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Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Jurisdictional notice under Section 143(2) of the Act was issued against the dead person and the assessment order has also been passed against the dead person on his PAN without bringing on record all his legal representatives, therefore, the said assessment order and the subsequent notices are null and void and are liable to be set aside.
Interest income earned on fixed deposits (FDs) kept as security for performance guarantee is taxable as business income and can be set off against project expenses.
Jharkhand High Court held that once the penalties are cancelled on the ground that there is no concealment, the quashing of prosecution under section 276C of the Income Tax Act is automatic.
Himachal Pradesh High Court held that Co-operative Bank is liable to tax the interest on the sticky loans/NPAs on receipt basis
Explore the Presumptive Taxation Scheme under the Income Tax Act, 1961. Understand the provisions of Sec 44AB, recent amendments, and key considerations for tax audit.
ITAT Chennai held that for the purpose of computing period of holding, date of allotment should be considered, but not the final sale deed executed for conveying the title and interest in the property.
Smt. Tajinder Pal Kaur Vs ITO (ITAT Amritsar) The assessee has challenged both the legal and factual grounds before the Bench. But during the appeal proceedings before the ld. CIT(A), the assessee had not challenged the legal grounds so there are first time challenging the issue before the ITAT. So, the entire legal ground was […]
Sh. Jagjit Singh S/o Inder Singh Vs ITO (ITAT Amritsar) Considering the order of the revenue authorities the assessee was not able to submit the confirmation from the sundry debtor, M/s AD Traders. The confirmation is annexed with the paper book of the assessee APB page no. 3. The assessee received SBN during demonetization period […]
ITAT Bangalore held that cash deposited on account of cash sales during demonetization period cannot be added as unexplained under section 68 of the Income Tax Act as AO didn’t rejected the books of accounts nor brough anything contrary on records to show that cash sales is not the source for cash deposit.
ITAT Mumbai held that payment towards buy-back of shares to an NRI doesn’t attract deduction of tax under section 195 as according to Indo-Singapore DTAA jurisdiction for taxing the capital gains arising in the hands of an NRI is in Singapore and not in India
