TAX OBLIGATIONS

The private space sector has high expectations from Finance Minister Nirmala Sitharaman's upcoming budget, including import holidays, tax exemptions, PLI, and government support. Industry bodies are urging for increased government expenditure and ad...

As the financial year concludes, taxpayers must prepare to file their income tax returns (ITR) for FY 2023-24 by July 31, 2024, to avoid penalties. Late filing can incur a fixed penalty of Rs 5,000, with additional interest on outstanding taxes if a...

Citizenship-by-Investment programs like in Vanuatu are attracting Indians seeking quick and inexpensive passport switches to avoid tax scrutiny and protect offshore wealth. Vanuatu's program offers visa-free access to many countries, making it popul...

The Delhi High Court has directed the income tax department to grant income tax exemption to the New Okhla Industrial Development Authority (NOIDA) under Section 10(46) of the Income Tax Act, 1961. The court rejected the Central Board of Direct Taxe...

Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reportin...

Union Budget: India's top carriers seek a duty waiver on 4G/5G gear in the Budget to cut costs and improve connectivity. They propose suspending the 5% AGR contribution towards USOF until its ₹79,638.31 crore corpus is used, reducing the licence fee...

Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.

The illegal betting market, already thriving in India, is expected to grow by 30% in the coming years, as per a new study. Inadequate legal frameworks, selective banning, and high taxation on legitimate online gaming platforms seem to be key factors...

Advance tax payment: Individuals with a net income tax liability exceeding Rs 10,000 in any financial year must make advance tax payments. Net tax liability is the estimated tax amount after deducting the TDS (tax deducted at source) within the fina...

In 2020-21, India's government abolished the Dividend Distribution Tax (DDT), shifting the tax burden on dividends from companies to shareholders directly. The move aimed to simplify taxation, enhance market appeal for Indian equities, stimulate dom...

ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correc...

Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.

MSMEs should work towards increasing female workforce participation by making structural changes to their ecosystem, says Lohit Bhatia, President, Indian Staffing Federation (ISF).

Venice has responded to concerns about over-tourism by introducing a ticketing system for day visitors since last month. Reports indicate that nearly one million euros were collected within the first 11 days of implementing the tax. From April 25 to...

CBDT introduces AIS feature for real-time taxpayer feedback on transactions, enhancing data accuracy, compliance, and taxpayer services, covering tax deductions and financial data sources.

Through this partnership, investors and traders using Mudrex will gain access to ClearTax's comprehensive suite of tax reporting tools.

A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income Tax (I-T) department which has pointed out amounts that either went undisclosed or untaxed or both.

The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals ti...

This particular notice, covered under Section 142(1), is sent to taxpayers who fails to file their income tax returns. This is also sent when the taxman feels that more details about a taxpayer is required.