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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...
whether the CIT(A) justified in confirming the addition of Rs.1,26,80,413/- on account of long term capital gain in the hands of the assessee instead of Jayantilal Oswal in the facts and circumstances of the case.
Explore the ITAT Ahmedabad ruling in Sangitaben Doshi vs. ITO case. The order discusses the disallowance of LTCG on Kappac Pharma shares based on conjectures.
Jagdishbhai R. Patel Vs ACIT (ITAT Ahmedabad) CIT(A) upheld the penalty of Rs.19,50,000/-,levied u/s 271AAB of the Act @ 30% of the undisclosed income of Rs.65 lacs, noting that the assessee had failed to fulfill the following conditions by the specified date as required by the section : a) filing its return declaring the undisclosed […]
Priti Nanda Vs CIT Appeals (Delhi High Court) 1. By way of the present petition, the Petitioner seeks a direction to the Respondents to list, hear and decide the first appeal filed by the Petitioner against the Assessment Order and freezing proceeding issued against her by the concerned Assessing Officer within a period of one […]
PAN of assessee should be cancelled by Income Tax department and credit for advance tax and TDS should be granted to assessee as per law.
Assessee found to be negligent, casual & noncompliant. So ITAT, refuse to condone inordinate delay of 789 days in filing appeal
If expenses are incurred for business, the same should be allowable as deduction and it is not necessary that expenditure may result in income or there must be substantial income.
Department should have adopted liberal approach in refusing request for time for filing objection to draft assessment order and finally passing assessment order. The department acted thick skinned.
Salient features of new Section 148 to 151A ‘i.e. assessment/reassessment procedure of Income Escaping Assessment
Question of Government issuing any direction to CBDT to relax the PAN-Aadhaar linking norms does not arise.
