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Expenditure related to exempt income
An assessee is not required to pay any tax on exempt incomes and hence any expenditure incurred for earning these types of income should not be allowed to be deducted from taxable profit of an assessee.
Budget 2025 Analysis - Amendments in GST Act 2017
The Economic Survey 2024-25 underscores the remarkable progress achieved under the GST regime.
More Than Rs 20,000 Cash Transactions Can Cost You 100% Penalty: Check Now Before It's Too Late
Cash transactions over Rs 20,000 for loans, deposits or specified sums may add 100% penalties to you - Use bank transfers or cheques for compliance.
Section 194P - Tax Deduction in case of a Specified Senior Citizen
If a resident senior citizen is earning exempt income, like, interest on PPF, agriculture income, the share of profit from the partnership firm, etc. he should not be treated as ineligible for this provision.
PMS Fees and Capital Gains: Can You Claim Deduction Under Section 48?
08 September 2025
2112 Views
Can PMS fees be claimed as deduction under Section 48 while computing capital gains? Explore statutory law, ITAT rulings, SEBI PMS rules & filing tips.
5 Effective Strategies to Reduce DSO and Improve Cash Flow
A high DSO can indicate that a company is having difficulty collecting payments, which can negatively impact its cash flow and financial stability. Here are some ways to reduce DSO
Extended timeline for Name Reservation and Resubmission of Forms
MCA Extended TIMELINE for Name Reservation AND RESUBMISSION FORMS - Beyond 30th June 2020 • Overview In view of the situation arising due to COVID-19 pand
Assessment of incriminating material found during Income Tax Search u/s 153A
Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 or books of account or other documents or any assets are requisitioned under Section 132A after 31st May, 2003 but on or before the 31st Day of March'2021.
Jewellery Found During Search Not Abnormal for High Net Worth Individuals
Whether jewellery found during a search at an HNI's premises could be considered unexplained income under section 69A of the Income-tax Act, 1961.
Understanding and Responding to GST Show Cause Notices in India: Key Guidelines
The Goods and Services Tax (GST) regime in India, a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout the country, has streamlined the taxation process.
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