Income Tax Return due date extended from 31-10-2024 to 15-11-2024
The Central Board of Direct Taxes (CBDT) has extended the date for filing the Income tax returns, the due date...
Tax Audit due date extended
The CBDT has extended the due date of filing the deadline of Tax Audit Report filing from 30th September 2024...
Circular 9 of 2024 – Income Tax – Enhancement of monetary limits of filing appeals by the Department
In the circular No. 9 of 2024, the CBDT has further enhanced the limit of filing the appeals by the...
Changes in the Black Money Act provisions related to disclosure of foreign assets or income in Income tax returns
With the increasing cross border investment, there has been an inadvertent requirement for the changes in the provisions related to...
Changes in allowed partnership remuneration and TDS on payment to Partners in case of Partnership firms
In the Finance Bill (No.2) 2024, the amendments have been made for the taxation of the Partnership firms. In the first...
Budget (No. 2) 2024 updates – Increase in the standard deduction for salaried individuals
For the salaried persons, there has been a demand for the increase in the benefits to the individuals from a...
Download Finance Bill (No. 2) 2024 and Memorandum explaining the provisions in Finance Bill
The first Union Budget for Modi 3.0 Government has been presented on 23rd July 2024. To download the Finance Bill...
Income tax update – Amended in Form 27Q
The Central Board of Direct Taxes (CBDT) has amended the Form 27Q by inserting the Note 7A under the head...
Cost Inflation Index for FY 2024-25
The Ministry of Finance has notified the Cost Inflation Index for FY 2024-25, which is 363. Financial Year Cost Inflation...
Understanding the Assessment year and Previous year
In Indian income tax laws, understanding the concepts of the assessment year (AY) and the previous year (PY) is crucial...