Income Tax Articles

Disallowance of payment to MSME - Beyond the due date

Posted by J. D. Shah Associates 06 September 2024 568 Views

43B(h) any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006), shall be allowed

Legal Provisions on Reconstitution of a firm and its Tax Impact

Posted by Namita Agarwal 05 September 2024 665 Views

Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H be chargeable to income-tax under the head "Capital gains"

Beware of Cash Transactions under Income Tax

Posted by J. D. Shah Associates 05 September 2024 1147 Views

Cash transactions have long been a subject of scrutiny by the Indian Income Tax Department due to their potential for tax evasion and unaccounted money circulation. It is important for taxpayers to know these limits in order to make sure their expenditure does not get disallowed under the Income Tax Act

Uncovering Unexplored Dimensions: A 2024 Perspective on the Landscape of Online Gaming in India

Posted by CA Praveen 04 September 2024 574 Views

The Indian gaming market saw a significant surge, reaching $2.6 billion in FY22, and is anticipated to escalate to $8.6 billion by FY27

How to Report Gambling Winnings on Taxes

Posted by CA Ruby Bansal 04 September 2024 335 Views

Let's look at the basics of what you should know about reporting any online casino or other gambling winnings on your annual taxes.

Change in Taxation of Buy Back Of Shares Effective from October 1, 2024

Posted by CA Praveen 04 September 2024 3088 Views

Analyzing The Liberal Nature of Buyback Provisions Under Section 115QA And Section 10(34A): Budget 2024's Response To Curb Potential Misuse And Tax Arbitrage

No Income Tax Rebate u/s 87A Despite Income Below Rs 7 Lakh: Key Scenarios Explained

Posted by Sachin 04 September 2024 1343 Views

Here's a point-to-point summary of the article about cases where no income tax rebate under Section 87A is allowed, even if the total income is below Rs 7 lakh

Direct Tax Code (DTC): Key Features, Challenges and Criticisms

Posted by Sahil Jaiswal 03 September 2024 4544 Views

The goal of the DTC is to create a tax system that is easier to understand, more equitable, and capable of generating revenue efficiently without causing undue hardship to taxpayers.

Who is Required File Tax Audit Report before September?

Posted by CA Umesh Sharma 02 September 2024 1170 Views

The last date to file the Tax Audit Report is 30th September of the assessment year. It is crucial to adhere to the deadlines to avoid any penalties

Key Features of New e-DRS Scheme

Posted by CS Lalit Rajput 02 September 2024 661 Views

The Central Board of Direct Taxes (CBDT) has introduced a new e-DRS (Electronic Dispute Resolution Scheme) to streamline the process of resolving income tax disputes.