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Income Tax : Did you know that failing to disclose your foreign assets in your Income Tax Return (ITR) can lead to penalties of up to ₹10 lak...
Income Tax : Learn about HRA claims, TDS obligations on rent, and why taxpayers are receiving tax notices. Understand compliance steps to avoid...
Income Tax : Article seeks to explore the contents of New Direct Tax Code, which will be finalised in the coming weeks. Additionally, it aims t...
Income Tax : Learn about Income Tax Department alerts regarding non-deduction of tax on rent under Section 194IB of the Income Tax Act, 1961....
Income Tax : Discover tax planning strategies for managerial decisions with insights on Finance Act 2025 changes. Learn simplified versions of ...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
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 : ITAT Mumbai allows 80P(2)(a)(i) deduction for cooperative credit society, including interest from cooperative banks, reversing low...
Income Tax : ITAT Mumbai allows tax exemption on capital gains for NRI under India-Singapore DTAA, rejecting AO's classification of mutual fund...
Income Tax : Karnataka High Court dismisses writ petition challenging a tax liability order under Section 179 of the IT Act, citing an altern...
Income Tax : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : 8% deemed profit rate as specified u/s 44AD is not a fixed standard & may vary depending on nature of business - Reduces profit ma...
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
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...
Office Order No. 240 of 2022-Income Tax The following transfer/postings (Local changes) of the officers in the grade of Deputy/Assistant Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:
ITAT Delhi held that processing fees for purchase of business assets is allowable as deduction as the loan has been taken for purchase of assets which are used for the business of the assessee.
ITAT Chennai held that claim of depreciation and other related expenses is allowed to the company as the cars, registered in the name of directors, are used for the purpose of business.
ITAT Delhi held that AO duly accepted foreign exchange gain offered to taxation in earlier Assessment Year, hence AO cannot disallow foreign exchange loss assuming it to be a contingent loss in the year under consideration.
CBDT notifies CBDT notifies Teacher Retirement System of Texas 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. 119/2022 – (Income-Tax) Dated: 31st October, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. […]
Understand the taxability of virtual digital assets in India. Learn about the tax consequences on the transfer of digital assets and the definition of virtual digital assets.
Any male or female person born in a joint family under Hindu law who is within four levels in lineal descendent from the common male ancestor is considered as a coparcener and anyone who becomes part of the family other than by the virtue of birth (I.e., by marriage) is treated as a member.
Gujarat High Court held that the activity of dairy business cannot be construed as agricultural activity under Section 36 of the Income Tax Act, 1961.
GUIDANCE NOTE ON REPORT UNDER SECTION 92E OF THE INCOME-TAX ACT, 1961 (TRANSFER PRICING) [Based on the law as amended by the Finance Act, 2022] (Revised 2022) ICAI Committee on International Taxation is one of the important non-standing Committees of the Institute of Chartered Accountants of India (ICAI). As a partner in nation building, ICAI […]
Unveiling the intricacies of black money law. Understand the provisions, procedures, and rationale behind this substantive law on undisclosed foreign income and assets.
