Income Tax Articles

Understanding Slump Sales and New CBDT Valuation Rules

ValuGenius Advisors LLP 25 December 2024 at 08:52

When transferring a business or a significant part of it, known as a "slump sale," it's essential to understand the implications of the newly prescribed valuation rules by the Central Board of Direct Taxes (CBDT).

Avoid Penalties Under RERA - Quarterly Compliance Guide

J. D. Shah Associates 23 December 2024 at 08:48

The Real Estate (Regulation and Development) Act (RERA) has been a game-changer in bringing transparency and accountability to the real estate sector.

CBDT Urges Taxpayers to Act Now: Resolve Tax Filing Discrepancies Before It's Too Late

Mitali 17 December 2024 at 16:45

The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to resolve mismatches between income and transactions

Virtual Digital Assets can be treated as Capital Assets and Exemption can be claimed u/s 54F - ITAT Jodhpur

CA. Rohit Porwal 17 December 2024 at 08:53

The case pertains to the tax treatment of income arising from the sale of Bitcoin, a virtual digital asset (VDA), during the financial year 2020-21

Changes in Income Tax in 2024: New Rules, New Opportunities!

CA Umesh Sharma 17 December 2024 at 08:53

The government has focused on simplifying tax laws, improving compliance and promoting economic growth. Let us analyze the major changes.

Understanding Old vs. New Tax Regime for NRIs: Which Is Better?

CA Arun Tiwari 17 December 2024 at 08:53

This guide breaks down the features, pros, and cons of both regimes, helping NRIs choose the one that best suits their financial goals.

New Process for Condonation of Delay in Filing Forms 9A, 10, 10B and 10BB: Key Highlights of Circular 16/2024

CA Varun Gupta 17 December 2024 at 08:53

In certain instances, due to unforeseen circumstances, the assessee or auditor may file the audit report for the trust in Forms 9A, 10, 10B, or 10BB after the due date. As a result, it has become a common practice for the IT Department to treat the receipt amount as income of the trust and levy tax on it.

Section 270A(9): Importance of Citing Specific Clauses for Alleged Income Misreporting

Vivek Jalan 16 December 2024 at 08:47

The concepts of 'underreporting of income' and 'misreporting of income' are two different charges with very clear boundaries. Sec. 270A(2) of the Income Tax Act deals with the concept of 'underreporting of income'

Arbitrary Rejections of Section 154 Rectification Requests Challenge Taxpayers

CA Varun Gupta 16 December 2024 at 08:47

The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department without providing any explanation has drawn criticism.

Advance is taxable in the year of receipt

Vivek Jalan 13 December 2024 at 06:21

In the case of a works contractor, an AMC provider, or another service provider, collection of the entire year's charges is done one go in advance. The amount is many a time recorded as "current liability" in the balance sheet as "income received in advance."