Tag: Income tax updates

Thus, in the present case where the assessee has claimed to have offered the revenues for tax in previous years ...

Section 89A deals with providing relief from taxation on income from retirement benefit account maintained in a notified country wherein, ...

It is important to note that as of now only JSON schema of ITR have been released for ITR 1 ...

Against the Union Budget estimates of ₹22.17 lakh crore, the revenue collections as per the pre-actual figures is ₹27.07 lakh ...

To resolve the issue Income Tax department should take an initiative, issue a circular, reprocess all the returns and provide ...

Statutory Compliance Chart for the Month of April 2022 : Below mentioned are some important due dates under Income tax, GST, company ...

1) Loss from one Virtual Digital Asset (VDA) cannot be set-off against income from another VDA. 2) Definition of ‘transfer’ ...

This includes 13 Bilateral APAs (consequent to Mutual Agreement between India and its treaty partners) and 49 Unilateral APAs.

However, Income Tax department has vide notification no. 17/2022 Dt. 29.03.2022 reduced the late fees amount to Rs. 500 if ...

Income Tax Department has identified certain high value information which does not appear to be in line with the Income ...

Thus, this is how losses save you taxes and one should plan his portfolio accordingly and check it 1-2 days ...

The search also revealed evidences of borrowings on Hundi aggregating to Rs. 55 crore, and their repayment in cash in ...

As per Rule 114AAA of Income Tax rules, if a person doesn’t link his PAN with Aadhar, PAN will become ...

The key employees/business heads of various projects have stated the modus operandi of the group and have admitted that the ...

As per the proposed provisions of section 115BBH, infrastructure cost incurred in mining of VDA (eg. crypto asset) will not ...