Earlier, the exact number of donations made to a charitable institution could not be known, and thus, there was no standard way of verifying the recorded figure. Form 10BD was introduced through a CBDT notification to ensure that the donors correctly record and easily claim every donation.
When earning foreign income, Indian taxpayers often face a challenge: double taxation. Fortunately, the Income Tax Act includes provisions such as Section 90, Section 90A, and Section 91, which provide relief from being taxed twice. Understanding these sections is crucial for international income earners, professionals, and business owners with overseas operations.
Depreciation allows businesses to account for the gradual wear and tear of assets. The Income Tax Act provides specific guidelines for calculating and claiming depreciation, making it one of the important income tax concepts.
Gold prices have staged an impressive rally this week, notching their largest weekly gain in over a month amid rising investor anxiety over the United States’ fiscal outlook. Bullion surged past $3,300 an ounce, marking a nearly 3% gain for the week, as growing concerns about America’s ballooning debt and fiscal policy bolstered the metal’s appeal as a safe-haven asset.
India and Oman are close to finalizing a landmark Free Trade Agreement (FTA) that could recalibrate economic ties between South Asia and the Gulf. Talks, which began in earnest in May 2023, are now down to resolving one final issue: Oman’s policy of “Omanisation,” which aims to prioritize local employment.
India’s IPO (Initial Public Offering) market has picked up again. After a three-month lull, May 2025 has seen renewed activity,
In a notable affirmation of India’s macroeconomic stability and resilience, Morgan Stanley has upgraded India’s GDP growth forecast for FY26
India’s transformation from a major defense trader to a leading global supplier is remarkable. In just over a decade, India’s
Donald Trump’s proposed 5% tax on remittances sent by non-citizens from the United States, as part of the “One Big Beautiful Bill Act,” could significantly impact the Indian economy. With India receiving approximately $120 billion in remittances in the previous fiscal year and the U.S. contributing around $32 billion (about 27.7% of the total), this policy could substantially reduce foreign exchange inflows,
The Income Tax Appellate Tribunal (ITAT) serves as the final fact-finding authority in income tax disputes, providing taxpayers with an independent platform for appeal. Established to ensure fair and impartial resolution of tax matters, ITAT plays a vital role in India’s judicial framework. This blog explores its structure, powers, and procedures to help you better understand its functioning.
