News
LLP, Partnership firm, AOP etc who have filed ITR 5 for AY 2023-24 are receiving 143(1)(a) notice for 80P adjustment
CPC has provided 15 day's time limit to respond to such notice. Since this is a system error of CPC...
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Late fees will be charged if Income Tax return is verified after 30 days from date of filing Income Tax return
However, if the return is filed after the due date i.e. after 30 days of filing the date of filing...
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Due date to complete Tax audit of Trust is 31.08.2023 and not 30.09.2023. Here’s why?
Hence, to file Form 10 till 31.08.2023 the trust has to finalize it's books of accounts also till 31.08.2023 and...
Read moreNow all the trust have to get their books of accounts audited under Income Tax Act. Here’s why?
Accordingly, the maximum amount not chargeable to tax for the purpose of Section 12A(1)(b) would now be Rs. 1 as...
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CBDT launches revamped National Website of the Income Tax Department to read act, circular etc
The new functionalities, allow users to compare different Acts, Sections, Rules, and Tax treaties. All relevant content on the site...
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Launch of Invoice Incentive Scheme “Mera Bill Mera Adhikaar” from 1st September, 2023
This scheme will initially be launched as a pilot in the States of Assam, Gujarat & Haryana and UTs of Puducherry,...
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Non-residents investing in shares and securities in India have to compulsorily file income tax return
Hence, if a non-resident earns any income from equity share trading during the year he will have to file income...
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SOP for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar
The Jurisdictional Assessing Officer shall recompute the total income of such co-operative society under the provisions of sub-section (19) of...
Read moreCBDT notifies Rule for determination of value of perquisite of residential accommodation provided by employer
The categorisation and the limits of cities and population have now been based on the 2011 census as against the...
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RBI launches उद्गम – UDGAM – Centralised Web Portal for searching Unclaimed Deposits
This portal has been developed by RBI for use by members of public to facilitate and make it easier for...
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Now option to modify Income Tax Challan is available on e-filing website
As seen in the above image there are three options available for correction in Income Tax Challan: Change in Assessment...
Read moreCalculation of income and tax on Insurance policy under Income Tax Act
However, in our opinion insurance policies are long term investments for a person and not giving the benefit of indexation...
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Relaxation to Old Course Students to commence 3 years of Practical Training – ICAI
Students who have cleared either of the groups of Intermediate Examination under Old Scheme of Education and Training be allowed...
Read moreDefective Notice received u/s 139(9) of the Income Tax Act after filing return of income? What to do?
If no action is taken within the due time i.e. 15 days against such defective notice then it will be...
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Notices u/s 119(2)(b) being issued to companies for AY 2020-21. But Why?
In relation to the above delay in filing Form 10-IC, many companies had filed Form 10-IC under condonation and has...
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GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning
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How to pay Membership and COP fees of ICAI for 2020-21 |
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Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods
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Are all the due dates of tax audit and Income tax return for FY 2019-20 extended to 31.03.2021 by the bill presented in Lok sabha Dt. 18.09.2020
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SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type
- Default under TDS for 20% TDS or short deduction? Here is a relief from non-linking of Aadhar-PAN
- Received Notice Under Section 143(2) of Income Tax Act? Here’s Why You Got It and How to Tackle It Effectively?
- Statutory Compliance Calendar for June 2025 | Income tax, GST and various other laws
- Statutory Compliance Calendar for May 2025 | Income tax, GST and various other laws
- ITAT Mumbai: Capital Gains on Indian Mutual Funds Not Taxable in India for Non-Residents under DTAA [Case law]
- Statutory Compliance Calendar for April 2025 | Income tax, GST and various other laws
- No relief under section 87A for capital gain even after date extended to file revised return for AY 2024-25?
- Statutory Audit of Cash and Cash Equivalents in Indian Companies [Company Law]
- Statutory Audit of Trade Receivables in Indian Companies [Company law]
- Statutory Compliance Calendar for February 2025 | Income tax, GST and various other laws
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