Facility of income tax challan correction launched through e-filing portal The income tax department has launched facility of income tax challan correction through e-filing portal. Now corrections to income tax challans (ITNS 280) can be made by e-filing portal The steps required for making correction in challans are …

Interest income earned on fixed deposits of Clubs are taxable under Section 2(24) of the Income Tax Act and principle of mutuality does not apply to them – SC ABCAUS Case Law Citation:ABCAUS 3793 (2023) (08) SC Important Case Laws relied upon:Bangalore Club vs. Commissioner of Income Tax, …

Service Tax show cause was illegal as classification of services mentioned was completely erroneous – Supreme Court In a recent judgment the Supreme Court has held a service tax show cause notice illegal as the classification of services mentioned in it was completely erroneous. ABCAUS Case Law Citation:ABCAUS …

ICAI cancelled membership of 6834 chartered accountants for non payment of fee The Institute of Chartered Accountants of India (ICAI) removed approx. 7 thousand (6926) chartered accountants from the Register of Members Section 20 in the Chartered Accountants Act, 1949 provides for Removal of name of a CA …

Telegraphic transfer buying rate to be rate of exchange for the purpose of deduction of tax at source on income payable in foreign currency CBDT has amended income tax rule 26 to provide that telegraphic transfer buying rate shall be the rate of exchange for the purpose of …

CBDT issues Guidelines under clause (10D) of section 10 of Income-tax Act from AY 2024-25 Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on any sum received under a life insurance policy, including the sum allocated by way of bonus …