Income-tax on Compulsory Acquisition of Land – A Complete Guide Compulsory acquisition of land is a subject that brings together law, tax, public policy and personal finance. For most landowners, the acquisition of their property by the Government is not a routine event. It is often sudden, involves large sums of money, and raises immediate […]
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Taxability of Superannuation on Retirement Vs Termination / Job Change Taxability of Superannuation on Retirement Vs Termination / Job Change Superannuation is a popular retirement benefit extended by employers to ensure long-term financial security for employees. However, the tax treatment of superannuation fund payouts varies significantly depending on the reason for cessation of employment. This
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🚫 Supreme Court Cracks Down on Cash Transactions Above ₹2 Lakhs Landmark Judgment in RBANMS Educational Institution vs. B. Gunashekar & Another – Civil Appeal No. 5200 of 2025 The Hon’ble Supreme Court, in a recent judgment dated 16th April 2025, has delivered a significant verdict impacting real estate and financial transactions involving cash payments
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The following are the various Statutory Obligations for the month of Feb 2025. Act Nature of Compliance Due Date Income-tax Due date for deposit of TDS for the month of Jan 2025 07th Feb 2025 GST Return for Tax Deducted at source to be filed by Tax Deductor in GSTR 7 10th Feb 2025 GST
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The following are the various Statutory Obligations for the month of Jan 2025. Act Nature of Compliance Due Date Income-tax Due date for deposit of TDS for the month of Dec 2024 07th Jan 2025 GST Return for Tax Deducted at source to be filed by Tax Deductor in GSTR 7 10th Jan 2025 GST
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Income Tax Refund Delays: How to resolve the issue? Income tax refunds are a crucial aspect of financial planning for taxpayers. However, many individuals face delays in receiving their refunds due to various reasons, one of the most common being pending queries from the Income Tax Department. These queries often require the taxpayer’s immediate response,
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Calculate HRA Exemption Under Section 10(13A) with Detailed Breakdown HRA Calculator Basic Salary (₹): HRA Received (₹): Rent Paid (₹): Is Metro City: YesNo Calculate HRA Exemption HRA Exemption Amount: ₹ Detailed Calculations: HRA Received: ₹ Rent Paid minus 10% of Basic Salary: ₹ 50% (or 40%) of Basic Salary: ₹ Provisions of Section 10(13A)
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TCS on Foreign Remittance Transactions under LRS as per Income Tax Act, 1961 (Updated for October 2023) Introduction The Liberalized Remittance Scheme (LRS) allows Indian residents to remit money abroad for various purposes, such as travel, education, medical treatment, and investments. As of October 1, 2023, the Government of India has revised the Tax Collected
80 EEA – Deduction for Interest on Affordable Housing Loan : Section 80EEA has been introduced to further extend the benefits allowed under Section 80EE for low-cost housing. Earlier, Section 80EE had been amended occasionally to allow a deduction for interest paid on housing loans for FY 2013-14, FY 2014-15, and FY 2016-17. Overview of
The below are the various Statutory Obligations for the month of December 2023.Please ensure to comply with the obligations to avoid Interest / Penalty Sl. No Nature of Statutory Obligation Statute Due Date Link 1 Due Date for Payment of TDS for the month of November 2023 Income-Tax 07th Dec 2023 Link for Payment of
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Double Taxation Avoidance Agreement (DTAA) in India In the complex world of international taxation, Double Taxation Avoidance Agreements (DTAAs) are a boon for individuals and businesses. These agreements are designed to prevent double taxation, ensuring that income is not taxed in both the home country and the foreign country. India, a hub for international trade
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The CBDT has notified vide its Notification No 39/2023 dtd 12.06.2023 that the Cost Inflation Index (CII) for the year 2023-24 be 348. What is Cost Inflation Index? The Cost Inflation Index (CII) is a crucial parameter used in the Indian tax system to adjust the purchase cost of assets and investments for inflation. It
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Advance Tax 1st Instalment Due on June 2023: Importance and Consequences Advance tax is a key aspect of income tax in India, requiring taxpayers to pay estimated tax liability in installments. The first instalment for the financial year 2023-24 is due in June 2023. Non-payment has significant repercussions. Let’s explore the importance of timely payment
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10 Crucial Guidelines for Accurate Tax Filing Filing taxes can be an intimidating task, and even a small error can have significant repercussions. As an esteemed CA firm in India, we understand the importance of precise tax filing and its impact on financial matters. In this blog post, we will present you with ten essential
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Discover the 7 crucial reasons why income tax return filing is vital for individuals and businesses. Gain insights into the benefits, process, and important considerations to ensure a smooth ITR filing experience.
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