Union Budget taxation: Specified Mutual Fund refers to a type of mutual fund, regardless of its designation, that has a predetermined maturity date. In this fund, a maximum of 35% of the total capital is invested either directly or indirectly in the equity shares of companies within the domestic market. For the Specified mutual fund … Read more
Union Budget: The Finance Bill 2024 introduces amendments to Section 148A of the Income-Tax (I-T) Act, which pertain to the time limits for issuing notices regarding the reopening of assessments. Presently, the Income-Tax Department is empowered to reopen assessments under Section 148A for a period of up to 10 years (equivalent to 11 financial years) … Read more
Capital Gains Tax: After Finance Minister Nirmala Sitharaman made an announcement in the Union Budget regarding the reduction of tax on long-term capital gains from 20% with indexation benefits to 12.5% without indexation benefits, an amendment was introduced to The Finance Bill, 2024. This amendment allows taxpayers to select the tax rate that is more advantageous … Read more
The Central Board of Direct Taxes (CBDT) has issued a clarification regarding Section 230 of the Income Tax Act, 1961 over reports that claimed a mandatory tax clearance was needed before leaving the country. Responding to the reports, which created a significant stir, the CBDT said Section 230 does not mandate every individual domiciled in … Read more