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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : 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...
SMJ Eximp Limited Vs Union of India & Ors. (Calcutta High Court) It is the grievance of the petitioner that in spite of intimation of the fact that the assessee is not existing, still respondent is proceeding with the impugned reassessment proceeding and submits that the whole proceeding and the impugned notice and assessment order […]
Surinder Kaur Sethi Vs ACIT (ITAT Delhi) The assessee has tried to support the claim towards cost of improvement of Rs.1,80,000/- and Rs.2,00,000/- purportedly incurred in F.Y. 1982 and 1983 respectively by way of affidavit. On inquiry, from the bench, it was however admitted that other than affidavit, the assessee does not possess any other […]
In our considered view only a percentage of profit embedded in such amount of contractual receipts can be brought to tax. In this regard we find support and guidance from the order of the Hon’ble Gujarat High Court in the case of CIT vs. President Industries reported in 258 ITR 654 where it was directed to make the addition only to the extent of gross profit of undisclosed business receipts.
Prathamika Krushi Pattina Vs ITO (ITAT Bangalore) In the instant case, there is no dispute with regard to the fact that sources for making deposit of Rs.36.36 lakhs by the assessee whoo is a primary agricultural credit co-operative society into its bank account are the money collected from its members. The AO is also not […]
Sparco Engineering Pvt. Ltd. Vs ACIT (ITAT Pune) We find an amount of Rs.3,71,94,261/- which is above the cash receipt projected by the AO offered to tax in the hands of SMAEPL in which the assessee is sister concern, in whose hands the AO made addition again is, in our opinion, not maintainable. We note […]
Income Tax Chart 2022 (21st Edition) Here it is, duly updated and modified wherever required. You can take a printout of the same and place at a suitable place for day to day reference. All Suggestions for its improvement are always Welcome.
The CPC has taken the view that the said incomes are assessable as house property income/other sources income. However, the assessee has considered the same as business income. The view so taken by CPC is debatable one. In any case, it is established that there is no omission on the part of the assessee to include both the income in its gross receipts. Hence the adjustments made by CPC u/s 143(1) are liable to be deleted.
Payment received by the taxpayer towards GSM system of which software was an inseparable part, which is incapable of independent use, could not be classified as payment towards Royalty
Shrawan Goenka Vs ACIT (ITAT Patna) Brief facts relevant to the issue are that during the assessment proceedings, the Assessing Officer noted that the assessee had debited in his Profit & Loss A/c, a sum of Rs.4,94,006/- under the head bad debts. On being asked to produce the details along with supporting papers, bills, vouchers, […]
ACIT Vs Muktha Shantiniketan Properties (ITAT Chennai) It is an undisputed fact that the assessee has raised objection for reopening of assessment and the Assessing Officer has not passed any speaking order in respect of the objections raised by the assessee. It is contrary to the decision of the Hon’ble Supreme Court in the case […]
