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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...
Section 80CCD of the Income Tax Act, 1961 deals with the Deduction for Investment in Pension Fund. The main objective of this Section is to provide tax benefits to an employee for making contributions towards provident or pension fund.
The new tax regime for individuals and Hindu undivided families, or HUFs, brought via Section 115BAC of the Income Tax Act was aimed at bringing in a lower rate and a simpler tax system from 1 April 2020.
As per section 160 r/w section 139A of the Income Tax Act’ 1961, even a minor can apply for PAN card in India through a representative assessee.
For individual taxpayers below age of 18 years, 4,861 ITRs filed and paid Rs 6.31 crore gross taxes, before claim of refund, during FY 2022-23 till 31st January 2023 For individual taxpayers between the age of 18 to 35 years, 2,09,06,829 ITRs filed, and Rs 93,318 crore paid in gross taxes, before claim of refund, […]
Understand the new Income Tax Slabs FY 2023-24 (AY 2024-25) and FY 2022-23 (AY 2023-24). Find out the new tax rates for FY 2022-23/ FY 2021-22 and the new income tax regime in the budget 23-24.
Understand the important amendments in Direct Tax proposed in Union Budget 2023. From taxability of gifts to premium on life insurance policies and Agniveer Corpus Fund, get a comprehensive overview of the Budget Proposal
ITAT Surat held that addition on the basis of un-signed/un-stamped Satakhat, which has not been registered and which is found from CD of computer of person, unsustainable.
ITAT Chandigarh held that invocation of revisionary jurisdiction under section 263 of the Income Tax Act without satisfying twin conditions i.e. that the order of the AO must be erroneous and prejudicial to the interest of revenue is unsustainable in law.
This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Year 2023-24 (Assessment Year 2024-25) as proposed in Finance Bill, 2023
Section 43B is applicable only in relation to ‘Micro and Small Enterprises’ and Medium Enterprises have been kept out of effect of this
