by CA Chinmay Shirish Agate | Aug 21, 2024 | Taxation
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 organizations seeking to...
by CA Chinmay Shirish Agate | Aug 20, 2024 | Taxation
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 on your registered...
by CA Chinmay Shirish Agate | Aug 19, 2024 | Taxation
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. cost of acquisition of...
by CA Chinmay Shirish Agate | Aug 18, 2024 | Taxation
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 worked in various CA...
by CA Chinmay Shirish Agate | Aug 17, 2024 | Taxation
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 trusts, institutions...
by CA Chinmay Shirish Agate | Aug 16, 2024 | Taxation
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 details of income or...
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