The Institute of Chartered Accountants of India (ICAI), in it's eight edition of Guidance Note on Tax Audit has clarified over the definition of turnover for option traders to determine applicability of tax audit u/s...
The Kerala High Court in the case of K C Antony vs Principal Commissioner has held that Section 119(2)(b) of the Income-tax Act, 1961 does not impose any limitation for the purpose of filing an applic...
The Hon'ble Supreme Court in the case of New Noble Educational Society vs CIT has held that the educational society or trust should 'solely' engage itself in education or educational activities...
QWhat is HRA? AHouse Rent Allowance (HRA) is the allowance paid as a part of salary by an employer to their employee as a compensation for rented accommodation-related expenses incurred by the employee. QSo, ...
CBDT has vide Notification No. 94/2022 dated 10/08/2022 prescribed new rule 17AA which prescribes the books of account and other documents to be maintained by every fund or institution or trust or any universit...
Central Board of Direct Taxes (CBDT) has notified the reduction of the time-limit for everification or submission of ITR to 30 days (from 120 days) with effect from 01/08/2022 vide Notification No. 05 of 2022 (DGIT)...
The due-date to file income tax return (ITR) for the Assessment Year 2022-23 (FY 2021-22) got over on 31st July, 2022. Now, if for some reason you were not able to file your ITR before the due-date, here are answers t...
Section 6 of Income-tax Act, 1961 exhibits the criteria to assess the residential status of a person. What is the purpose of knowing your residential status? In India, Income Tax is levied on the bas...
Inflation is what leads to decline of purchasing power of a currency (INR) over a period of time, which leads to rise in prices of goods and services. For example, if you are able to buy 10 chocolates for a certain am...
CBDT notifies Income Tax Cost Inflation Index for Financial Year 2022-23 (Assessment Year 2023-24) vide Notification No. 62/2022 dated 14th June 2022 at 331. Cost Inflation Index is util...
