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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...
CBDT notifies Odisha Electricity Regulatory Commission under Section 10(46) of income Tax Act, 1961 vide Notification No. 85/2022-Income-Tax | Dated: 21st July, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 21st July, 2022 Notification No. 85/2022-Income-Tax | Dated: 21st July, 2022 S.O. 3315(E).—In exercise of the powers conferred by […]
Held that it is well settled law that, the sale of software product which will not giving rise to royalty income.
Held that Commissioner should not simply relegate the point that the assessment order is erroneous to the AO. The Commissioner, after analyzing the record, ought to have recorded a categorical finding and provided valid reasons as to how the assessment order is erroneous. Revision unsustainable
Sailesh Chandra Dutta Vs Assistant Commissioner (Calcutta High Court) Calcutta High Court quashes garnishee proceedings and original assessment order passed in violation of natural justice against which no appeal preferred Hon’ble Division Bench of the Hon’ble Calcutta High Court in the matter Sailesh Chandra Dutta Vs. Assistant Commissioner, Raiganj Charge, Raiganj & Ors M.A.T. 1062 […]
With the ever-changing provisions in the TDS / TCS ecosystem of India, TDSMAN software has been serving its users for 17+ years with trust from its clients across Corporates, Professionals, SMEs, Government and PSUs.
Focus Product Scheme (FPS) was first introduced with the objective to incentivize export of such products which have high export intensity/ employment potential, so as to offset infrastructure inefficiencies and other associated costs involved in marketing of these products.
Stay informed about the Supreme Court of Indias recent decision unsettling the settled legal position on the mandatory or directory nature of submission requirements (Form 10B, Form 9, Form 10CCB, etc.) for claiming tax exemptions or deductions. Explore the impact of PCIT Vs Wipro Limiteds judgment, highlighting the need for strict compliance with exemption provisions. Learn about the principles of statutory interpretation and the evolving stance on filing audit reports for availing tax benefits.
Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).
Explore the nuances of TDS under Section 194R and Section 194S of the Income Tax Act, 1961, introduced by the Finance Bill 2022. Uncover the implications and requirements for businesses and individuals, covering aspects such as deduction rates, applicable entities, and specific scenarios like benefits, perquisites, and virtual digital asset transfers. Stay informed about the proposed changes and potential challenges.
Abdul Majeed Vs ITO (Rajasthan High Court) High Court held that while passing an order under Section 148A of the Act, the authority is required to reach satisfaction to not only that income chargeable to tax has escaped assessment, but in case where three years have elapsed from the end of the relevant assessment year, […]
