Month: July 2024

Payment by corporate guarantor does not extinguish liability of corporate debtor to pay the entire amount payable – SC In a recent judgment, the Hon’ble Supreme Court has held that payment by corporate guarantor does not extinguish liability of corporate debtor to pay the entire amount payable. A …

Under Section 69, AO is under obligation to give reasons for not accepting explanations given by the assessee – ITAT In a recent judgment, ITAT Lucknow has held that under section 69 if the explanation furnished by the assessee not found to be satisfactory, the AO is under …

ITAT remitted case for verification of Transporter’s declaration u/s 194C(6) and decide the issue of addition on account of non deduction of TDS afresh In a recent judgment, ITAT Patna has remitted the issue of disallowance u/s 40(a)(ia) to CIT(A) for verification of Transporter declaration u/s 194C(6) and …

Customs duty payable even after confiscated goods redeemed after payment of fine – SC In a recent judgment, Hon’ble Supreme Court had held that the owner of goods has a liability to pay customs duty, even after confiscated goods are redeemed after payment of fine under Section 125 …

Limit of allowable partners remuneration u/s 40(b) increased from AY 2025-26 onwards Finance Bill 2024 has increased the limit of allowable partners remuneration u/s 40(b) from AY 2025-26 onwards. Under the provisions of section 40(b) of the Income Tax Act, 1961 (the Act), the salary/remuneration paid to partners of …

Capital Gain Tax on sale of Shares, Mutual Fund Units increased. Indexing abolished Finance Bill 2024 has increased the income tax rates on Capital Gain Tax on sale of Shares, Mutual Fund Units and indexing has also been abolished. Currently, the income tax on capital gain arising on …

CIT(A) empowered to remand the best judgment cases back to the Assessing Officer for making a fresh assessment. Union Budget 2024-25 has proposed to empower the CIT(Appeals) to set aside and remand the best judgment cases back to the Assessing Officer for making a fresh assessment. Currently, CIT(A) …

Time limit of six years has been proposed to file TDS/TCS correction statement. The Union Budget 2024-25 has proposed a time limit of six years to file TDS/TCS correction statement. Currently, there is a time limit for furnishing statements detailing the TDS/TCS, however, there is no time limit …

Limit of Standard Deduction has been increased from Rs. 50000/- to Rs. 70000/- for AY 2025-26 for those opting New Tax Regime  Union Budget 2024-25 has proposed to increase the limit of Standard Deduction from existing Rs. 50000/- to Rs. 70000/- for AY 2025-26 for those salaried taxpayers …

Union Budget 2024-25 – Highlights of Tax Proposals – Watch Live The Union Finance Minister MS Sitharaman shall be presenting Union Budget 2024-25 on 23rd July 2024 at 11AM. Watch live Highlights of Tax Proposals. This is the first Budget that is to be presented by the BJP …