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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 : Discover key highlights of India's Income Tax Bill 2025, effective April 2026, featuring simplified tax structures, revised slabs,...
Income Tax : Supreme Court clarifies the applicability of TOLA to reassessment notices under the Income Tax Act, addressing the interplay with ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
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 : Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material ...
Income Tax : ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value...
Income Tax : ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting prope...
Income Tax : ITAT Bangalore upheld CIT(A)'s acceptance of additional evidence in local language, dismissing AO's addition under Section 69A. Re...
Income Tax : ITAT Bangalore set aside penalty orders under Section 271B due to improper notice delivery to an unrelated email ID and failure to...
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...
Income Tax : CBDT notifies the Income-tax (Seventh Amendment) Rules, 2025, updating Forms 26Q and 27Q to include Section 194T on payments to fi...
Rupahali Sarees Private Limited Vs Union of India (Calcutta High Court) Sub-The petition in this case filed to challenge inaction on part of CIT (Appeals) in deciding the appeal against order u/s 263 which was filed on 27-1-2020 even though almost 3 years had passed. Petitioner submits that in spite of repeated remainders though almost […]
ITAT Mumbai held that disallowance alleging that the hedging transactions in non-cleared securities are illegal are unsustainable in law
Anticipate the Budget 2023 with expectations for relaxations in compliance requirements under the Income Tax Act and empowering SEBI to question companies with inflated IPO offer prices. Stay tuned for the last full budget of the current government term.
A Fixed Deposit(FD) is a type of deposit account of any individual with the bank, wherein, the amount deposited by the customer is kept for a fixed tenure or period and the bank pays a fixed interest rate on the sum deposited. Fixed Deposit can not only provide you good returns but can also come […]
Learn about the updated return process under section 139(8A) of the Income Tax Act. File or update your ITR within two years for improved tax compliance.
Specification of Charge of penalty under section 271(1)(c) is an important factor while deciding the matters in litigation- Ganga Iron and Steel Trading Co. v Commissioner of Income Tax dated 22.12.2021 , 447 ITR 743 (Bom.)
Understand the taxation of expatriates in India, covering the residential status, taxability, and exemptions. Explore how the Income Tax Act and Double Tax Avoidance Agreement influence the taxation of expats’ income, ensuring compliance with relevant regulations.
Explore Section 80U of the Income Tax Act for a comprehensive analysis of tax exemptions for individuals with disabilities. Understand the definition of disabilities certified by medical authorities, tax exemptions based on income and treatment expenses, exemption limits, and other benefits such as relief from tuition fees and allowances. Be aware of the time limit for filing tax returns under Section 80U and ensure compliance with the Income Tax Act. Empower individuals with disabilities to navigate tax benefits and enhance financial well-being.
Explore tax benefits under Section 35AC of the Income Tax Act 1961, encouraging eligible companies to contribute to public welfare projects. Enjoy deductions of 125% of the amount spent, capped at 10% of net profits, fostering social welfare and development. Ensure timely approval from the National Committee for Promotion of Social and Economic Welfare to avail deductions. Learn about the positive impact on education, health, environment, and more. Leverage Section 35AC for an easier and efficient means of contributing to the betterment of society.
CBDT notifies CBDT notifies California Public Employees Retirement System as pension fund under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of Income-tax Act, 1961 vide Notification No. 02/2023 – Income Tax Dated: 25th January, 2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification […]
