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Taxpayers with undisclosed Foreign Assets like real estate, bank accounts, shares, debentures, insurance policies or Foreign Income to revise their ITRs by 31st December 2024... atleast those who get e-mail or SMS
Prescribe conditions based on which taxpayers can seek to be assessed by Jurisdictional Assessing officer (‘JAOs’) instead of NFAC
The RBI Vide its circular dated 11 November 2024, has finalised an operational framework for reclassification of Foreign Portfolio Investment made by FPI to FDI under Foreign Exchange Management (Non-debt Instruments) Rules, 2019
In terms of Section 275(1)(c) of the Income Tax Act, no order imposing penalty could be passed after the expiry of six months from the end of the month in which the action for imposition of penalties was initiated.
Excessive payment u/s 40A(3) are not disallowed in case business expediency and identity and genuineness of parties are proved
Receipts for Transfer of "Copyright" by a Non-Resident (not having a PE in India) to a Resident in India are taxable in India as 'royalty'. However, the Transfer of "License" is not.
The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act.
The Committee for Comprehensive Review of the Income Tax Act, 1961 has been now formed under the chairmanship of Mr V K Gupta, Chief Commissioner of Income Tax....
Income from rental property has different connotations depending on whether it is treated as house property or business income –· Rental income f
The GST Amnesty Scheme has been Enacted Vide Finance (No. 2) Act 2024 (No. 15 of 2024) dated 16th August, 2024.
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