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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 : 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 : 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...
CBDT vide Notification No. 64/2022-Income Tax amended Rule 21AI/21AJ/21AJA/21AJAA, Inserted new Rule 21AIA – Other conditions required to be fulfilled by a specified fund referred to in clause (4D) of section 10 of the Act and Issued revised Form No.10-IG- Statement of exempt income under clause (4D) of section 10 of the Income-tax Act, 1961. […]
Held that M2M loss on SWAP contract was allowable where loans were converted into foreign currency loan to take benefit of low interest rate and loss recognized on account of foreign exchange fluctuation as per notified Accounting Standard 11 was an accrued and subsisting liability and not merely a contingent or hypothetical liability.
Held that as per the identical issue of disallowance of bought note purchases in cash u/s. 40A(3) of the Act for the assessment year 2017-18 and after considering relevant facts, we set aside the issue to the file of the Assessing Officer for further verification.
Understanding the tax implications of employee and employer contributions to provident fund. Learn about the deduction, disallowance, and reallowance under the Income Tax Act.
Jyoti Ltd. Vs DCIT (ITAT Ahmedabad) Solitary issue involved therein relates to the addition by Assessing Officer and confirmed by the learned CIT(A) being provision towards contribution to Approved Superannuation Fund for the purpose of determining liability of the assessee on account of Fringe Benefit Tax. FULL TEXT OF THE ORDER OF ITAT AHMEDABAD This […]
Kamal Translifters Vs ACIT (ITAT Ahmedabad) Though the assessee’s claim that payment made to the Director, was for business expediency, but the assessee could not prove before us the nexus between the assessee-company with its subsidiary company in the nature of trade and business. Furthermore, Shri Kamal Deshraj Dogra being director of both the companies, […]
Tenovia Solutions Pvt. Ltd. Vs ADIT (ITAT Chennai) The assessee suffered business-loss during the year and claimed carry-forward of losses for Rs.57,69,223/-. However, CPC has reduced the same to Rs.63,849/-. This was due to the fact that the last date of filing return of income was 31.10.2019. However, the return was filed 12 minutes and […]
N.C. Rajagopal & Co. Vs DCIT (ITAT Chennai) During appellate proceedings, the assessee submitted that the receipts have been offered on cash basis and therefore, TDS credit would be available as per Sec.199 of the Act i.e., in the year in which the respective receipts are offered to tax. In support, the assessee also filed […]
AO cannot make additions only on the basis of minimum income declared by the parties, because the income earned by person cannot decide quantum of loan that a person can give
DCIT Vs Medi Sales India Pvt. Ltd. (ITAT Chennai) Issue– Disallowance by the AO by not allowing assessee’s claim holding that the CBDT Circular No. 5/2012 dated 01.08.2012 applies only to pharmaceutical manufacturers and not to distributors like the assessee. Upon careful consideration of material facts, it could be gathered that the assessee merely acts […]
