Member Articles

Introduction 1. The Finance Act, 2024, introduced a new provision, Section 194T, into the Income-tax Act, 1961 (“the Act”), mandating Tax Deduction at Source (“TDS”) on payments made by firms to their partners. ...

The Goods and Services Tax (GST) framework has undergone a significant change on October 10, 2024. This new notification, introduced by the government, focuses on non-residential rental transactions. The key change is th ...

Resident Taxpayers mandated to disclose Foreign Asset and Income The recent launch of the Compliance-Cum-Awareness Campaign by the Central Board of Direct Taxes (CBDT) aims to assist taxpayers in accurately reporting fo ...

The Central Board of Direct Taxes (CBDT) has introduced important amendments to the Income Tax Rules, 1962, aimed at simplifying the process for claiming Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) cre ...

Direct Tax Dispute Resolution Scheme 2.0 1. The New Vivad se Vishwas (VSV) scheme 2024 (‘scheme’) is like a peace treaty for taxpayers which will be effective from October 01, 2024. Under the scheme, taxpayers with ...

1. Recent Order from Bombay High Court provides relief to employees of companies who received notices related to Income Tax. The Bombay High Court in an order dated September 10, 2024, has held that the tax department ca ...