26 May CBDT notified the persons exempted from the provisions related to ‘Angel Tax’
On May 24, 2023, the CBDT issued Notification No. 29/2023, which specifies the specific group or ...
Direct Tax
26 May Important Guidelines and Procedure for Complete Scrutiny of Income Tax Returns during FY 2023-24
The CBDT has released Guidelines under F.No.225/66/2023/ITA-II dated May 24, 2023, outlining the mandatory process...
22 May Income Tax Dept. issued update on Aaykar Sampark Kendra
Starting from June 01, 2023, the Income Tax Department has announced that the Aaykar Sampark Kendra...
09 May Income tax evasion in India: A Comprehensive Guide to Avoid Penalties
Under the Income Tax Act, penalties are levied for various defaults committed by a taxpayer. Apart from penalty on defaults like not making payment of Self Assessment Tax, default in payment of taxes, default on furnishing return of income and others, Income Tax department also...
01 Feb Finance Minister Speech on Budget 2023
The Union Budget 2023 was unveiled by Finance Minister Nirmala Sitharaman on Wednesday amid a challenging economic climate, including inflation and potential GDP growth slowdown in FY24. The budget, presented in Parliament, aims to expand upon the progress made in previous budgets and the vision...
01 Feb Memorandum Explaning the Finance Bill 2023
The Indian Constitution defines the Finance Bill as a Money Bill, and it contains the tax proposals put forth by the government. This bill outlines changes in existing taxes, new taxes, expenditures, revenues, and government borrowings, and is a crucial component of the Union Budget....
01 Feb Finance Bill 2023
Nirmala Sitharaman, the finance minister, launched the presentation of the Modi government’s last full budget with these words: “This is the first budget of Amrit Kaal”. She stated that the world recognizes India’s economy as a shining example, with a 7% growth in the current...
20 Aug Project Office for Foreign Companies
Reserve Bank of India has brought new guidelines to establish Project Office in India for Foreign Companies through Notification No. FEMA 22(R)/ 2016-RB latest amended by Notification No. FEMA 22(R)(2)/2019-RB dated January 21, 2019, which will affect Project Office for foreign companies in India. A...
30 Jun Concept of telescoping and peak credit & Telescoping in Income Tax assessments
During the course of assessment of income, the AO may discover cash receipts in the books, or cash deposits in the bank...