Increased TCS rates to apply from 1st October, 2023: The increase in TCS rates; which were to come into effect from 1st July,...

As announced in during the presentation of Budget, 2023, the new regime of tax under section 115BAC shall be the...

Gifts received by HUF from its members are exempted from Income Tax under Section 56(2)(vii)/ 56(2)(x) of the act.

Further, in the next para they have even asked as to whether the return was prepared by self or by...

Also, it is recommended that any person who has incurred any capital loss during the year should file his/ her...

In this respect the insertion of Section 158AB in the Income Tax Act, 1961 has led to queries on monetary...

First of all ITR 2 is the biggest and exhaustive return as far as Individual and HUF is concerned where...

The Circular prescribed comprehensive guidelines on the conditions and procedure to be followed for deciding applications for condonation of delay...

Section 271FA of the Income Tax Act prescribes penalty for failure to provide/ furnish SFT statements which is Rs. 500...

The Principal Director General of Income-tax (Systems) or the Director General of Income tax (Systems), as the case may be,...

having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the...

CBDT has issued a circular no. 06 of 2023 Dt. 24.05.2023 for providing clarification in relation to various matters of...

The new section mandates a person, who is responsible for paying to any person any income by way of winnings...

Rule 11UA currently prescribes two valuation methods with respect to valuation of shares namely, Discounted Cash Flow (DCF) and Net...

Further, Finance Act, 2023 has made amendment in Income tax act to increase the rate of TCS from 5% to...