It all started in 1913 with the ratification of the 16th Amendment to the Constitution. In a moment of fiscal irresponsibility, the states approved a federal income tax without limits and without any ...
The new Income Tax Bill aims to replace the outdated 1961 Act, simplifying direct tax laws, reducing ambiguities, and curbing ...
Section 194H of the Act requires that any person, not being an individual or a Hindu undivided family, who is responsible for paying, to a resident, any income by way of commission (not being ...
On February 1, 2025, the Union finance minister submitted her submissions on revised Procedures, amendment of Sections, Tax proposals (both Direct and Indirect), etc. There was also the announcement ...
The Finance Bill, 2025, introduces significant changes to penalty provisions under the Income Tax Act. Sections 271C, 271CA, 271D, 271DA, 271DB, and 271E will now allow penalties to be imposed by the ...
The amendment in the Finance Bill 2025 provides some relief to taxpayers by offering them a second chance to comply with the ...
The latest clarification classifies ULIPs as capital assets, with proceeds taxed under ‘capital gains’ instead of ‘income ...
The new year is already heralding significant tax innovations in Israel in general, and in real estate taxation in particular. Following ...
Answer: Section 276BB of the Income-tax Act, 1961 has been amended to provide that prosecution shall not be instituted if the person has paid TCS to the credit of the Central Government at any time on ...
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