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Income Tax : A detailed comparison of key provisions in the Income Tax Act, 1961, and the proposed Income Tax Bill, 2025, highlighting major ch...
Income Tax : Stay updated with 2024 US individual tax filing details, including deadlines, tax rates, forms, and standard deductions. Learn abo...
Income Tax : बजट में गैर-पेंशनभोगी वरिष्ठों को कर राहत न मिलने ...
Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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 : In the matter abovementioned ITAT allowed the appeal of the assessee after deleting the addition made u/s 68 after observing the f...
Income Tax : Respondent/assessee is a Irish company. It accordingly claimed benefits of the India-Ireland DTAA. ADIR is a wholly owned subsidia...
Income Tax : In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that a...
Income Tax : In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after consid...
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 : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
DCIT Vs Credit Suisse (Singapore) Ltd. (ITAT Mumbai) The assessee conducts portfolio investments in Indian securities in its capacity as SEBI registered FII/FPI, conclusion of the learned CIT(A) that the offshore distribution commission income is in th nature of ‘business income’ of the assessee does not require any interference. Facts- The assessee is a company […]
Dy.CIT Vs Sembcorp Energy India Limited (ITAT Hyderabad) Applicability of section 56(2)(viib) is only in a case where the shares are issued at a premium by a company in which public are not substantially interested. Facts- During the course of assessment proceedings, it was craved before AO that price at which the shares were issued […]
Zeeshan Azizmohmed Shaikh Vs ITO (ITAT Mumbai) Both SEBI and BSE corroborated the fact that Kailash Auto Finance Ltd was not a genuine company – LTCG exemption u/s 10(38) denied – addition u/s 68 sustained Facts- The assessee is an individual and is engaged in the business of trading in paper. The assessee filed its […]
Arcil CPS 002 XIII Trust Vs ITO (ITAT Mumbai) Assessee trust is a Revocable Trust and contribution by beneficiaries is a revocable transfer. Hence, the income shall be taxed in the hands of the beneficiaries. Facts- The assessee is an AOP in the nature of trust in the business of securitization of debts and processing […]
J & K Tourism Development Corporation Ltd. Vs ACIT (ITAT Amritsar) No disallowance can be made that the payment to the employee’s contribution to PF and ESI paid by the assessee before the due date of filing of return of income u/s. 139(1). Accordingly, we hold that no disallowance can be made in the assessment […]
Paramount Probuild Pvt. Ltd. Vs DCIT (ITAT Delhi) Held that when there is no incriminating material was unearthed during the course of search in respect of an issue, then no addition in respect of such an issue can be made in the assessment u/s 153A & 153C of the Act. Facts- The assessee Company is […]
Safe Harbour rules for AY 2022 2023 | Income tax Act, 1961 | Notification No. 66/2022-Income-Tax | Dated: 17th June, 2022 | CBDT amends Rule 10TD of Income Tax Rules, 1962 and extended applicability of safe Harbour Rule 10TD(1) and Rule 10TD(2A) to AY 2022-23. The notification is effective dated 1 April 2022. MINISTRY OF […]
Chirag M. Shah Vs ITO (ITAT Ahmedabad) It is observed that it is crystal clear that there are provisions under the IT Act; namely, section 199 of the IT Act, 1961 and Rule 37BA of the IT Rules, 1962 and the proper mechanism is also provided under the Act and Rules. Thus, respectfully following the […]
Nekkanti Sea Foods Limited Vs PCIT (ITAT Visakhapatnam) That the export entitlements (MEIS) and the duty drawback of promotion scheme is an income asssessable under the head “profits or gains from business or profession” accordingly, eligible for deduction u/s 80IB(11A). Facts- The assessee is engaged in the business of export of frozen shrimp and other […]
Get a detailed analysis of the Presumptive Income Taxation Scheme in India. Learn how this scheme provides relief to small businessmen and professionals.
