Income Tax

Blog, News, Income Tax

August 5, 2024

CBDT Specifies Situations Where Enquiries/Verification Tasks by Verification Unit Not to Be Communicated Electronically

F. No. 1871712024-ITA-I, dated 01-08-2024 … Continue reading “CBDT Specifies Situations Where Enquiries/Verification Tasks by Verification Unit Not to Be Communicated Electronically”

News, Blog, Income Tax

August 5, 2024

AO to Record Specific Finding That Undisclosed Income Was Based on Tangible Material Before Levying Penalty u/s 271AAA

Case Details: Ajay Kumar Sood … Continue reading “AO to Record Specific Finding That Undisclosed Income Was Based on Tangible Material Before Levying Penalty u/s 271AAA”

Blog, News, Income Tax

August 3, 2024

Record 7.28 Crore ITRs Filed by July 31, 2024; 72% of Taxpayers Opted for New Tax Regime | FinMin

Press Release, dated 02-08-2024 The … Continue reading “Record 7.28 Crore ITRs Filed by July 31, 2024; 72% of Taxpayers Opted for New Tax Regime | FinMin”

Blog, News, Income Tax

August 3, 2024

Corpus Donations Can’t Be Treated as Rent Just Because Trust Declared Additional Service Income Under Amnesty Scheme

Case Details: Thamizhvel PT Rajan … Continue reading “Corpus Donations Can’t Be Treated as Rent Just Because Trust Declared Additional Service Income Under Amnesty Scheme”

Blog, News, Income Tax

August 2, 2024

[Opinion] Taxation of Income from Buyback of Shares | A Comprehensive Overview

CA Akrati Sogani – [2024] … Continue reading “[Opinion] Taxation of Income from Buyback of Shares | A Comprehensive Overview”

Blog, News, Income Tax

August 1, 2024

[Opinion] India’s Fiscal Budget 2024 – A Step Towards Empowering the Middle Class

CA Ashish Garg & CA … Continue reading “[Opinion] India’s Fiscal Budget 2024 – A Step Towards Empowering the Middle Class”

Blog, News, Income Tax

August 1, 2024

Assessee to Be Given Opportunity to Explain Before Switching Additions From u/s 68 to 69A | HC

Case Details: Vishal Jhajharia vs. … Continue reading “Assessee to Be Given Opportunity to Explain Before Switching Additions From u/s 68 to 69A | HC”

Blog, Budget, Income Tax

July 31, 2024

Simplified Tax Exemptions for Charitable Trusts – Union Budget | 2024-25 Amendments

The exemption regimes under Section … Continue reading “Simplified Tax Exemptions for Charitable Trusts – Union Budget | 2024-25 Amendments”

News, Blog, Income Tax

July 31, 2024

[Opinion] Abolishing the Buy Back Distribution Tax – Shifting the Taxability from Company to the Shareholders

CA Prajakta Mondhe – [2024] … Continue reading “[Opinion] Abolishing the Buy Back Distribution Tax – Shifting the Taxability from Company to the Shareholders”

Blog, News, Income Tax

July 31, 2024

Exp. Incurred to Make New House Habitable Is Eligible for Sec. 54 Exemption | ITAT

Case Details: Om Prakash Thakur … Continue reading “Exp. Incurred to Make New House Habitable Is Eligible for Sec. 54 Exemption | ITAT”