Summary: Sections 69A and 69B of the Income Tax Act, 1961, address unexplained income, investments, and expenditures. Section 69A applies when an assessee possesses unexplained cash, bullion, or other valuable items not recorded in their books…
A Common Misconception Recent changes in India’s income tax structure, particularly the introduction of rebates, have led to some confusion among taxpayers regarding their obligations to file Income Tax Returns (ITRs). Under the new tax regime…
Direct Taxation Reforms 1. Enhanced Income Tax Relief: No personal income tax payable for income up to ₹12 lakh under the new regime (₹12.75 lakh for salaried individuals due to a standard deduction of ₹75,000).…
The Union Budget 2025 proposes a rationalization of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates to simplify tax compliance and reduce the burden on taxpayers. The TCS rate under Sub-section…
The Government under the leadership of Honourable Prime Minister Mr. Modi believes in “Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas”. In line with this, government brought in updated return facility in 2022 for…
Effective from April 1, 2026, Section 44BBD introduces a special provision for taxing non-residents providing services or technology for electronics manufacturing in India. Key Provisions: Applicability: Non-residents offering services/technology to resident companies setting up electronics…
Government proposed to reduce the compliance burden for small charitable trusts/institutions by increasing their period of registration from 5 years to 10 years. It is also proposed that disproportionate consequences do not arise for minor…