August 2024

Taxability of Donations made by Trusts for the Assessment Year 2025-26.

The article you’re viewing discusses significant changes to the regulations governing Charitable Trusts in India, effective from April 1, 2024. These amendments shall have effect on donations given by a charitable or religious trust whether by way of corpus donation or not. Legal Provisions- Income of any fund or institution or trust or any university

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Circular No. 07/2024 (Extension of the Due Date for Filing of Form No. 10A/10AB)- A Detailed Analysis

Circular No. 07/2024 [F. No.173/25/2024-ITA-I] Dated 25th April, 2024: A Detailed Analysis The Central Board of Direct Taxes (CBDT), Government of India, Ministry of Finance, Department of Revenue, issued Circular No. 07/2024 on 25th April, 2024. This circular pertains to the extension of the due date for filing of Form No. 10A/10AB under the Income-tax Act, 1961. Background The CBDT had

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Form 10-IEA: A Comprehensive Guide for Taxpayers for AY 2024-2025 and onwards.

Form 10-IEA is a crucial document for taxpayers for AY 2024-2025 and onwards. It allows individuals and Hindu Undivided Families (HUFs) to exercise their right to choose between the old and new tax regimes. This form is particularly relevant for those with income from business and profession. Historical Context Before the financial year (FY) 2022-23, individuals had to

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Conversion of Proprietorship/Partnership into a Limited Company: A Tax Perspective

The transformation of a Partnership Firm or a Proprietorship Firm into a Private Limited Company is a significant move that can have profound implications for the business structure and tax obligations. This article delves into the income tax implications of such conversions, guided by the provisions of the Income Tax Act, 1961. Understanding the Legal

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