ICAN CA INDIA

Category: Income Tax

  • New Income Tax Bill 2025 – Download

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    New Income Tax Bill 2025 is now available to download

  • Income Tax Amendments – Budget 2025

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    The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, introduced significant amendments to India\’s income tax structure, particularly under the new tax regime. Here are the key changes: Revised Income Tax Slabs: Income up to ₹12 lakh: No income tax will be levied. Standard Deduction – ₹75,000, effectively making income up to ₹12.75 lakh…

  • Amendments to Partnership Firms – Finance Act 2024

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    I. Increase in the allowable deduction limit for remuneration paid to working partners of a firm Effective from the Assessment Year 2010-11, Sub-clause (v) of clause (b) of section 40 of the Income Tax Act, 1961 (\”the Act\”) established a cap on the allowable deductions for remuneration to working partners of a partnership firm, subject…

  • Section 44AD – Presumptive Taxation

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    Eligible Assesse : Resident Individual/Resident HUF/ Resident Firm (excluding LLP) who has not claimed deduction u/s 10AA or 80IA to 80RRB Exceptions : This section is applicable for any Business except Sec. 44AE Business,Agency Business,Commission & Brokerage business; and Turnover/Gross Receipts is upto 2 crore. Note: Where the amounts received during the PY in cash…

  • Section 194Q – TDS on Payment for Purchase of Goods

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    Section 194Q – Deduction of tax at source on payment of certain sum for purchase of goods Applicability: TDS u/s 194Q shall be deducted by a buyer if he is paying any sum to a resident seller for the purchase of goods of value exceeding Rs.50,00,000 in any year. This limit of Rs.50,00,000 can be…

  • List of codes NOT eligible for section 44AD

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    Annexure A – List of codes not eligible for Section 44AD Code Sub Sector 9005 General Commission Agent 14001 Software Development 14002 Other Software Consultancy 14003 Data Processing 14004 Database activities and Distribution of Electronic Content 14005 Other IT Enabled Services 14006 BPO Services 14008 Maintenance and repair of office, accounting, and computing machinery 16001…

  • Analysis of Section 115BA

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    Source:Income taxIntro:Section 115BA is first introduced in the Finance Act, of 2016.Purpose is to reduce corporate-taxes of various domestic companies in India that are dealing with manufacturing process.After satisfying required conditions.Conditions to be satisfied:a. set-up & registered on or after 01/03/2016b. should engage in business of manufacture or production of i. any article ii. thing…

  • Detailed analysis of PAN – Permanent Account Number

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    Full Form: PAN – Permanent Account Number10 digit unique alpha numeric id Introduction The idea of PAN(Permanent Account Number) was first introduced in 1972.It was made mandatory under SECTION 139A in 1976. It is issued on a laminated card, also called as PAN CARD, by the Income Tax Department. What is PAN ? PAN format:Typical…

  • CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24

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    Form 10B is an audit report that must be filed by charitable and religious trusts under Section 12AB of the Income-tax Act, 1961.Form 10BB is an audit report that must be filed by educational and medical institutions under Section 10(23C) of the Income-tax Act, 1961.Form ITR-7 is the income tax return form that must be…