Important Ruling for NRIs: Section 54 Exemption on Overseas Residential Investments Prior to A.Y. 2015–16

13 Jan, 2025

Important Ruling for NRIs: Section 54 Exem...

Introduction The Income Tax Appellate Tribunal (ITAT), Mumbai, in its recent ruling on ITA No. 1739/Mum/2024...

India-USA DTAA: ITAT Applies Tie-Breaker Rule and Concludes Assessee is Resident of India Based on Personal and Economic Relationships

11 Jan, 2025

India-USA DTAA: ITAT Applies Tie-Breaker R...

This appeal, filed by Mr. Ashok Kumar Pandey, pertains to the assessment year 2013–14 and challenges the order passed...

ITAT Validates Opting for Old Tax Regime After Filing Form 10-IE: Clarifies It is Not a Case of Revised ITR Withdrawing the Option

10 Jan, 2025

ITAT Validates Opting for Old Tax Regime A...

The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently deliberated on a notable case concerning the tax...

Advisory on HSN Validations in Table 12 of GSTR-1

10 Jan, 2025

Advisory on HSN Validations in Table 12 of...

The Goods and Services Tax (GST) framework has introduced several enhancements to the reporting of Harmonized Syste...

Tax Audit Report Delays Are Justified U/s Section 273B: ITAT Deleted Penalty u/s 271B

9 Jan, 2025

Tax Audit Report Delays Are Justified U/s ...

Introduction The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently delivered a significant judg...

Procedural Aspects in E-Way Bill Generation In GST

9 Jan, 2025

Procedural Aspects in E-Way Bill Generatio...

The E-Way Bill is an important compliance mechanism under GST (Goods and Services Tax) in India, designed to ensure...

Guide to E-Way Bills in India: Rules, Applicability, and Benefits

9 Jan, 2025

Guide to E-Way Bills in India: Rules, Appl...

Introduction to E-Way Bills in India As per Indian regulations, the movement of goods valued over ₹50,000 requ...

GST Portal Activates Filing of Application for Rectification Under Notification No. 22/2024-CT

8 Jan, 2025

GST Portal Activates Filing of Application...

The Central Government, acting on the recommendations of the 54th GST Council, issued Notification No. 22/2024-CT o...

Income Tax Department Issues Guidelines for Reporting Foreign Assets, Income, and Tax Relief

7 Jan, 2025

Income Tax Department Issues Guidelines fo...

The Income Tax Department frequently runs campaigns and issues clarifications regarding the reporting of foreign assets...

Understanding Form 15CB and CA Assistance

7 Jan, 2025

Understanding Form 15CB and CA Assistance

1. What is Form 15CB? Form 15CB is a certification issued by a Chartered Accountant (CA) in situations where pay...

Why NRIs need to Redesignate NRE/NRO Bank Accounts Upon Becoming Residents of India

7 Jan, 2025

Why NRIs need to Redesignate NRE/NRO Bank ...

When Non-Resident Indians (NRIs) return to India permanently or for an uncertain period, their residential status c...

Deductions from Income from House Property

6 Jan, 2025

Deductions from Income from House Property

In India, rental income from house property is charged under the head “Income from House Property.” However, before...

Section 44ADA – Presumptive Taxation Scheme for Professionals

6 Jan, 2025

Section 44ADA – Presumptive Taxation Schem...

The presumptive taxation scheme under Section 44ADA is a simplified method of calculating taxable income for profession...

A Comprehensive Guide to the Presumptive Taxation Scheme under Sections 44AD of the Income-tax Act, 1961

6 Jan, 2025

A Comprehensive Guide to the Presumptive T...

The Income-tax Act, 1961, provides various provisions to ease the tax compliance burden for small taxpayers, partic...

ICAI’s Recommendations for Budget 2025: A Focus on Direct and International Taxation

3 Jan, 2025

ICAI’s Recommendations for Budget 20...

The Institute of Chartered Accountants of India (ICAI) has submitted its suggestions for the Union Budget 2025 and rele...

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