CBDT has made certain changes in Form No. 3CD (tax audit report), Form No. 3CEB (report to be furnished under section 92E) and Form No. 65 (Application for exercising/renewing option for the tonnage tax scheme u/s 115VP/115VR). The changes in the aforesaid forms are...
The Finance Act 2023 inserted Clause h to Section 43B to promote timely payments to micro and small enterprises. It provides that 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...
Updated return (ITR-U) is a form that allows taxpayers to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment year to update their return. Irrespective of whether the taxpayer has filed an original, belated, or revised ITR...
It is very important for an individual to determine the residential status as the taxability under Income Tax Act 1961 is depends on the residential status of individuals. There are three types of residential status of individuals which are as follows- 1. Resident 2....
In Budget 2023, Government of India introduced new tax regime as a default regime for the taxpayer but the old tax regime is continued to exists. It created a lot of confusion among taxpayers regarding the choice between the old and new tax regime Whether taxpayer...
Don't miss out on the latest changes in the income tax laws. Stay informed and plan your finances accordingly with the Union Budget FY23-24 : Income Tax Highlights. Read now to access the report and take control of your finances today! Union Budget : Income Tax...
Meaning of Unlisted Equity Shares Unlisted equity shares mean the shares which are not listed on any recognized stock exchange in India. Period of holding As per section 2(42A) of the Act, if the unlisted shares held by an assessee upto the period of 24 months...
From Financial year 2020-21, taxpayers (Individuals and HUFs) has an option to choose between Old Tax regime and the new Tax Regime. The new tax regime is available with lower tax rates and almost zero deductions/exemptions. Here is the quick comparison table between...
The Hon’ble Mumbai ITAT in the matter of Deputy CIT vs. Total Oil India Pvt. Ltd. has expressed doubts on the correctness of the decisions of the coordinate benches on the dividend distribution tax (DDT) rate being restricted by the treaty provision dealing with...
If you have outstanding demand in queue on your Income Tax portal, then do follow the below steps to know the details or to submit the response- To check your outstanding demand Step 1– Login to e-filing portal on www.incometax.gov.in Step-2– Go to ‘Pending action’...