Concept of “date of set-up” for determining the allowability of expenses u/s 37 of the Income-tax Act, 1961, The date of set-up of business is crucial for determining whether expenses incurred are allowable under Section 37. Section 3 of the Income-tax Act, 1961 defines Previous previous year as starting from date the business is “set …
FIU-IND Guidelines on Qualification & Responsibilities of Principal Officers for Virtual Digital Asset Service Providers The Financial Intelligence Unit-India has outlined specific guidelines regarding the qualifications and responsibilities of the Principal Officer (PO) for Virtual Digital Asset Service Providers. These guidelines are designed to ensure compliance with the Prevention of Money Laundering Act 2002 and …
Tax Dept allows to access various digital platforms during investigations The proposed Income Tax Bill, 2025, introduces significant changes aimed at enhancing the Income Tax Department’s ability to address tax evasion in the digital age. These changes are primarily encapsulated in the expanded definition of “virtual digital space” and the corresponding enforcement powers granted to …
Income Tax Bill 2025: Concept of Indian citizen-deemed residency Meaning of deemed residency: The introduction of a new Resident but Not Ordinary Resident category aims to strike a balance between preventing tax avoidance and ensuring preferential tax treatments are still available in certain cases. The Income Tax Bill 2025 retaining the deemed residency clause from the …
PVC raincoats 𝘁𝗼 𝗔𝘁𝘁𝗿𝗮𝗰𝘁 𝟭𝟴 percentage 𝗚𝗦𝗧 – West Bengal 𝗔𝗔𝗥 𝗥𝘂𝗹𝗶𝗻𝗴 This West Bengal Authority for Advance Ruling highlights the importance of correctly classifying products under Goods and Services Tax. It reinforces that plastic-based products like PVC raincoats fall under Harmonised System of Nomenclature (HSN) 3926, attracting 18% goods and services tax instead of …
Differences in surcharge rates between New Tax Regime & Old Tax Regime The new regime provides significant tax savings for high-income taxpayers, especially those earning above INR 5 crore or with capital gains/dividend income. Taxpayers should still evaluate whether the lower surcharge outweighs the loss of deductions before opting for the new regime. Key Differences …
Taxpayers who have donated more than Rs. 5,00,000/- to political parties under strict Income Tax surveillance This scrutiny by the Income Tax authorities highlights potential misuse of Section 80GGC, which allows individuals to claim a 100% deduction on donations made to political parties. The investigation seems to revolve around round-tripping—where individuals issued large donations via …
30k Cr taxpayers Revised their ITR & Disclosed Foreign Assets, Income In November 2024, the CBDT initiated a Compliance-Cum-Awareness Campaign for AY 2024-25. This campaign aimed to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITR. Compliance with these schedules is mandatory under the Black Money (Undisclosed …
Increase in authorised capital of a Private Limited Company in India Increasing the Authorised Share Capital of a Private Limited Company in India their is No approval from the Central Government is needed. And Government fees depend on the amount of increase in authorised capital. Moreover Delay in filing SH-7 may attract penalties. Reasons for …
When a Delivery Challan Must Be Issued Under GST Regulations in India This blog guide outlines key scenarios where a delivery challan is required under GST, along with mandatory documentation and compliance requirements. Structured Scenarios Requiring a Delivery Challan to be Issued by Taxpayer: Transportation of Goods for Job Work Every consignment for job work …