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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...
Vodafone International Holding B.V. (Vodafone NL) was issued an order by the Indian Tax Authority assessing a capital gains tax alleged to have arisen to the Hong Kong based Hutchison Group (Hutch) on acquisition of controlling interest in an Indian entity, Vodafone-Essar Ltd. The controlling interest was acquired by acquiring the shares of a foreign holding company that indirectly held more than 50% of the shares of the Indian entity.
Over Rs 12,000 crore in tax demands was locked on account of disputes, pending resolution at various courts, as on June 30, 2010, Parliament was informed on Friday. While cases involving tax demand of about Rs 7,635 crore are pending in Income Tax Appellate Tribunal (ITAT), around Rs 3,849 crore is locked up in cases with High Courts, Finance Minister Pranab Mukherjee told the Lok Sabha in a written reply.
In case of multiple sale and purchase of residential houses, the exemption cannot be calculated considering the aggregate of capital gain and aggregate of investment in the residential houses. The exemption will be available in relation to each set of sale and corresponding investment in the residential house and the combination which is beneficial to the assessee has to be allowed.
Currently, under the provisions of the Wealth Tax Act, 1957 (WT Act), a tax payer, including an individual, a Hindu undivided family (HUF) or a company is liable to pay wealth tax at the rate of 1% on the amount exceeding a net wealth of Rs 30 lakh.
While Explanation 2 to s. 147 deems income to have escaped assessment if excessive deduction is allowed, the reopening of an assessment u/s 147 has serious ramifications because the AO is empowered to reassess income even in respect of issues not set out in the notice. Therefore, if the power to rectify an order u/s 154(1) is adequate to meet a mistake or error in the order of assessment, the AO must take recourse to that power as opposed to the wider power to reopen the assessment. If the error can be rectified u/s 154, it would be arbitrary for the AO to reopen the entire assessment u/s 147. Further, the error in the order was not attributable to a fault or omission on the part of the assessee and the assessee cannot be penalized for a fault of the AO;
Immediate appropriate action is taken by the Directorate of Enforcement under the Foreign Exchange Management Act, 1999, whenever any specific case of unauthorized maintenance of foreign bank account or retention of funds in foreign banks by any person resident in India comes to its notice.
Several countries have submitted data to Government of India on Non-Resident Indians (NRIs) black money. The German Tax Authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT bank of Liechtenstein.
The draft Direct Taxes Code (DTC) along with a Discussion Paper was released for public discussion in August 2009. The Discussion Paper mentioned that profit-linked incentives are inherently inefficient. Essentially, a profit-linked incentive is regressive in nature.
Special tax benefits/facilites are offered to Special Economic Zones (SEZs) in the country. They include: I. Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units. II. 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for the next 5 years thereafter and 50% of the ploughed back export profit for next 5 years;
No Separate funds are being released for setting-up of Aayakar Seva Kendras as of now. The concerned Chief Commissioners of Income Tax are incurring the expenditure out of the allotted budget grant.this information was given by the Minister of State for Finance, Shri S.S.Palanimanickam in a written reply to an Unstarred Question raised in Rajya Sabha today.
