It's a noteworthy Beena Manishbhai Fofaria V/s CIT(Appeals) case that clarifies the application of Section 87A, especially after the amendments brought by the Finance Act, 2023. This ruling is beneficial for many taxpayers.
A deep dive into why the RBI clings to high interest rates despite mounting pressure, balancing the scales between inflation control and economic growth. Will the December meeting finally break the cycle, or is price stability the ultimate goal?
The Direct Tax Code 2025 promises just that, aiming to simplify the tax system and empower taxpayers. Let's explore how this change could transform your financial journey!
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.
Relief from demand raised due to wrong availment of ITC for FY 2017-18, 2018-19, 2019-20 and 2020-21 in Contravention of Section 16(4)
For cases where an appeal is pending before an appellant forum as of July 22, 2024.
The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for AY 2024-25, focusing on accurate reporting of foreign income and assets in Income Tax Returns (ITR).
This article outlines the key tax issues faced by NRIs and suggests practical solutions for the upcoming budget. By addressing these concerns, the government can foster fairness and encourage NRIs to participate more actively in India's economy.
The CBDT has recently issued a circular reducing the time limit for filing condonation of delay applications related to ITR. This procedural update is critical for taxpayers seeking to rectify past filing delays, especially for claiming refunds or carrying forward losses.
The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act.
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