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Income Tax : In this article author analyses main changes made in Finance Bill 2025 as passed by Lok Sabha, along with it’s analysis....
Income Tax : Discover the highlights of the Form 3CD amendments effective April 1, 2025, including new clauses for cruise ships and MSMEs....
Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Receiving an income tax notice can be disconcerting, particularly for individuals who are not well-versed with tax laws and compli...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Mumbai sends Anjuman E Farogh E Islam Trust's appeal back to CIT(A) for fresh hearing, citing insufficient opportunity to pr...
Income Tax : ITAT Delhi orders deletion of ₹26.35 lakh addition on cash deposits during demonetization but upholds ₹7.52 lakh addition for ...
Income Tax : Orissa HC upholds faceless assessment, ruling that notice sequence under Sections 142(1) & 143(2) is immaterial. Petition dismisse...
Income Tax : ITAT Raipur rules that rejection of 80G registration for Bhagwan Mahaveer Jain Relief Trust without a show-cause notice violates n...
Income Tax : No Section 56(2)(x) addition for reduction in agreement value due to increase in Goods and Services Tax (GST) rates effective from...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
ITAT Chennai held that amount paid by company on behalf of shareholder which has been subsequently re-paid by the shareholder or his family members either on the same day or within a short period cannot be considered as loan or advance which can be treated as deemed dividend u/s.2(22)(e) of the Act.
ITAT Bangalore held that business of the assessee is to invest in shares and that the borrowing was for the purpose of business. Accordingly, interest paid on such borrowing is allowable under section 36(1)(iii) of the Income Tax Act.
ITAT Delhi held that lower of unabsorbed depreciation and business loss deserved to be set off against the current year books profit in terms of provisions of clause (iii) of Explanation-1 to Section 115JB (2) of the Income Tax Act.
ITAT Delhi held that payment of IUC Charges is not Fee for Technical Services or Royalty within the meaning of its definition as per section 9(l)(vi) and 9(l)(vii) of the Act. Accordingly, disallowance u/s 40(a)(ia) on account of non-deduction of TDS unjustified.
ITAT Ahmedabad held that arms length interest rate for loan advanced to foreign subsidiary by Indian company should be computed based on market determined interest rate applicable to currency in which loan has to be repaid.
ITAT Bangalore held that revisionary jurisdiction under section 263 of the Income Tax Act could not be allowed to be exercised by the PCIT either for substituting his own opinion for that of the AO or for making a fishing and roving enquiry.
Assessee cannot be called upon to pay the tax which has been deducted at source from his income, even though not deposited by his employer – Quashes demand on employee arising from TDS not deposited by Kingfisher Airlines.
Supreme Court held that date of Panchnama last drawn would be relevant date for considering period of limitation of two years and not last date of authorisation
Understand TDS on Rent and TDS on Commission with this comprehensive summary. Learn about the provisions, rates, and thresholds for deducting TDS on these payments.
Exemptions from tax, also known as non-taxable income, refer to the income that is not subject to income tax. This income may be exempt from tax for a variety of reasons, such as being below a certain threshold or being earned through certain sources. In this article, we will delve deeper into the concept of non-taxable income and the types of income that are exempt from tax.
