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Income Tax : Explore the differences between Form 16 and Form 16A, their purposes, eligibility, and significance in income tax filing. Understa...
Income Tax : The Supreme Court’s Rajeev Bansal case clarified the validity of reassessment notices for AY 2013-14 to 2018-19 and introduced t...
Income Tax : Learn about the planned overhaul of India’s Income Tax Act 1961, set to simplify and modernize tax laws by 2025, aiming for clar...
Income Tax : Learn how to revise TDS returns online via TRACES, correct errors, and ensure compliance. Get step-by-step guidance and understand...
Income Tax : In the alternate, assessee has also raised a ground that Assessing Officer ought to have allowed the expenditure incurred in culti...
Income Tax : Learn how CRS and FATCA enhance tax transparency, requiring foreign asset disclosure in India. Avoid penalties with complete, accu...
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
Income Tax : CBI files chargesheet against Principal Commissioner of Income Tax and four others in a Rs 10 lakh bribery case. Investigation det...
Income Tax : CBDT sets transfer pricing tolerance range at 1% for wholesale trading and 3% for other transactions for AY 2024-25, providing cla...
Income Tax : KSCAA highlights critical issues on India’s Income Tax Portal, impacting timely filings for returns and TDS with glitches, timeo...
Income Tax : ITAT Jaipur upheld CIT(A)'s decision to add undisclosed income under Sec 50C in the case of Kavita Samtani Vs DCIT, relating to di...
Income Tax : As per provisions of section 153C of the Act, notice required to be issued to the other person would be a notice under section 153...
Income Tax : ITAT Jaipur rules in favor of Deepak Kumar Samtani, dismissing penalty under Section 272A(1)(C) due to lack of evidence of non-com...
Income Tax : ITAT Ahmedabad held that CIT(A) erred in upholding addition made by AO without considering the additional evidence. Such failure t...
Income Tax : ITAT Nagpur held that the addition made under section 69A of the Income Tax Act towards unexplained money is liable to be quashed ...
Income Tax : CBDT grants tax exemption to the Petroleum and Natural Gas Regulatory Board for AY 2024-25 under Section 10(46A) of the Income Tax...
Income Tax : CBDT sets new monetary limits for waiver of interest on delayed tax payments under Section 220(2) of the Income Tax Act, 1961, eff...
Income Tax : CBDT issues Notification No. 5/2024 for mandatory electronic filing of Forms 3CEDA and 3C-O under Income Tax Rules, effective from...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
Income Tax : The CBDT extends the Income Tax Return due date for AY 2024-25 to November 15, 2024, as per Circular No. 13/2024 issued on October...
In the present case, the main reason for treating the land as non-agricultural is that the land was converted for usage of non-agricultural purposes. However, the assessee filed revenue records wherein it is stated that the land still continued to be agricultural land wherein crops like Ragi & Paddy were cultivated by the assessee.
Hon’ble Bombay HC, in the case of DIT v/s Besix Kier Dabhol, has held that the Revenue has no power to re-characterize a transaction entered into by the Assessee. Therefore admittedly, the AO or the TPO are not empowered to convert and re-characterize a transaction of share application into a loan transaction.
In this article we shall discuss briefly about taxability and FEMA regulations in relation to Indian resident’s investment in LLC and Inc. in USA INC. INTRODUCTION Inc. is an abbreviation for Incorporated when it is used after a company’s name. Inc. is a corporate body which issue shares of stock to their owners, who are called shareholders. […]
Introduction: Generally, after completion of the Income tax assessment, the tax department issues a notice under Section 156 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) to enforce and collect the tax demand. The assessee has to pay the tax amount within 30 days from the date of service of the notice […]
CASE-1 Applicant’s Name: Khera Trading Company Citation: Advance Ruling No. HAR/HAAAR/2018-19/06 The Haryana Appellate Authority of Advance Ruling (AAAR) bench held that 18% Goods and Service Tax (GST) is payable on pizza topping as pizza topping is not pizza. BRIEF FACTS: 1. The appellant is in the business of distributing various dairy and non-dairy products […]
Tax Revenues in India Mark a Record High in a Post-Pandemic Economy FY 2021-22 revenue Rs. 27 Lakh Crore; up 34% over Previous Year Slew of Measures such as Ease of Filing ITR, Faceless e-Assessment, new AIS & GST reforms Boosting Compliance & Fueling Tax Collection As a remarkable testimony to the rapid recovery of […]
Cash Credit is any sum found credited in the books of the taxpayer either by cash or bank deposit, for which he offers no explanation about the nature and source of funds or the tax authorities are not satisfied by the explanation offered by the taxpayer.
Office Order No. 75 of 2022 | The following transfer/postings of the officers in the grade of Chief Commissioners of Income Tax/ Director Generals of Income Tax, are hereby ordered with immediate effect and until further orders:-
F.No. A-22011/212022-Ad-VI (Pt.II) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi – 110 001 Dated: 16.04.2022 Office Order No. 74 of 2022 On promotion, the transfer/postings of the following officers in the grade of Pr. Chief Commissioner of Income Tax/ Pr. Director Generals of Income […]
Learn about the application process and time limits for registration under Sections 11 and 12AB for a Public Trust.
