The Government of India's Ministry of Finance has recently released detailed guidelines, issued by the Central Board of Direct Taxes (CBDT), regarding the mandatory selection of tax returns for thorough examination during the Financial Year 2024-25. These guidelines are a big step in improving tax…

The Ministry of Finance, along with the Central Board of Direct Taxes (CBDT), recently made important changes to the Income-tax Rules, 1962. The amendments mentioned in Notification No. 27/2024-Income Tax, dated 5th March 2024, introduce important changes, specifically focusing on Form No. 3CD. The government…

The idea of a slump sale has become essential to restructuring company structures and streamlining commercial operations in the ever-changing world of business transactions. Slump sales are fundamentally about the smooth transfer of a complete business venture, or a portion of it, from one entity…

Recently, there has been a lot of talk about inheritance tax in India. This has led to policymakers, experts, and stakeholders engaging in renewed discussions and debates on the topic. Sam Pitroda, the chairman of Indian Overseas Congress, along with other influential figures, has brought…

There's been a new notification, Notification No. 2 of 2024, from the Central Board of Direct Taxes (CBDT). It's an important update that deals with the time limit for verifying Income Tax Returns (ITRs) after they've been uploaded. We are here to provide you with…

An essential component of the Indian tax system is the filing of income tax returns (ITRs), on which taxpayers report their earnings, allowable expenses, and taxes paid to the government. It allows people and companies to comply with legal requirements and make a valuable contribution…

The government's new tax regime has generated a lot of interest and discussion among taxpayers all over the country. This new tax framework is quite different from the old one, and it introduces some important changes to tax rates, deductions, and exemptions. The implications of…

The taxation of online gaming income has become a significant issue for both policymakers and taxpayers in the constantly changing digital world. The recent changes to the Income-tax Act, particularly Sections 115BB and the addition of new Section 115BBJ, are important steps in dealing with…

The Finance Act 2023 is a crucial part of India's financial landscape. It carefully outlines the fiscal policies and tax strategies for the financial year 2023-24 and those coming ahead. This important document aims to promote economic stability and growth. It not only explains the…

The Department for Promotion of Industry and Internal Trade (DPIIT) made a visionary decision when it introduced tax holidays under Section 80-IAC of the Income Tax Act, which completely changed the Indian startup scene. This provision provides qualifying companies with a financial lifeline during their…

There was a significant transformation in the landscape of non-profit organisations in India due to the Finance Act, 2020, which introduced pivotal amendments to Section 12A of the Income Tax Act. The amendments, especially the addition of Section 12AB, have significantly impacted the registration process…

Many people find it challenging to navigate the complexities of income tax, especially if they are salaried employees. When it comes to income tax planning, it's important to not just meet your legal requirements, but also to make the most of your financial resources in…

Weddings in India are known for being grand celebrations filled with happiness and the exchange of numerous gifts. However, when you receive a gift at your wedding, are you required to pay taxes on it? This may seem like a complex question, but there's no…

The e-campaign begun by the Income Tax Department regarding Advance Tax for the Financial Year (F.Y.) 2023-24 has been recently announced by the Central Board of Direct Taxes (CBDT) on 10th march 2024 , which operates under the Ministry of Finance, Government of India. The…

When buying property in India, it's crucial to consider Tax Deducted at Source (TDS), especially for properties purchased jointly. According to the Income Tax Act of 1961, TDS must be deducted on the transfer of specific immovable properties (excluding agricultural land) if the transaction value…

In the dynamic and ever-changing realm of digital commerce, governments across the globe are consistently revising tax legislation to uphold equitable taxation policies. The adoption of Section 194(O) under the Income Tax Act, 1961, which became effective on October 1, 2020, is a significant upgrade…

Section 43B(h) of the Income Tax Act, 1961, establishes the "New MSME 45 Days Payment Rule" to guarantee timely payments to MSMEs for their products and services. This regulation serves as more than just a financial guideline; it acts as a driving force for creating…