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Form 10-IEA: A Comprehensive Guide.
Form 10-IEA: A Comprehensive GuideStaying informed is crucial in the ever-evolving landscape of Indian taxation. Our latest comprehensive guide to Form 10-IEA is an indispensable resource for taxpayer...
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Key Income Tax Deadlines for June 2024
7 June 2024 Last date for depositing Tax Deducted/Collected at Source (TDS/TCS) for May 2024. Government offices must pay the tax to the Central Government on the same day without an Income-tax Challa...
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Income-tax (Sixth Amendment) Rules, 2024: New Note in TDS Form 27Q
Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, issued Notification No. 48/2024 – Income-Tax on June 4, 2024. This notification introduces the Income-tax (Sixth Amendment) R...
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CBDT notifies Amendment to Income Tax Form 27Q
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 48/2024-Income Tax, dated 31st May 2024, exercising powers conferred by the Income-tax Act...
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Important Due Dates Under Income Tax Law - May 2024.
Important Due Dates Under Income Tax Law - May 20247 May 2024 Last date for depositing Tax Deducted/Collected for April 2024. For government offices, the tax should be credited to the Central Governme...
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Notification under 10(46A) in case of Mathura Vrindavan Development Authority
The recent Notification No. 47/2024-Income Tax issued by the Ministry of Finance grants significant tax exemption to the Mathura Vrindavan Development Authority under section 10(46A) of the Income Tax...
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CBDT exempts RBI from Section 206CCA provisions (TCS Collection at higher rate)
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2024-Income Tax Dated: 27th May, 2024 exempting the Reserve Bank of India (RBI) from the provision...
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CBDT exempts RBI from Section 206CCA provisions (TCS Collection at higher rate)
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2024-Income Tax Dated: 27th May, 2024 exempting the Reserve Bank of India (RBI) from the provision...
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SEBI Consultation Paper on Valuation Framework for AIFs
Introduction: The Securities and Exchange Board of India (SEBI) has released a consultation paper to gather feedback on proposed revisions to the valuation framework for Alternative Investment Funds (...
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CBDT notifies Cost Inflation Index for Financial Year 2024-25
The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2...
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Section 10(46) Income Tax Exemption for Tamil Nadu Water Supply and Drainage Board
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 43/2024, dated May 22, 2024, under Section 10(46) of the Income-tax Act, 1961. This notification gran...
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SCN Reply - Draft Reply to Notice Received Under Section 272A(1)(d) of the Income Tax Act.
Draft Reply to Notice Received Under Section 272A(1)(d) of the Income Tax ActTo,The Assessing Authority[Address]Subject: Response to Show Cause Notice u/s 272A(1)(d)Respected Sir/Madam,It is humbly su...
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SCN Reply - Response to Notice under Section 271B of the Income Tax Act, 1961.
Response to Notice under Section 271B of the Income Tax Act, 1961 Subject: Response to Notice under Section 271B of the Income Tax Act, 1961Dear [Income Tax Officer's Name],I am writing in response to...
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SCN Reply - Response to Notice under Section 271A of the Income Tax Act, 1961.
Response to Notice under Section 271A of the Income Tax Act, 1961 Subject: Response to Notice under Section 271A of the Income Tax Act, 1961Dear Sir/Madam,This is in response to the notice dated [DD/M...
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Real-Time Feedback Monitoring in Annual Information Statement introduced
The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has introduced a new feature in the Annual Information Statement (AIS) accessible via the compliance portal on the Income Tax...
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ICMAI Advisory: Unit of Measure & Cost Audit Report Submission
The Institute of Cost Accountants of India (ICMAI), a statutory body established under an Act of Parliament, plays a crucial role in regulating cost accountancy practices. Recently, ICMAI issued an ad...
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Guidance Note on Inventory Valuation under Income Tax Act 1961
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA I am happy to present the first edition of Guidance Note on Inventory Valuation under the Income Tax Act, 1961 to the members on behalf of the Cost Accountin...
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Notification: Income Tax Exemption for Tamil Nadu Electricity Regulatory Commission
The Ministry of Finance, through Notification No. 42/2024, has enacted provisions under section 10(46) of the Income Tax Act, 1961, pertaining to the Tamil Nadu Electricity Regulatory Commission. This...
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Navigating Loss Adjustments in Income Tax: A Comprehensive Guide
1. Intra-Head Adjustment of Losses [Section 70]Within the same category of income, the Income Tax Act permits the adjustment of losses from one source against profits from another, provided they fall...
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Faceless Proceedings under the Income-tax Act: A New Era of Tax Administration
Introduction The Finance Act, 2018 and the Finance Act, 2020 have introduced enabling provisions in the Income-tax Act, empowering the Central Government to notify schemes for conducting income tax as...