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Income Tax Articles


Legal Provisions on Reconstitution of a firm and its Tax Impact

  Namita Agarwal    05 September 2024 at 08:38

Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H be chargeable to income-tax under the head "Capital gains"



Beware of Cash Transactions under Income Tax

  J. D. Shah Associates    05 September 2024 at 08:33

Cash transactions have long been a subject of scrutiny by the Indian Income Tax Department due to their potential for tax evasion and unaccounted money circulation. It is important for taxpayers to know these limits in order to make sure their expenditure does not get disallowed under the Income Tax Act



Uncovering Unexplored Dimensions: A 2024 Perspective on the Landscape of Online Gaming in India

  CA Praveen    04 September 2024 at 14:15

The Indian gaming market saw a significant surge, reaching $2.6 billion in FY22, and is anticipated to escalate to $8.6 billion by FY27



How to Report Gambling Winnings on Taxes

  CA Ruby Bansal    04 September 2024 at 12:53

Let's look at the basics of what you should know about reporting any online casino or other gambling winnings on your annual taxes.



Change in Taxation of Buy Back Of Shares Effective from October 1, 2024

  CA Praveen    04 September 2024 at 08:49

Analyzing The Liberal Nature of Buyback Provisions Under Section 115QA And Section 10(34A): Budget 2024's Response To Curb Potential Misuse And Tax Arbitrage



No Income Tax Rebate u/s 87A Despite Income Below Rs 7 Lakh: Key Scenarios Explained

  Sachinpro badge    04 September 2024 at 08:37

Here's a point-to-point summary of the article about cases where no income tax rebate under Section 87A is allowed, even if the total income is below Rs 7 lakh



Direct Tax Code (DTC): Key Features, Challenges and Criticisms

  Sahil Jaiswal    03 September 2024 at 10:51

The goal of the DTC is to create a tax system that is easier to understand, more equitable, and capable of generating revenue efficiently without causing undue hardship to taxpayers.



Who is Required File Tax Audit Report before September?

  CA Umesh Sharmapro badge    02 September 2024 at 13:13

The last date to file the Tax Audit Report is 30th September of the assessment year. It is crucial to adhere to the deadlines to avoid any penalties



Key Features of New e-DRS Scheme

  CS Lalit Rajput    02 September 2024 at 10:05

The Central Board of Direct Taxes (CBDT) has introduced a new e-DRS (Electronic Dispute Resolution Scheme) to streamline the process of resolving income tax disputes.



September 2024 Compliance Calendar

  DSC Sign    02 September 2024 at 08:25

As a business owner, staying compliant with various statutory requirements is essential for smooth operations and to avoid penalties. For the month of September 2024, there are several key due dates that you should be aware of.