Author: Nirmal Ghorawat
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New DTC or REVIEW of existing Income Tax Act, 1961
In the Budget Speech, 2024 FM Nirmala Sitharaman has announced a REVIEW of Income Tax Act, 1961. The Participation of Finance Minister in Income Tax Day celebrations, 2024 & comments…
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Income Tax Ready Reckoner 1 : Time Limit u/s 149 for Reassessment u/s 148 as amended by Finance (No. 2) Act, 2024
The Income Tax Act, 1961 has been amended by Finance (No. 2) Act, 2024 w.e.f. 01 September, 2024. Procedure including Time Limits for Reassessment has gain undergone a major change.…
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Income Tax Query 6: TDS credit to other person where Income is assessable in the hands of other person
Scenario: A couple is selling their Residential House. The said Residential House is held in their Joint Names. However, the whole of consideration for acquisition of the property was paid…
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Income Tax Query 5 : Total Income u/s 115BAC(1A) r.w. s. 2(45) & s. 5 & Rebate u/s 87A
A controversy has arisen due to change in Income Tax Department utility on 5 July, 2024 regarding Computation of Rebate u/s 87A where the Assessee has opted for New Tax…
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CPCB EPR MODULE IN TALLY PRIME : ADD ON
Contact us at innovation@canirmalg.com com with TallyPrime Serial No for Trial tcp (TDL) File and Pricing for License tcp File. Pricing is ₹7500/- Per Tally Prime Serial. We issue Bill of Supply. Validity…
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Income Tax Query 4: Calculation of Rebate u/s 87A in case of Section 115BAC(1A) (New Tax Regime) for AY 2024-25
Section 87A of the Income Tax Act, 1961 deals with Rebate to Resident Individuals. Finance Act, 2023 introduced a Proviso to Section 87A (w.e.f 1-4-24 ie., AY 2024-25). Rebate of…
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Income Tax Query 3 : Recomputation of Income of succeeding years due to reassessment u/s 147 of Loss or Unabsorbed Depreciation
Scenario: ITR was filed for FY 2019-20 (AY 2020-21) was filed with Short Term Capital Loss of Rs 10 Lakhs & carried forward. The same was set of against Capital…
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