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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...
Dive into the case of Maninagar Co. Op. Bank Ltd. against DCIT, focusing on the disallowance of depreciation on Govt. Securities. Detailed analysis of the ITAT Ahmedabad’s order for AY 2012-13.
Explore the ACIT Vs Zodiac Transport case as ITAT Delhi directs fresh adjudication on protective additions, influenced by the SVP Group entities recent partial relief.
ITAT Delhi decision in ACIT vs. Foot Mart Retail clarifies that liabilities, outstanding for years, not written off, cannot be added under section 41(1). Detailed analysis of the case.
Meghalaya High Court orders the setting aside of a Section 148 notice due to procedural lapses, emphasizing the necessity of adhering to the mandated seven-day response period.
ITAT Mumbai sets aside reassessment in Bombay Real Estate Development Co. case, emphasizing absence of new material. Key analysis and implications discussed.
ITAT find that the assessee has not been able to bring out genuine reasons, firstly, for such a huge delay of 1103 days in filing the appeal before the Tribunal and also why the assessee irrespective of being given eight opportunities by the ld. CIT(A) did not present himself or through his authorised representative before the first appellate authority.
The assessee gave additional discount to parties on account of godown rent paid by the said parties. According to the assessee, the customers did not take the delivery of the goods in their own godown after the purchase and the goods would continue to be at the godown of the assessee till the customer sells the goods to the other parties.
Understand the impact of the new Section 194R of the Income Tax Act introduced in 2022. Explore applicability, exceptions, and CBDT clarifications. Prepare for tax compliance and navigate potential complexities.
As you are aware that Capital Gain Tax is charged on transfer of Capital Assets under provisions of Section 45 to 55A of the Income Tax Act, 1961. The main ingredients of Capital Gain Tax are ; 1. There should be a Capital Assets means property of any kind held by an assessee whether or […]
Get the latest updates on income tax return under section 139(8A). Learn about the concept of ‘updated return’ introduced by Finance Act 2022.
