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.
As you are aware, insurance companies are considered custodians of the money of their policyholders. A policyholder pays a premium to the insurance company with the hope that, in case of financial loss, the insurance company will indemnify him/her.
Parle Agro is a leading Indian beverage company which has marked that there was a significant decline in revenue and profit for the financial year 2023-24. The ...
Impact of Notification No. 09/2024 on RCM for Rent Paid to Unregistered Persons: A Discussion on Family-Owned Commercial Properties
In a significant judgment, the Allahabad High Court, in the case of Exide Industries Ltd. v. Addl. Commissioner Grade-II (Appeal)-1, delivered on July 9, 2024, ruled that goods transported under the GST regime cannot be seized or penalized solely due to a vehicle deviating from its expected route.
Recently, some taxpayers reported issues with the generation of GSTR-2B for the October 2024 tax period, citing its absence from the GST portal on November 14, 2024.
As an individual with an annual income of ₹10 lakh, one of the key decisions you need to make when filing your taxes is choosing between the old tax regime and the new tax regime.
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