Income Tax

The Finance Act, 2018 amended Section 10(38) of the Income Tax Act, removing long-term capital gains exemption for equity shares unless STT was paid both at acquisition and transfer. Subsequently, Sec...

Arrest of Person is Drastic and Desperate Stage, Must Necessarily be Effected Upon Following Procedure Under LawThe Bombay High Court has recently reiterated the importance of following the prescribed...

IntroductionSection 56(2)(viib) of the Income Tax Act, 1961, deals with the taxation of closely-held companies that issue shares to resident investors at a value exceeding the "fair market value" of t...

IntroductionA Hindu Undivided Family (HUF) is a unique entity recognized by the Indian tax system, comprising all persons lineally descended from a common ancestor. This family unit is taxed separatel...

Understanding Section 54B of the Income Tax Act, 1961Section 54B of the Income Tax Act, 1961, provides a valuable exemption to individuals and Hindu Undivided Families (HUFs) who transfer their agricu...

Background of the CaseThe Delhi High Court's decision in the case of PCIT Vs Pavitra Realcon Pvt. Ltd. revolves around the complexities of tax assessments following a search and seizure operation. The...

Preface: Steering the country through compacts and consensus The economy continues to expand In April, we commenced a new financial year. In May, we learnt that the Indian economy is estimated to have...

IntroductionSection 87A of the Income Tax Act, 1961, offers a rebate of up to ₹25,000 for individual taxpayers whose income is below ₹7 lakh under the new tax regime. This provision ensures that indiv...

IntroductionSection 87A of the Income Tax Act offers a rebate of ₹25,000 for individual taxpayers whose income is below ₹7 lakh under the New Taxation regime. This article explores the significant iss...

CPC (TDS) Reminder Communication to Deductors: TDS Statement filed for 26Q Quarter 4 F.Y. 2022-23, not filed yet for Quarter 4 F.Y. 2023-24 As per the records of the Centralized Processing Cell (TDS),...

The update session focused on several key changes and enhancements in the Income Tax Return (ITR) filing process for Assessment Year 2024-25. Major updates included adjustments to bank account validat...

ITR-7 is a specific income tax return form in India used by entities including companies, political parties, and charitable institutions to file their returns under certain sections of the Income Tax...

The Ministry of Finance, under the Central Board of Direct Taxes, has issued Notification No. 51/2024-Income Tax on June 12, 2024, under section 10(46) of the Income Tax Act, 1961. This notification p...

Reply to Notice Received Under Section 271AAC(1) of the Income Tax Act, 1961[Date]To,¶The Assessing Officer,¶[Address of the Income Tax Office]¶[City, State, ZIP Code]Subject: Reply to Notice Received...

Response to Notice under Section 274 read with Section 270A [Date]To¶The Income Tax Officer¶[Income Tax Department Address]¶[City, State, ZIP Code]Subject: Response to Notice under Section 274 read wi...

Form 10-IEA: A Comprehensive GuideStaying informed is crucial in the ever-evolving landscape of Indian taxation. Our latest comprehensive guide to Form 10-IEA is an indispensable resource for taxpayer...

7 June 2024 Last date for depositing Tax Deducted/Collected at Source (TDS/TCS) for May 2024. Government offices must pay the tax to the Central Government on the same day without an Income-tax Challa...

Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, issued Notification No. 48/2024 – Income-Tax on June 4, 2024. This notification introduces the Income-tax (Sixth Amendment) R...

Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 48/2024-Income Tax, dated 31st May 2024, exercising powers conferred by the Income-tax Act...

Important Due Dates Under Income Tax Law - May 20247 May 2024 Last date for depositing Tax Deducted/Collected for April 2024. For government offices, the tax should be credited to the Central Governme...