Expert Insights from CAshahnawaz.com | Navigating the Income Tax Act 1961 & The Historic 2025 Transition Welcome to CAshahnawaz.com! If you manage a charitable trust, NGO, educational institution, or Section 8 company in India, staying perfectly compliant with the Income Tax Department’s donation reporting rules is critical to your organization's survival. This comprehensive, deep-dive guide breaks down everything you need to know about filing your donation statements, maintaining immaculate audit trails, avoiding crippling penalties, and preparing for the monumental legislative shifts coming with the Income Tax Act 2025. Statutory Due…

The Central Board of Direct Taxes (CBDT) has issued a new notification on January 21, 2025, introducing special provisions for non-resident businesses engaged in operating cruise ships under Section 44BBC of the Income-tax Act, 1961. These changes, known as the Income-tax (First Amendment) Rules, 2025, aim to regulate and define the conditions for computing profits and gains for such operations.Key Highlights of the NotificationApplicability:The rules apply to non-residents operating cruise ships for leisure and recreational purposes in India.Conditions to Qualify for Section 44BBC:To benefit under this section, the following conditions…

The Central Board of Direct Taxes (CBDT) issued Circular No. 15/2024 on 4th November 2024, specifying monetary limits for various authorities granting such relief. The powers are distributed as follows: Pr. CIT/CIT can handle cases where the interest amount is up to Rs. 50 lakh; CCIT/DGIT for amounts between Rs. 50 lakh and Rs. 1.5 crore; and Pr. CCIT for amounts exceeding Rs. 1.5 crore. This structure ensures that requests are handled by the appropriate level of authority based on the size of the tax demand. To qualify for a…

CBDT on 30th Oct 2024 through Circular 14/2024 condones late filing of Income tax Return to claim the deduction of Section 80P for the Co operative societies for the Assessment year 2023-24. One of the condition to avail the deduction of 80P is to furnish the return on or before the due date under sub section (1) of section 139 of the Act. This was applicable from 01/04/2018 by Finance Act 2018.CBDT had condoned the same for AY 2018-19 to AY 2022-23 by Circular 13/2023 dated 26.07.2023 . the current Circular…

What is a HUF? HUF stands for Hindu Undivided Family. To reduce taxes, you can establish a family group by combining assets to create a HUF. The HUF is subject to taxation separately, distinct from its members. Not only Hindu families but also Buddhist, Jain, and Sikh families can create an HUF. A HUF obtains its unique PAN (Permanent Account Number) and submits tax returns independently of its members. Tax implications of forming a HUF How to save tax by forming an HUF? A HUF is subject to taxation independently…

Income Tax Refund Sometimes, a person may find up paying taxes more than they are really needed to. This may be due to excess TDS deducted or an extra income tax estimate. In such instances, you are eligible to claim an income tax refund. 1. What is Income Tax Refund? An individual may sometimes wind up paying more tax than they should. You may be eligible for an income tax refund, for instance, if advanced tax or tax deducted at source (TDS) exceeds the amount you are required to pay.…

In India, the Income Tax Department is responsible for collecting taxes from residents and foreigners earning income in India. The Income Tax Department also collects taxes on capital gains. In order to file an Income Tax Return, you will need to have your PAN card and bank account details handy. You can find the PAN card application form on the Income Tax website. The process of filing an income tax return is easy and straightforward but it helps if you understand some of the terminology used by the department: It…