LTCG Exemption u/s 54EC via Investment in Capital Gain Bonds When a taxpayer sells long-term immovable property (land, building, or both), they can avail of capital gains tax exemption by reinvesting the gains in specified 54EC bonds. These are fixed-income instruments offering a tax-efficient way to reinvest capital gains. An individual can claim multiple exemptions …
Differences Between Updated Return (ITR-U) and Application for Condonation of Delay u/s 119(2)(b): Amendments in Budget 2025 for ITR-U Previously, taxpayers had 2 years from the end of the relevant assessment year to file an updated return (ITR-U). Budget 2025 extends this period to 4 years, providing more time for taxpayers to correct omissions and …
Updated Return (ITR-U) Can sometimes be costlier than a reassessment. Can updating ITR cost you more than a reassessment? Yes, updating an Income Tax Return (ITR) using ITR-U (Updated Return) can sometimes be costlier than a reassessment initiated by the Income Tax Department. The proposed extension of the ITR-U (Updated Return) filing window from two …
Role of different accounting professionals on Tax Audit in India This is a significant development in the ongoing debate over the role of different accounting professionals in India. ICAI President Charanjot Singh Nanda’s firm stance on reserving tax audits and other audit functions exclusively for chartered accountants highlights the longstanding jurisdictional boundaries between ICAI, ICSI, …
Senior tax officials can access various digital platforms during investigations into suspected tax evasion The Income Tax Bill, 2025, proposes significant changes that expand the scope of tax investigations to include digital assets and virtual spaces starting from April 1, 2026. Starting April 1, 2026, India’s Income Tax Department will have expanded powers under the …
Enhanced Biometric Authentication process for applicants The Goods and Services Tax Network has recently enhanced the biometric authentication process for new GST registration applicants. Previously, applicants identified for biometric-based Aadhaar authentication were required to visit their designated jurisdictional GST Suvidha Kendra for verification. Now promoters and directors of certain businesses can complete this mandatory biometric …
Applicability of Interim moratorium u/s 96 of the IBC: In the case of Saranga Anilkumar Aggarwal vs. Bhavesh Dhirajlal Sheth & Ors., the Supreme Court addressed the applicability of the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code (IBC) concerning penalties imposed by regulatory bodies. The Court clarified that such penalties do …
Guide on FASTag recharge methods : Changes in FASTag Rules, which is come into effect from February 17, 2025 Toll transactions will be declined for blacklisted or low-balance FASTags if the issue is not resolved within 60 minutes before reaching the toll plaza. If a FASTag is blacklisted 10 minutes after scanning, the toll payment …
TAX RESIDENCE CERTIFICATE FOR NON-RESIDENT INDIANS—STEP-BY-STEP PROCEDURE 1. Documentation requirement for TRC Certificate: The Central Board of Direct Taxes finally issued Rule 21AB, which outlines the format in which the TRC should be submitted. The following documents or information are required for TRC. Name of the taxpayer Status (individual, company, firm etc.) of the taxpayer …
Overview of the importance of non-Software Technology Parks of India & SOFTEX filing Non-STPI Registration Any company, partnership firm, or proprietorship engaged in the development of export-oriented computer software or IT-enabled services can register as a Non-STP unit under Software Technology Parks of India to obtain SOFTEX certification. The RBI through a circular issued in …