Bank Details Mandatory for Capital Gain Accounts Scheme (CGAS) in ITRs of AY 2024-25
The Capital Gain Account Scheme (CGAS) in India is a tax saving investment provision offered by the Income Tax Act, 1961, to enable taxpayers to save on capital gains tax arising from the sale of assets like property or securities for a particular...
Schedules for reporting GSTR details in Income Tax Returns
Reporting Goods and Services Tax (GST) details in income tax returns in India is crucial for businesses that are registered under the GST regime. One crucial aspect is reporting GST details in income tax returns. Understanding this process is...
Section 54 and Section 54F Exemptions Explained with latest restrictions
Investing in a property has always been a dream of every individual, but it is very often that these individuals are unaware of the tax benefits they might enjoy with investing in a property. Sections 54 and 54F of the Income Tax Act provides...
Deduction us 36(1)(va) is not allowed if Employees Contribution to PF is not paid within specified due date : ITAT Bangalore
While filing income tax returns for assessees having income from businesses, it is mandatory to follow certain guidelines as specified in the respective applicable acts. Business expenditures will be disallowed if such conditions are not fulfilled....
Form 10-IFA for new manufacturing co-operative societies under Section 115BAE option
Co-operative society means a society registered under Co-operative Societies Act, 1912 or any other law in force in any State for the registration of co-operative societies. The Finance Act 2023 has introduced a new tax scheme under section 115BAE...
CBDT circular on non-operative PANs before 31.05.2024
PAN card and aadhar card linking has become mandatory for various class of deductors and deductees like never before. Deductors are usually required to deduct higher TDS where PAN and Aadhar of a particular deductee is not linked. Many times...
How to file an appeal in Income Tax
Taxpayers are expected to make compliance that they are required to do with the Income Tax. It may either be related to return filing of income tax or replying and adhering to notices or orders of the income tax department. However, there are...
Tax Rates applicable for Companies
A company is a legal entity recognized by law, which means it has a distinct legal personality separate from its owners or members. This separation allows the company to own assets, incur liabilities, enter into contracts, sue, and be sued. This...
LEI No. reporting in ITR explained in detail
LEI Reporting in ITR Explained in DetailIncome tax department has recently come up with an important addition in reporting requirements to Income Tax returns from AY 2024-25 in certain cases. This recent development has come after a notification...
Guidelines for Compulsory Scrutiny of Returns for AY 2024-25
Scrutiny under income tax means a detailed examination and verification of a taxpayer's income tax return. This is done by income tax authorities like assessing officers, CITs or DCITs, other principal officers or even through Computer-Assisted...
Taxation of Gains from shares allotted under IPO
Stock market is a place where various stakeholders of the society invest their corpus with a purpose of generating wealth. Companies willing to raise funds make an offer to public and other players of the industry. This process of making offer to...
Tax Benefits for startups in India
India is currently the fifth largest economy in the world. With a sharp increase in startups in India in the last few years, it helped India achieve this step. To promote establishment of startups, there are many attractive tax benefits allowed for...