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Amendments Relating to Indirect Taxes under Finance (No-2) Bill-2024

Budget & Finance

Amendments relating to Indirect Taxes under Budget 2024-25 (Annexure to Part B)

A. Legislative Changes in Customs Laws A.1 Amendments in the Customs Act, 1962 (i) Section 28 DA is being...

Blog GST Articles Knowledge Base

Changes Proposed in the GST Act by the Finance (No. 2) Bill 2024

The Finance (No. 2) Bill, 2024, introduces significant amendments to the Central Goods and Services Tax...

Capital Gains

[Section 45(5)] : Capital Gain on Transfer by way of Compulsory Acquisition of an Asset

(1) When an asset is acquired by the government through the process of compulsory acquisition,...

Permanent Account Number (PAN)[Section 139A and Rule 114]

Knowledge Base

Form Number and Documents Required for PAN Application as per Rule 114 of Income Tax Rules, 1962

1. Individual and HUF Applicants who are Citizens of India and Located Within and Outside India at the...

Section 71- Inter-Head Adjustment of Losses

Set Off or Carry Forward of Losses

Section 71: Inter-Head Adjustment - Set Off of Loss from one Head against income from another Head

(1) Introduction to Section-71 (Inter-Head Adjustment) Under the Indian Income Tax Act, 1961, taxpayers...

Capital Gains

[Section 45(1B)]: Capital Gain in case of Profits or Gains arising from receipt of the amount on Maturity of High Premium Unit Linked Insurance Policy (ULIP)

(1) Unit Linked Insurance Policies (ULIPs) have gained popularity as a dual investment-cum-insurance...

Income Tax Concept

Income of an Approved Research Association [Section 10(21)]

An approved research association refers to an organization that is primarily engaged in scientific research....

Press Release by PIB- Income Tax Management

PIB Press Release

CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims - Press Release by PIB

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New...

Blog Knowledge Base

Surrender of TAN (Tax Deduction and Collection Account Number)

The Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number issued by the...

Capital Gains

Section 54H of the Income Tax Act, 1961 in case of Capital Gain

Section 54H of the Income Tax Act, 1961 in India provided for an extension of time for acquiring a new...

Agricultural Income

Agricultural Income [Section 2(1A)]

Section 10(1) of the Income-tax Act, 1961 exempts agricultural income from income-tax. However, net agricultural...

Income Tax Concept

Pension received by certain Awardees/any Member of their family [Section 10(18)]

Under Section 10(18) of the Income Tax Act, certain awardees and their family members are eligible for...

Budget & Finance

Provisions and Amendments Relating to “Basic Customs Duty (BCD)” under Finance (No.2) Bill, 2024.

Note: (a) “Basic Customs Duty (BCD)” means the customs duty levied under the Customs Act, 1962....

Income Tax Concept

Exemption of amount received by an individual as Loan under Reverse Mortgage Scheme [Section 10(43)]

Reverse mortgage is a financial scheme that allows senior citizens to convert their home equity into...

Knowledge Base

Investment in Post Office Savings Account for Tax Saving

A Post Office Savings Account is one of the most popular and accessible savings accounts in India. The...

Deductions

Basic Rules of Deductions under Section 80C to 80U [Sections 80A/80AB/80AC]

The following Essential & Basic Rules have to be kept in mind while calculating Deductions under...

Capital Gains

[Section 54G] : Exemption of Capital Gain on Transfer of Assets in cases of Shifting of Industrial Undertakings from Urban Areas

Under Section 54G, the Exemption is available to all categories of assessees in respect of Capital Gain...

Income Tax Concept

Understanding Income Tax (Section 1 To 4)

The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation...

Section 40A-Expenses or Payments Not Deductible

Business or Profession

Expenses or Payments Not Deductible: [Section 40A] --Profits and Gains of Business or Profession

The provisions, which are being discussed under various sub-sections of section 40A have overriding effect ...

Income Tax Concept

Income of Specified News Agency [Section 10(22B)]

Section 10(22B) of the Income Tax Act, 1961, exempts the income of a specified news agency from tax....

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