The Institute of Chartered Accountants of India (ICAI) has issued the Guidance Note on Financial Statements of Non-Corporate Entities, establishing a standardized framework for financial reporting. Effective Date: This Guidance Note is applicable for financial statements covering periods beginning on or after April 1, 2024. Why is this Important? Scope: Covers all non-corporate entities except…

Exploring Key Legal Precedents: A Compilation of Transfer Pricing Case Laws (from January 2024 to December 2024) In India, transfer pricing remains a critical focus area for tax authorities and multinational enterprises alike. Recent case laws have provided significant insights into the application of transfer pricing provisions under the Income Tax Act, as well as…

As of April 2023, a significant change in tax laws has clarified the treatment of housing loan interest deductions and their role in calculating the cost of acquisition for property sales. While home loan interest deductions have traditionally been capped at ₹2 lakh for self-occupied properties, the new amendment introduces key nuances that taxpayers, especially…

~Navneet Shukla

~Navneet Shukla

98% of taxpayers are missing out on one of the most powerful tax-saving tools in India, the Hindu Undivided Family (HUF). You reveal that setting up an HUF could save individuals up to ₹1.5 lakh in taxes annually, but despite its benefits, this opportunity remains largely overlooked. The article explains how HUFs work, the potential…

~Navneet Shukla

If the aggregate value of monetary gift received during the year by an individual or HUF exceeds Rs. 50,000 and the gifts are not covered under the exceptions discussed below, then gifts whether received from India or abroad will be charged to tax. Once the aggregate value of gifts received during the year exceeds Rs.…