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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 theĀ 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 RegimeĀ 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 …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2025-26 as per Union Budget 2024-25 Proposals The basic income tax exemption limit and tax slabs for individuals under both New Tax Regime and Old tax Regime for AY 2025-26 are as under: (A) …
Section 87A Rebate for AY 2025-26 for New Tax Regime and Old Tax Regime as per Union Budget 2024-25. Amendment, amount and eligibility Section 87A Rebate for AY 2025-26. No change has been prescribed under section 87A rebate for the AY 2025-26 and rebate shall remain the same …
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 …
Before Amendment Section 14A cannot be invoked if no exempt income was earned – ITAT In a recent judgment, ITAT Rajkot has held that for the pre-amendment period, section 14A cannot be invoked where no exempt income was earned. Admission of SLP, is a significant step in the …
Patent Agent Exam 2025 & Trade Marks Agent Exam 2025. Last date to apply 08.08.2024 Office of the Controller General of Patents, Designs & Trade Marks shall be bolding the Trade Marks Agent Examination 2025 and Patent Agent Examination 2025 as per the following schedule – Trade Marks …