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Income Tax : Explore the Principal Purpose Test (PPT) in international tax law, its impact on treaty benefits, legal uncertainty, and potential...
Income Tax : Budget 2025 introduces tax reliefs, higher TDS thresholds, and urban housing reforms, impacting real estate growth while raising c...
Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
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 : Bombay High Court dismisses revenue's appeal in PCIT Vs Umesh Ishrani case, citing lack of corroboration for loose paper evidence ...
Income Tax : Madras High Court held that post settlement of disputed under Chapter XIX-A of the Income Tax Act, the continuance of the proceedi...
Income Tax : ITAT Mumbai held that change of method of accounting from mercantile to cash system for recording interest income on loan due to f...
Income Tax : ITAT Pune directs CPC, Bangalore to allow foreign tax credit despite late filing of Form 67, ruling it as a procedural requirement...
Income Tax : Summit Aviation Private Limited obtained financial assistance from respondent no.3, Punjab National Bank, for the purchase of heli...
Income Tax : CBDT notifies Income Tax (Sixth Amendment) Rules, 2025, introducing safe harbour rules for assessment year 2025-26. Full details o...
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...
Understand changes to the provisions of the PBPT Act,1988 with budget 2023 – Section 46 appeals & more
Budget 2023 aligns timeline under section 153 of Income Tax Act. Learn more about the 2016 Finance Acts reduced assessment order period of 9 months for 2021-22 and later assessment years.
Modification of directions related to faceless schemes and e-proceedings – Budget 2023. Central Government’s measure to eliminate person to person interface and optimize resources. Time limitations for timely implementation.
Extension period for disposing pending rectification apps by Interim Board, Budget 2023. Settlement Commission abolished from 2021 but interim measure provided by IBS for pending applications. Find out more about section 245D of Act & procedure for settlement or disposal of pending apps.
A new authority for Income Tax appeals is created at Joint/Additional Commissioner level to handle cases involving small amount of disputed demand
Time period allowed for submission of information or documents in respect of international transactions or a specified domestic transaction is reduced to provide AOs a reasonable amount of time to examine information/documents submitted and complete pending proceedings.
Where assessee files an appeal to appellate tribunal against an order passed by Assessing Officer in consequence of an order of Dispute Resolution Panel Assessing Officer would be able to file a cross objection to such appeal which cannot be filed presently.
In order to ensure that the inventory is valued in accordance with various provisions of law, it is proposed to amend section 142 of the Act relating to Inquiry before assessment to ensure the following:-(i) To enable the Assessing Officer to direct the assessee to get the inventory valued by a cost accountant,
Income from insurance policies (other than ULIP) having premium or aggregate of premium above Rs 5,00,000 in a year shall be taxable under the head income from other sources
Sub-section (5A) of section 45 so as to provide that the full value of consideration shall be taken as the stamp duty value of his share as increased by any consideration received in cash or by a cheque or draft or by any other mode.
