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Income Tax : Section 44ADA of Income Tax Act, 1961 offers a presumptive taxation scheme for professionals, simplifying tax compliance by allowi...
Income Tax : Compare tax on ₹12 lakh income in FY 2024-25 and FY 2025-26. See new tax slabs, rebates, and savings introduced in Budget 2025 f...
Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
Income Tax : Budget 2025 introduces new income tax amendments, including changes in tax slabs, TDS limits, and rebates under sections 115BAC an...
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 : 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 : M.M. Patel Charitable Trust Vs PCIT (Central) (ITAT Pune) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune h...
Income Tax : ITAT, by going through established precedents, held that AO had not recorded any dissatisfaction with assessee’s voluntary disal...
Income Tax : ITAT Delhi modifies the net profit addition after book rejection, limiting the increase to ₹1 lakh instead of ₹4 lakh for AY 2...
Income Tax : Delhi HC rules AO functus officio post-assessment, quashing reassessment notice against Vivo India for lack of due process and vio...
Income Tax : ITAT Ahmedabad ruled that mere suspicion cannot justify tax additions, deleting an Rs. 18 lakh addition in a property investment d...
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...
n the Direct Tax Code Bill 2010 certain provisions relating to the INCOME-TAX APPELLATE TRIBUNAL have been incorporated which were not in the earlier draft and therefore we do not have the benefit of any intelligent or meaningful debate in the hands
IN A breather to the assessees, the Supreme Court has ruled that revenue department cannot impose penalty under provisions of the Central Sales Tax Act for furnishing incorrect representation without proving the intention (mens rea) for false representation. The penalty in tax matters is to levied strictly in accordance with the intention of the statutes, said the apex court over-ruling an Allahabad High Court order.
THE Central Board of Direct Taxes (CBDT), constituted under the Central Boards of Revenue Act, 1963, is an all-powerful apex body for the direct tax administration in the country. Its function is not merely restricted to ensuring administration of tax collection, but also to clarify and relax the rigours of the provisions of the Income-Tax Act, 1961 (the Act), to alleviate practical difficulties in the interpretation of law.
Following are the highlights of RBI mid-quarterly monetary review conducted for the first time on Thursday: 1. Ups short term lending (Repo) rate by 0.25 pc to 6 pc 2. Ups short-term borrowing (Reverse Repo) rate by 0.50 pc to 5 pc
Union Minister of Labour & Employment, Shri Mallikarjun Kharge Chaired the 190th Meeting of the Central Board of Trustees (EPF) in New Delhi CBT decides to increase the rate of interest to be credited to EPF members accounts for the year 2010-11 to 9
The Union Cabinet today approved the introduction of the Multi-State Co¬operative Societies (Amendment) Bill, 2010 in the Parliament. These amendments are intended to enhance the public faith in the cooperatives and to ensure better accountability of
Finance Minister tabled the Direct Taxes Code Bill, 2010 (DTC 2010) in Parliament on 30 August 2010 with a view to simplify the direct tax legislation in India. The DTC 2010, once enacted, would come into force from 1 April 2012. This Article provide
Notification No. 72/2010-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby authorizes the Indian Railway Finance Corporation (IRFC) to issue, during Financial Year 2010- II, tax free secured, redeemable, non-convertible Railway Bonds of Rs. 1,000 each in case of public issue and Rs. 1,00,000 each in other cases, aggregating to an amount of three thousand and eighty crore rupees only, carrying an interest rate in the range of 6% to 7.25% per annum, depending upon the size and tenor of a tranche
British telecom operator Vodafone said it has filed an appeal with the Supreme Court, after the Bombay High Court dismissed its petition and ruled that the income-tax authorities have jurisdiction over tax bills in cross-border mergers.
Banking and financial services companies the led corporate pack as advance tax payments for July –September grew by about 14 per cent, tax department sources said. Mortgage finance major HDFC paid about Rs. 400 crore as advance tax for the quarter, w
