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Income Tax : The faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...
Income Tax : Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key chang...
Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : ITAT Mumbai removes addition in Kamal Clearing & Forwarding case, ruling that income was already declared and no evidence of money...
Income Tax : ITAT Ahmedabad sets aside assessment order on demonetization cash deposits, citing natural justice violations. Case remanded for f...
Income Tax : ITAT Ahmedabad condones delay in appeal and remands case to CIT(A) for fresh adjudication in Lahar Joshi vs. ITO. Fair hearing and...
Income Tax : CPC Erred in Denying Loss Carry-Forward by taking wrong due date for company entitled to extended due date under Section 92E of In...
Income Tax : ITAT Delhi allows 80IC deduction as Form 10CCB was filed before completion of 143(1) proceedings, ruling procedural delay does not...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
The income Tax Department has demanded 570 crore from Mahindra Satyam (earlier Satyam Computer Services) for illegally claiming tax credit on fictitious income during the 2003-04 to 2008-09 period.
CIT Vs. Saranapal Singh (HUF) (Punjab & Haryana Court)- In the instant case, it was held that where the assessee had received a certain amount as short term loan and was duly repaid the said amount could not be treated as income of assessee under section 56(2)(v) of the Act.
In a bid to make 12th Five Year Plan (2012-17) more inclusive and effective, the Plan panel today launched a web portal to get public feedback on the ‘Approach Paper to 12th Plan’. Before unveiling any five year Plan, the Plan panel prepares an appr
Notification No. G.S.R. 820(E)-Income Tax In exercise of the powers conferred by sub-section (7) of section 245F of the Income-tax Act, 1961 (43 of 1961), the Income-tax Settlement Commission hereby makes the following further amendments in the Income-tax Settlement Commission (Procedure) Rules, 1997
The Union Cabinet today approved ‘The Judicial Standards and Accountability Bill, 2010” and its introduction in the Parliament. The Bill provides a mechanism for enquiring into complaints against the Judges of the Supreme Court and the High Courts, l
NSDL has notified changes in data structure and validations for filing eTDS statement for FY 2010-11. These changes are effective for the forthcoming second quarter statement filing due on Oct 15, 2010. The changes are primarily to give effect to Notification 41.
In the light of the above decisions, it can now be concluded that orders of CIT which set aside assessment orders on the ground that they are erroneous (due to non application of mind, etc) without recording any finding to show as to how the said assessment order is erroneous or prejudicial to the interest of revenue (without rejecting the claim of the taxpayer) are bad in law and liable to be quashed.
Income Tax sleuths will keep an eye on private functions such as ‘mundan’ and marriage held by persons associated with candidates in poll-bound Bihar to check if these ceremonies were being secretly financed by them to bribe voters. The details of mo
NRIs want change in DTC clause on stay in India which proposes to tax a person living in India for more than 59 days. Some high-profile non-resident Indians (NRIs) are lobbying hard with the Centre to amend a clause in the Direct Taxes Code (DTC) Bil
An amendment to Rule 12 of the Income-tax Rules, 1962 vide notification no. 49 dated 9th July,2010 made it mandatory for all Companies (including foreign companies) filing ITR-6 to digitally sign the Income-tax return for the AY 2010-11. Thereafter,
