Income Tax
Can Profit Be Taxed Twice on the Same Bogus Purchase?
When books of accounts are accepted, can the Assessing Officer still tax “profit” on alleged bogus purchases again?
In a recent decision, the ITAT Delhi...
Income Tax
Whether the delay of 304 days in filing the appeal deserved to be condoned in absence of any explanation or affidavit ?
In the complex world of appellate tax litigation, time isn’t just a procedural formality it’s often the deciding factor between justice and finality.
The Income...
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Income Tax
9 Major Direct Tax Amendments in Budget 2021-22
On 1st February 2021, Finance minister Nirmala Sitharaman introduced the Union Budget for the financial year 2021-22 of which the major Direct tax amendments...
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Key Highlights of Union Budget 2021
The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, presented the first-ever digital budget for 2021-22 on February 1, 2021. The total budget...
Income Tax
Section 206C(1H): Area of decision making for company management and business owners for smooth implementation of TCS on sale of goods
TCS provision would apply on all sale consideration (including advance received for sale) received on or after 01- 10-2020 even if the sale was...
Income Tax
What is TDS on Dividend Income and Its Impacts on Shareholders?
In the earlier tax regime, after corporate tax of 25% to 30% (effectively 33.99% including surcharge and cess), the Company was also liable to...
Income Tax
What is TCS Tax? The Amendments of Tax collected at Source.
Introduction to Tax Collected at Source
Tax Collected at Source(TCS) is the concept wherein the seller collects a percentage of tax from the buyer on...
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New National Education Policy 2020: All you need to know
Important News: The Union Cabinet renamed the Ministry of Human Resource Development to the Ministry of Education. Making the announcement, Union Ministers Prakash Javadekar...
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Form DIR-3 KYC- Mandatory annual compliance for DIN holders
What Is DIR-3 KYC Form?
DIR-3 KYC is an annual e-form which is to be filed by every Director/Partners/Designated Partners who has been allotted a...
Income Tax
What is faceless tax assessment or e assessments In Income Tax?
A Modern Generation of TRUST, TRANSPARENCY and TAX
“A lot of things would depend on the discretion of assessing officer in manual assessment. We have...
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