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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...
Discover essential compliance requirements when closing year-end financial statements. Ensure adherence to laws and regulations to maintain accuracy and reliability.
Section 92C(1) of Act, contemplates that arms length price in relation to an international transaction shall be determined by comparable uncontrolled price method; resale price method; cost plus method; profit split method; transactional net margin method or such other method as may be prescribed by Board.
In pursuance of sub-section (3) of section 144B of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following amendments in the Office Order — 2 of even number dated 10.06.2022
In pursuance of para 4 of S.O. 5429(E) Notification No. 139/2021/F.No.370142/66/2021- TPL, dated the 28th December, 2021, notifying the Faceless Appeal Scheme, 2021, the Central Board of Direct Taxes hereby makes the following amendments in the Office Order — 4 of even number dated 29.12.2021
ITAT Mumbai held that conducting or participating in exhibitions within India or overseas for promotion of Gem and Jewellery Industry couldn’t be regarded as commercial activity for the purpose of proviso to section 2(15) of the Income Tax Act.
Held that if such loan or advances given to such shareholder as a consequence of any further consideration, which is beneficial to the company received from such shareholder then in such advance or loan cannot be said to be deemed dividend within the ambit of section 2(22)(e) of the Act.
ITAT Mumbai held that disallowance for deduction under section 80IB and 80IC of the Income Tax Act corresponding to the allocation of R&D expenditure is deleted.
Delaware Franchise Tax is an annual tax imposed by the state of Delaware on businesses that have been incorporated or organized in Delaware. The tax is based on the value of the company’s authorized shares, which is the total number of shares that the company is authorized to issue, as well as the par value of those shares.
Madras High Court held that as the petitioner proved that amount payable under the Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 (SVLDRS) as per form SVLDRS-3 was paid on the due date, however, the amount was credit on the next day i.e. one pay after the due date. The application submitted by the petitioner under SVLDRS should be processed.
ITAT Mumbai held that stamp duty valuation as on the date of allotment letters, and not the date of execution of agreement to sell, should be considered for the purpose of section 56(2)(x) of the Income Tax Act.
