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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : 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...
Delhi High Court held that provision of service by associated enterprise doesn’t include the element of ‘make available’ of technology to the assessee. Thus, benefit of Article 12 of India-USA DTAA available to such payment and hence TDS not deductible on the same.
Understand capital gains tax, exemptions under Sections 54/54F, TDS rates, and tax filing requirements for property sales in India, including for non-residents.
ITAT Mumbai held that disallowance of short term capital loss not justified since there is no evidence on record based on which genuineness of transactions can be doubted. Hence, held that conclusion drawn by AO is wholly irrational and unsustainable.
Kerala High Court held that a loss in the derivative business is a business loss for the purposes of Section 72, and thus a set off of such business loss would have to be permitted against profits and gains of business.
ITAT Mumbai held that levy of interest under section 201(1A) of the Income Tax Act for lower deduction of TDS not justified since the lower deduction in earlier months were due to bonafide reasons and the same was adjusted in later months.
Allahabad High Court held that appeal u/s. 260A of the Income Tax Act is not sustainable since there is no perversity in finding of the Tribunal and accordingly there exists no substantial question of law. Accordingly, appeal dismissed.
Delhi High Court held that assuming jurisdiction under section 153C of the Income Tax Act impermissible unless it is satisfied that document / seized material belonged to the assessee. Thus, appeal dismissed.
Delhi High Court held that order issued u/s. 143(3) of the Income Tax Act wrongly challenged on the assumption that it is draft assessment order u/s. 144C is untenable in law. Accordingly, cost of ₹1,00,000/- imposed on petitioner.
Thus all the provisions relied upon by the Ld. AO would apply only in a case where an “asset” is “transferred” in the course of “amalgamation” by “transferor company” to the “transferee company” and would not apply when a particular “asset” is a “result” of amalgamation.
PCIT was of the view that mere process of compression of natural gas cannot be considered to be a manufacturing activity for the purpose of claim of additional depreciation.
