By: AdminMay 11, 2024Categories: Income Tax|Income Tax News4 Min Read As the tax filing season for the assessment year 24-25 gains momentum, official data reveals that a notable number of…
Section 43B of Income Tax Act: Expenses businesses can cover apart from payment to MSMEs
By: AdminMay 11, 2024Categories: Income Tax|Income Tax News4 Min Read A section of MSMEs and traders in India is expecting the revision or revocation of the new clause h brought…
Karnataka HC refuses to quash tax evasion case against bookies operating at Bangalore Turf Club
By: AdminMay 11, 2024Categories: Income Tax|Income Tax News4 Min Read The Karnataka High Court recently refused to quash a case involving alleged tax evasion by bookies operating at the Bangalore…
Income Tax Department Releases Updated Excel Utility and Schema of ITR-3 for AY 2024-25
By: AdminMay 11, 2024Categories: Important News|Income Tax News4 Min Read The Income Tax Department released updated Excel Utility and Schema of ITR-3 for AY 2024-25. For individuals and HUFs having…
Income Tax Department Releases Updated Offline and Online Utility of ITR-3 for AY 2024-25
By: AdminMay 11, 2024Categories: Important News|Income Tax News4 Min Read The Income Tax Department released the updated Offline and Online Utility of ITR-3 for AY 2024-25. Utility (version 1.1.1) (105…
HNI investors in offshore ‘blank cheque’ companies receive income tax notices
By: AdminMay 11, 2024Categories: Income Tax|Income Tax News4 Min Read Well-heeled Indians betting on ‘blank cheque’ firms — the Wall Street term for special purpose acquisition companies or SPACs —…
Gifted shares may escape capital gains tax if HC ruling sets precedent
By: AdminMay 09, 2024Categories: Income Tax|Income Tax News4 Min Read If shares are transferred as a gift, there may not be capital gains tax on them, provided a recent Bombay…
Benefit enjoyed by bank staff in form interest free loans taxable, says Supreme Court
By: AdminMay 09, 2024Categories: Income Tax News|News4 Min Read The Supreme Court has said the benefit enjoyed by bank employees from loans free from interest or at a concessional rate…
Traders’ Bodies To Move High Courts Against New Tax Rule On MSE Payments
By: AdminMay 09, 2024Categories: Income Tax News|News4 Min Read Major traders' associations across India are preparing to move High Courts next week against the recently introduced clause 43B(h) in the…
Stricter disclosures by trusts likely, govt mulls changes in Income Tax Act
By: AdminMay 08, 2024Categories: Income Tax|Income Tax News4 Min Read The government is planning to amend the Income Tax Act to comply with the FATF (Financial Action Task Force) guidelines…