Latest Tax Updates, News, Articles & Notifications
MCA issues Merger and Amalgamation Amendment Rules effective from 17th September. As per the amendment, Foreign Company being the Holding Company and Transferee WOS Indian subsidiary can enter into merger … Read More
Taxation of ESOPs Employee Stock Option Plans (ESOPs) are a fantastic way for companies to reward and retain talent. However, understanding the taxation of ESOPs can be a bit tricky. … Read More
Block Assessment in case of Search Proceedings Re-introduced in the Budget 2024: 1. There is a radical change brought in Chapter XIV-B pertaining to conducting the assessment proceedings in consequent … Read More
Amendments made in Form 3CD effective from AY 2024-25: Below are the clauses in which changes are made: 1. Clause 8a (Whether company has opted for the special tax regime … Read More
TDS on Partner’s Remuneration introduced in the Budget 2024: Introduction: 1. Budget 2024 proposes a deduction of TDS @ 10% on payment by a partnership firm or a LLP to … Read More
The new RBI circular allows an Indian Resident to open foreign currency accounts in GIFT City under its Liberalized Remittance Scheme (LRS). You can utilise the US Dollar remitted to … Read More
What is lower tax deduction certificate (TDS)? 1. Under Section 197 of the Income Tax Act, 1961 the assessee can apply for a lower rate of tax to be deducted … Read More
Sec 54 of Income Tax Act – Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai Sunil Amritlal Shah & Rita … Read More
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC Sarfaraz S. Furniturewalla vs. Afshan Sharfali Ashok Kumar & Ors. (WP No: 4958 … Read More
Legal precedents on Ad- Hoc Disallowances: A. Examples of ad hoc disallowances made by the Assessing Officer: 1. Disallowances of 10 % of miscellaneous expenses merely because no break up … Read More
