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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 : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
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 : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
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...
ACIT Vs Anush Infrastructure (P) Ltd (ITAT Chennai) Upon careful consideration of material facts, it could be gathered that the whole basis to make additions in the hands of the assessee is sale agreement dated 24.08.2009 allegedly executed between the assessee and one Mrs. Bhavika Jain. On the basis of this agreement, it has been […]
Tulip Infratech Private Limited Vs Addl. CIT (ITAT Delhi) Ld. AO was of the view the assessee has paid EDC for the works carried out by HUDA and hence the same was liable for TDS u/s 194C Ld. AO also noticed that certain tax deductor sought clarification regarding applicability of TDS provisions on EDC charges […]
ITAT held that carrying on the statutory functions or activities which is mandate of the law cannot be said to be trade, commerce or business.
CBDT notifies ‘Uttar Pradesh Electricity Regulatory Commission’ under Section 10(46) of Income-tax Act, 1961 vide Notification No. 79/2022- Income Tax | Dated: 6th July, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 79/2022- Income Tax | Dated: 6th July, 2022 S.O. 3105(E).—In exercise of the powers conferred […]
The Central Bureau of Investigation has arrested two Tax Assistants posted at Income Tax Department, Hyderabad and Visakhapatnam in a bribery of Rs. 60,000/-.
Sasamusa sugar works Pvt. Ltd. Vs DCIT (ITAT Kolkata) In respect of ground relating to claim of depreciation on molasses tanks for which the ld. CIT(a) had directed the AO to allow the depreciation after verification that the new plant & machinery were indeed put to use by the assessee. Assessee has come before the […]
Stay compliant with the Income Tax Act by submitting your income tax return for the financial year 2021-2022. Learn about the important provisions and deadlines.
Ravi Metallics Limited Vs PCIT (ITAT Cuttack) A perusal of the order of the ld. Pr.CIT shows that the show cause notice issued u/s.263 of the Act has been issues only on 1st March, 2019. Admittedly, the assessee has responded to the show cause notice though on 26.03.2019. In the said reply, the assessee has […]
Understanding double taxation on the sale of unquoted shares in India. Learn about the implications and requirements under the Income Tax Act.
Mere fact that assesse had separately debited service tax in it profit and loss account and not credited the same in its profit and loss account could not be the reason or basis for stating that assessee had not credited these receipts in its books as it was to be presumed included in the sales price.
