Taxation
A Complete Guide to Choosing the Right ITR Form (FY 2024-25)
Filing an Income Tax Return (ITR) is an essential obligation for taxpayers in India. Determining which form to use amidst the various types of ITR can often be confusing. To ensure compliance and avoid penalties, it’s important to file the correct ITR form based on your income source, profession, and entity type. This guide explains […]
#types of itr#what is income tax return#what is itr 1 2 3 4 5 6 7#which itr form to file
Shivender
January 21, 2025 at 11:48 AM
CBDT Notification Offers Income-Tax Exemption to State RERA Authorities of Goa and Telangana
Introduction The Central Board of Direct Taxes also notified a grant of income-tax exemption to the Real Estate Regulatory Authorities (RERAs) of Goa and Telangana under the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA). This exemption relates to specific income streams on account of such authorities under the said act. Key […]
Priyanka
December 30, 2024 at 01:08 PM
ITAT Ruling: Capital Gains Deduction Claimable Even Without Filing Returns
Introduction ITAT Ruling relief to taxpayers who wish to claim capital gains deductions, though they may have not filed returns. ITAT has given landmark ruling which is much in need to all taxpayers, who might have missed the filing of their income tax returns but still intend to claim capital gains deductions. ITAT Ruling The […]
Subhodeep
December 27, 2024 at 03:05 PM
CBDT’S ITR Filing Compliance Check for Scheduled Commercial Banks
Introduction With an aim to enhance tax compliance and eradicate black money circulation, the CBDT has implemented a new facility called “ITR Filing Compliance Check” functionality. This was announced on 31st August 2020 to assist Scheduled Commercial Banks (SCBs) monitor the status of tax returns filed by its customers involved in massive cash withdrawal operations. […]
#CBDT’S ITR Filing Compliance Check for Scheduled Commercial Banks#ITR Filing Compliance Check
Sarat
December 18, 2024 at 04:28 AM
Ownership Structure Deep Dive: Trust and Individual Holdings
Introduction Settlors relinquish primary control of trust property to beneficiaries, which also results in a transfer of ownership. The destiny of the resolute owners is quiet and passive, much like that of the Trust’s property and other finances. This article addresses the legal analysis of the trust property by showing how ownership of the trust […]
#legal#Property held#trust
Shabana A
December 06, 2024 at 09:08 AM
Direct Taxes vs. Indirect Taxes: A Complete Guide
Introduction Direct and indirect taxes are the two fundamental types of taxes that governments collect revenue from. The difference between direct and indirect taxes is something crucial to be known by people as well as businesses. Direct Taxes Direct taxes are levied directly on the income or wealth of the taxpayer. Directly, the taxpayer liable […]
Sarat
December 01, 2024 at 09:48 AM
The Complete Guide to Employees Provident Fund (EPF)
Introduction All the establishments in India that have employed 20 and more than 20 employees can apply for EPF Registration in India. In some instances subject to the conditions and the exemption establishments employing less than 20 are still eligible for EPF Registration in India. The employee gets an amount that includes the employer and […]
Nikita P
October 30, 2024 at 05:25 AM
Section 54EE- Capital Gain Not To Be Charged On Investment In Units Of A Specified Fund
The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. Section 54EE talks about the long-term capital gain exempted when invested in long-term assets. One can claim this exemption by following a few conditions. Following assets are not considered […]
Alka Pranjal
December 15, 2023 at 12:35 PM
Section 44AF Special Provisions for Computing Profits and Gains of Retail Business
Sub Section 01- In the case of an assessee engaged in retail trade of any goods or merchandise, regardless of anything to the contrary contained in sections 28 to 43C, a sum equal to 5% of the total turnover on account of such business in the previous year, or, as the case may be, a […]
Yashika Thakran
December 15, 2023 at 12:13 PM
Section 33AB of Income Tax Act, 1961: Development account of Tea, Coffee and Rubber
An amount deposited into a ‘Deposit Account’ or ‘Special Account’ for the utilization of the same for the specified purpose is allowed as a deduction under section 33AB. A deduction under section 33AB of the Income Tax Act is available to an assessee carrying on a business in India of growing and manufacturing tea, coffee, […]
Jain Saloni
October 28, 2022 at 07:24 AM