Income Tax News, Judgments, Act, Analysis, Tax Planning, Advisory, E filing of returns, CA Students

PCIT vs. Paramshakti Distributors Pvt. Ltd (Bombay High Court)-Deletion of enhanced rate of Gross Profit 2 min read

• Income Tax

PCIT vs. Paramshakti Distributors Pvt. Ltd (Bombay High Court)-Deletion of enhanced rate of Gross Profit

Diksha Garg 5 months ago

The appeal was filed by the Revenue in order to challenge the Income Tax Appellate Tribunal’s (“the Tribunal” for short) judgment. The questions presented for... Read More

Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019 3 min read

• Income Tax

Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019

Diksha Garg 5 months ago

Sec 194M (new section): TDS on payment surpassing Rs 50 lakhs to either a Contractor or a Professional by Individual/HUF (This is applicable w.e.f. 01/09/2019)... Read More

Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019

3 min read

• Income Tax

Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019

Diksha Garg 5 months ago

Sec 194M (new section): TDS on payment surpassing Rs 50 lakhs to either a Contractor or a Professional by Individual/HUF (This is applicable w.e.f. 01/09/2019)... Read More

Non-Resident Indians – Which Income/Assets are Taxed? 2 min read

• Income Tax

Non-Resident Indians – Which Income/Assets are Taxed?

Diksha Garg 6 months ago

The main question that arises for any non-resident Indian is that which income is liable to tax, which assets need to be declared, etc. It... Read More

Life Insurance Policy Payouts – Are they Taxable or Not? 3 min read

• Insurance

Life Insurance Policy Payouts – Are they Taxable or Not?

Diksha Garg 6 months ago

The basic idea about life insurance policies is that they are tax-free. But this might be subject to conditions and/or exceptions. In order to utilize... Read More

Declaration of Income Tax Returns: Does an NRI have to declare their foreign bank account information? 2 min read

• Income Tax

Declaration of Income Tax Returns: Does an NRI have to declare their foreign bank account information?

Diksha Garg 6 months ago

When it comes to disclosure of overseas accounts of NRI’s, there is a lot of confusion and chaos pertaining to the disclosure of the overseas... Read More

Section 195 – TDS for Non-Resident Indians 3 min read

• Income Tax

Section 195 – TDS for Non-Resident Indians

Diksha Garg 6 months ago

Section 195 of the Income Tax Act, 1961, is all about the Tax Deducted at Source (TDS) for Non-Resident Indians. This section basically highlights the... Read More

The Most Helpful Tips for NRI’s to Fill Income Tax 3 min read

• Income Tax

The Most Helpful Tips for NRI’s to Fill Income Tax

Diksha Garg 6 months ago

There is always some confusion when it comes to an NRI and income which is taxable in India. Mentioned below are a few basics on... Read More

Benami Transactions Informants Reward Scheme 5 min read

• Income Tax

Benami Transactions Informants Reward Scheme

Diksha Garg 6 months ago

Under the Scheme, an informant can be provided interim and the final reward only the competent authority. The interim reward will be granted if the informant has provided the specific information pertaining to the Benami property in the format prescribed in Annexure-A and has received an Informant code as well. ... Read More

A Defect in The Notice – Does it invalidate the Penalty Proceedings? 2 min read

• Income Tax

A Defect in The Notice – Does it invalidate the Penalty Proceedings?

Diksha Garg 6 months ago

The Income Tax Appellate Tribunal’s (ITAT) Jaipur bench has held that the complete proceeding against the assessee would be nullified in case of a defect... Read More