ITAT Chennai held that although the assessee company was following the mercantile system of accounting, only real income could be brought to tax. Hypothetical income cannot be taxed. Hence, appeal of ...

The taxability of such services is governed by Rule 28 of the CGST Rules. Amendments were introduced in October 2023 4 to treat the issuance of intra-group corporate guarantees as taxable service and ...

High-yield savings accounts and CDs were much more profitable in 2024 than in prior years, potentially leaving some taxpayers with a larger tax bill. Experts say there are some ways to defer or offset ...

While the bill suggests various amendments, the fundamental income tax rates and capital gains tax rates remain unaltered at present. The focus of the bill is primarily on simplifying the language ...

Less: Exemptions on Salary income (other than HRA) which are not allowed under New Regime (e.g. Leave travel allowance, Education allowance, Hostel allowance etc.) Less: Exemptions on Salary ...