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Income Tax : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Income of minors is clubbed with parents' income unless earned through personal skill or manual work. Tax planning strategies can ...
Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : ITAT Pune remands Bandgar vs. ITO case for fresh adjudication on property valuation and income tax additions under sections 56(2)(...
Income Tax : A similar claim for deduction as was raised by assessee-firm in the preceding year had been allowed by the department, but also th...
Income Tax : ITAT Pune ruled that Rs. 1.02 crore in short-term capital gains was wrongly added to the taxpayer’s income, as it was already ta...
Income Tax : It was a case where the statutory procedure mandated in section 144C had been attempted to be by passed by merely mentioning the n...
Income Tax : ITAT Pune ruled that Foreign Tax Credit (FTC) cannot be denied solely due to late Form 67 filing, as the requirement is directory,...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Understand the taxation of Long Term Capital Gains (LTCG) on the sale of listed equity shares or units of equity-oriented mutual funds under Section 112A of the Income Tax Act, 1961. Explore the tax rate of 10%, exemptions up to Rs 1,00,000, and the calculation of the cost of acquisition. Learn about the basic exemption limit benefit, treatment of deductions and investments, and the rebate on tax for residents earning total income up to Rs 5,00,000. Note that this information is for informational purposes and not solicitation.
ITAT Raipur held that there is no bar on an individual to join a partnership firm in his representative capacity of a firm being represented by him. In short, partnership firm can be formed by partners represented by their respective firms.
Explore the computation of profits and gains of business on a presumptive basis under Section 44AD of the Income Tax Act, 1961. Understand the eligible criteria, conditions for presuming business profit at 6%, and the types of businesses that qualify. Know who is an eligible assessee, what constitutes an eligible business, and the provisions for continuity. Learn about the exceptions, implications of discontinuation, and the documentation and auditing requirements for eligible assesses.
It has been proposed that investments in mutual funds on or after 01/04/2023 where not more than 35% is invested in equity shares of an domestic companies (i.e. debt funds, international funds and gold funds) will now be deemed to be short term capital gains like Market Linked Debentures i.e. it will be liable to be taxed as per slab rate.
ITAT Delhi held that unless there was specific material collected to rebut the submissions of assessee then merely on basis of inference from the circumstances, the purchase could not have been held to be bogus.
Bombay High Court held that only reason for re-assessment proceedings under section 148 of the Income Tax Act is adoption of different opinion on the question of valuation as against the one adopted by petitioner. Accordingly, such re-assessment proceedings is liable to be quashed and set aside.
ITAT Chennai held that AO is free to examine the method through which the share price is determined. However, AO doesnot have power to change the method from discounted cash flow (DCF) as followed by assessee to Net Asset Value (NAV).
ITAT Pune held that once a revised return is filed within the time permitted u/s.139(5), it substitutes the original return in all respects. Accordingly, claim of enhanced amount of carry forward of loss vide revised return is allowable.
ITAT Mumbai held that no additions or disallowances can be made u/s. 153C of the Income Tax Act in absence of any incriminating material found during the search on a third person.
Bombay High Court held that being in retail business of electronic appliances, cash deposits from various places cannot be doubted be considered suspicious transactions. Accordingly, cash deposits in crores cannot lead to a belief that the income has escaped assessment. Re-opening unjustified.
