CAclubindia Articles

Error in drafting Section 87A of Income Tax Act, 1961

CA Tejas Andharia 05 February 2024 at 10:51

Most of us would be knowing about and have been claiming a rebate under section 87A of Income Tax Act, 1961. But very few of us would be fully aware about the controversial implications of new drafted proviso (b) to this section which is effective from AY 2024-25. Let's see the Section 87A of Income Tax Act, 1961 first.

ISD and Budget 2024 Proposal under GST

CA Roopa Nayak 05 February 2024 at 10:37

In this background, the Budget 2024 has proposed amendment to make distribution of common credit mandatorily by ISD route. This proposal is yet to be notified. The author has examined the ISD concept and the implications of the latest proposals.

Decoding Slump Sale: Merger Implications under Companies Act & Income Tax Act

Priyanshi Garg 05 February 2024 at 08:53

Slump Sale means the transfer of one or more undertakings against a lump sum consideration without values being allocated to the individual assets and liabilities.

All about TDS Returns and its Filing Procedure

CA.Sangam Aggarwal 05 February 2024 at 08:53

TDS is required to be deducted by a person for certain payments made by them. Every Assessee who has deducted TDS is required to file TDS Returns. TDS Returns are quarterly statements, which contain the information pertaining to TDS deducted and deposited. It is submitted by person who deducted TDS i.e. TDS deductor.

GST Rate on Mobile Phones

Aarika 03 February 2024 at 17:13

GST on mobile phones is a consumption tax levied on the selling price of the phone. The taxes generated are paid to the government to streamline taxation and replace multiple indirect taxes.

Highlights Of Finance Bill 2024

Shivani 03 February 2024 at 16:04

The Finance Bill 2024, presented by the government, outlines crucial financial policies and measures aimed at steering the country's economic trajectory. Here are the key highlights that will significantly impact various sectors and shape the fiscal landscape in the coming fiscal year.

Differences Between Trademark Assignment & Trademark Licensing

Ishita Ramani 03 February 2024 at 14:10

Let's take a look at the benefits of trademark licensing and trademark assignment, and then move on to the differences.

Top 3 changes in Income Tax brought about by Interim Budget 2024

CA Shruti Singhal 03 February 2024 at 08:50

In the interim budget 2024, our honourable FM Shmt. Nirmala Sitaraman highlighted some of the achievements of BJP government over a period of 10 years, emphasising on increase in direct tax collections

How to file an appeal before ITAT

CA.Sangam Aggarwal 03 February 2024 at 08:50

Filing an income tax appeal before the Income Tax Appellate Tribunal (ITAT) is a crucial step for taxpayers seeking resolution on disputed tax matters. The relevant section that governs the filing of an appeal before the ITAT is Section 253 of the Income Tax Act. Here's an overview of Section 253: