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Rate amended retrospectively for tax on specified income of Trust u/s 115BBI
This amendment is effective from 1st day of April, 2023 and applies to assessment year 2023-24 relevant to the previous year 2022-23. It is hereby certified that no person is being adversely affected by giving retrospective effect to these rules. In the Income-tax Rules, 1962,
Income Tax ConsultancyCBDT guideline for procedure to deduct income tax at lower rate
In accordance with section 197(1) of the Income-tax Act, 1961, if there is a requirement to deduct income tax on any income or payment to an individual, as stipulated under various sections such as 192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-1, 194J, 194K,
Income Tax Search and Seizure : Retrospective applicability of Section 153C “2015 amendment” as held by the Supreme Court
The Supreme Court on 06th April’2023 delivered a landmark verdict in the case of Income Tax Officer vs Vikram Sujitkumar Bhatia and 114 connected cases ( in C.A. No. 911/2022 ) as it ruled that searches conducted before June 1, 2015, would also come under
Notices for Donation to Penny Political Parties
This is an explanation for sections 80GGB and 80GGC of the Indian Income Tax Act. According to this explanation, the term “political party” mentioned in these sections refers to a political party that is officially registered under section 29A of the Representation of the People
Income Tax ConsultancyTop Tax-saving Investments
Introduction Investing your money is a wise decision when you’re saving for a rainy day. If you have cash lying around in your bank account, it’s time to start putting some of it to work! Whether it’s in mutual funds, direct stocks, or pension plans,
Income Tax Search and Seizure: “Insertion of Section 79a”-Plugging of Lacuna by the Finance Bill 2022
Introduction:- In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon’ble Finance Minister recommended: “Insertion of New Section 79A: – No set-off of losses consequent to search, requisition, and survey”. Para 136 of the Hon’ble Finance Minister’s Speech denotes the
TDS U/s 194r & Its Impact on Large & Small Business
In the recent budget in Income Tax, it is proposed to impose a TDS on business promotion expenditure expended by an organisation. It has far-reaching implications, even in the hands of the recipients of the business promotion Expenditure. Here we have discussed not only the
Income Tax Search and Seizure: Declaration of Undisclosed Income to “Buy Peace” Does Not Renders an Assesse Immunity from Initiation and Levy of Penalty
Introduction:- The legislature has intentionally drafted the provisions relating to Search and Survey in the statute book of Income Tax Act, 1961 with the target of unearthing the undisclosed income of any person in form of any money, bullion, jewelry, or other valuable article or
Income Tax Search and Seizure: Controversy in Computing the Period of Limitation to Frame Search Assessments
Introduction The period of limitation for completion of assessment u/s 153A of the Income Tax Act’1961 for the searches conducted on or before 31st Day of March’2021 is governed by the provisions of Section 153B of the act. Even though Section 153A of the Income
Income Tax ConsultancyBank Lockers – Income Tax Search and Seizure
The authority and power to conduct search and seizure operations are strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. The jurisdictional facts that have to
Post Income Tax Search and Seizure Findings of Incriminating Material and Undisclosed Income Cannot Be Pressed for Supporting the Authorization of an Income Tax Search- a Study
Introduction: Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. The jurisdictional facts that have to
Income Tax ConsultancyIncome Tax India e-Filing Portal Login, Registration, and File ITR for FY 2020-21
The new income tax portal was launched with a lot of swaggers, as the next generation portal regarding ease of filing return, reducing the processing time, and new additional features, but it all proved to be fabulist and facile like a maxim in Hindi,” Khoda