Is Black Money Act at odds with Article 20 of the Constitution?

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Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) came into force on 1st...

Rules regarding Updated Return under new Income Tax Rules.

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Any person , Whether or not he has not furnished an original return, belated return or revised return, may furnish an updated...

New criteria for filing return of income under Indian IncomeTax:

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Rule 12AB has been inserted by way of notification No. 37/2022.Freshly inserted Rule 12AB provides for conditions for furnishing return of...

Income Tax Relief to income arising from retirement funds:

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Some countries tax income from such foreign retirement benefits accounts on receipt basis. However, the amount withdrawn from such account is...

50 Transactions to be reported in New Annual Information Statement (AIS)

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So be alert & careful in misuse of PAN Number The Income Tax Department has announced the roll-out of...

The big myth on Income Tax Payers in India.

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Based on Data from a Chartered Accountants' Company Secretaries and other professional bodies and groups. FM said during her...

Top 10 Income Tax Highlights from Budget 2022

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A trustworthy tax regime will promote voluntary compliance and reduce litigation. A new updated IT return to be introduced, says FM

FINANCE MINISTRY NOTIFIES E-ADVANCE RULING SCHEME, ALLOWS FILING E-MAIL APPLICATION – THE ECONOMIC TIMES

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The finance ministry has notified the 'e-advance rulings Scheme', enabling taxpayers to file their application for advance ruling through e-mail, a move...

OECD RULES TO IMPLEMENT 15% TAX RATE ON MULTINATIONAL ENTITIES OUT

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The Organization for Economic Co-operation and Development (OECD) has come out with a template for countries to implement the global agreement on...

Breather for tax payer; AIS data not for tax calculation: CBDT December 08, 21

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🌴 On the alleged discrepancies related to stock sale and purchase data of assessees on newly-introduced Annual Information System (AIS), the Central...