Annual value of the self-occupied property simplified As per Fianance Bill 2025 as introduced on 1st Feb 2025. Section 23 of the Act relates to determination of annual value. Sub-section (2) of the said section provides that where house property is in the occupation of the owner for the purposes of his residence or owner… Read More »
List of Deductions Allowed in New Tax Regime in Section 115BAC of Income Tax Act There are certain Deductions Allowed in New Tax Regime in FY 2024-25 (AY 2025-26) and FY 2025-26 (AY 2026-27) Comparison of exemption/deductions available under the old tax regime and new tax regime of Section 115BAC Here’s the updated table incorporating… Read More »
Senior Citizens ITR filing not Mandatory in 2025 | Senior Citizens Tax Benefits Senior Citizens ITR filing not Mandatory in 2025 but there are certain conditions for this Senior Citizens Tax Benefit. Did you know that filing your Income Tax Return (ITR) might not be mandatory for you? This video breaks down Section 194P of… Read More »
Dear Member, Notification of “ICAI (Merger and Demerger of CA Firms) Guidelines, 2024” In order to keep pace with the operating environment, the Committee for Aggregation of CA Firms (CACAF) of ICAI has revised “ICAI (Merger and Demerger of CA Firms) Guidelines, 2024” and the same were approved by the Council at its 432nd meeting held during 2nd-3rd July 2024. The… Read More »
“50th Edition of ICAI-GST E-Newsletter We are delighted to share with you the “50th Edition of ICAI-GST E-Newsletter”. This edition of Newsletter contains article on “Challenging the reversal of ITC by a bonafide purchaser on purchases made from a non-existent supplier” and also amendments made pursuant to the recommendations of 55th GST Council Meeting. Newsletter also includes interactive features like… Read More »
Penalty for Late Filing of ITR in Income Tax Act 2025 Penalty for Late Filing of ITR in New Income Tax 2025 : Clause 428 of income Tax Bill 2025 specifies the fee for failing to file a return of income under Section 263. Here’s the fee structure in a tabular format: Total Income Fee… Read More »
Meaning of Notwithstanding anything contained in “Notwithstanding anything contained in” is a legal phrase used to indicate that a particular provision will take precedence over any other conflicting provision, law, or rule. It’s a way of saying “despite what other things might say,” or “even if there’s something else that says the opposite.” It essentially… Read More »
Meaning of Without prejudice to the provisions of this Act The phrase “Without prejudice to the provisions of this Act” is a legal term that essentially means “without affecting” or “in addition to” the other provisions of the Act. It’s used to make it clear that the specific provision where it appears doesn’t limit or… Read More »
ChatGPT Search Now Available to All without login ChatGPT Search Now Available to All: OpenAI has made its AI-powered search engine, ChatGPT Search, accessible to everyone without requiring an account. Direct Competitor to Traditional Search Engines: This move positions ChatGPT Search as a direct competitor to traditional search engines, offering real-time, AI-generated responses with links… Read More »
Why Section mapping was required for Income Tax Bill 2025 and Income-tax Act, 1961 Section mapping is needed to understand how the provisions of the Income-tax Act, 1961 correspond to the Income-tax Bill 2025 because the new bill aims to replace the old act with a more concise and lucid tax law. The simplification exercise… Read More »