct Taxes (CBDT) has introduced significant amendments to Form 3CD, effective from the Assessment Year (AY) 2024-25. These changes focus on the reporting requiremen...
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Reassessing Tax Notices: Understanding Section 148 and Section 135A
Recent Developments in Tax ReassessmentRecently, a surge in notices has been issued for reopening cases under Section 148 read with Section 135A, highlighting the need to comprehend the changes introd...
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Urgent Request for Amendment to Section 43(B)(h) for MSMEs
The Punjab Accountants Association, registered under the Societies Registration Act, 1860, has submitted a representation to Finance Minister Nirmala Sitharaman, expressing appreciation for her suppor...