What is Form 10AB
Form 10AB is an application form used in India for re-validation or renewal of existing tax exemptions or registrations under the Income Tax Act, 1961. This form is specifically for charitable or religious trusts, societies, or non-profit...
How to respond to defective income tax return
It is quite possible that a taxpayer will make mistake while filing his income tax return. This will be considered as a defective return. Income Tax Department will send you a defective notice under section 139(9) of the Income Tax Act via an email...
Indexation benefit restored what it means for your investments after budget revisions
On 23rd July, 2024, government of India proposed new Budget for the relevant financial year. Major amendments were made in relation to capital gains and indexation. Indexation for capital gains refers to the adjustment of the purchase price i.e....
Availing Presumptive Scheme of Taxation u/s 44AD Needs to Prove Eligibility: ITAT
Appeal of assessee was hence dismissed. About Author:CA Chinmay Shirish AgateChinmay Agate is a Practicing Chartered Accountant having 4+ years of experience and expertise in the field of Direct Taxation and Auditing compliances. In the past, he...
Requirement of Filing Audit Report in Form 10B is only Procedural: ITAT
Societies, trusts etc. registered u/s 12AA of the act are required to obtain fresh registrations as per recent updates in the law. According to the Third Amendment of Income Tax Rules 2023, the tax audit report needs to be furnished by charitable...
Taxpayer Rectifies Excess Salary Income Declaration with Revised Return: ITAT
In India certain tax provisions are specifically designed to impose penal provisions on assessee for failure to comply with the mandatory laws. Section 271(1)(c) is one of such provisions which imposes penalty if a person fails to furnish accurate...
Late fees and interest in case of ITR filing after 31st July!
Due date of filing income tax return for AY 2024-25 has elapsed and many taxpayers still wonder whether they can file the return after due date in case they have missed the filing deadline. Failure to meet the deadline for filing ITR can land you...
Taxation of Partnership Firms
Partnership is a form of Business venture where at least two or more people come together to carry out a common business activity. This is done with a view to make profits. Every member of such a partnership firm is called a partner. Partners of...
Deductions under Section 57 of Income Tax Act, 1961
It is a very well known fact that Income Tax Act provides certain deductions against the taxable incomes of a particular person in order to provide a relief from income tax liability. Section 57 of the Income Tax Act particularly deals with...
Non-applicability of Higher TDS in case of deductee death before linking PAN to aadhar
Linking PAN with Aadhar database is one of the most crucial compliances which government mandates every person to comply. For enabling smooth functioning of TDS or TCS provisions, it was mandatory that the PAN and aadhar linkage is completed....
How to file Form 10E for claiming relief under section 89 in case of salary arrears
Under the Income Tax, total Income Tax liability is calculated on the total income earned during a particular Financial Year. However, if the income for the particular Financial Year includes an advance or arrear payment in the nature of salary,...
Agricultural Land Income Exempted from Tax cannot be Added to Book profits us 115 JB of Income Tax Act: Delhi HC
Out of certain specific exempt incomes given under Income Tax Act, 1961, Agricultural Income is one of the most important one. As per Section 10(1) of the Income Tax Act, agricultural income is exempt from income tax and is not included in the...