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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 : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 on 14th June 2022 has finally released after 74 days Excel offline Utility of ITR-5 [For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7] for Assessment Year 2022-23 Punjab and Haryana High Court Judgment in the case of Vishal Garg Vs UOI has instructed CBDT to ensure that […]
Understand Rule 12 of Income Tax Rules wef 01.04.2022 for Assessment Year 2022-23. Get ready for the updated regulations with Taxguru Team.
Calcutta High Court order on Penny stock in which Department’s appeal in penny stock case has been allowed. The Orders of AO and CIT(A) have been restored. Reversed the order of ITAT. The Court Held that : 1. The assessees cannot take shelter under the opinion given by the experts as it is not the […]
Learn about carry forward and set off of losses in case of closely held companies under Section 79. Understand the conditions for carrying forward losses and make informed financial decisions.
Central Government hereby notifies the transfer of capital asset from NTPC Limited (PAN: AAACN0255D), being transferor public sector company, to NTPC Green Energy Limited (PAN: AAICN1737G), being transferee public sector company, under the plan approved by the Central Government on 21st day of March, 2022, for the purposes of the said clause.
Ajay Bhandari Vs Union of India (Allahabad High Court) Reassessment — Reopening of assessment — Reopening notice issued under unammended provisions — Reliefs sought in petition is to quash impugned notice u/s 148 — Held, as per Clauses 6.2 and 7.1 of Board’s Circular dated 11.05.2022, if a case does not fall under Clause (b) […]
Held that employee is eligible for relief u/s 89 on one-time lumpsum ex-gratia amounts payable by the employer as such compensation received is treated as salary received in advance.
Akshay Khetter pal Vs ACIT (ITAT Delhi) Conclusion: Penalty u/s 112(a) of the Custom Act was sustainable as penalty was penal in nature and the payment made for discharge of punishment for violation of prohibited acts and/or restriction(s) imposed under the provisions of law, could not be considered as compensatory in natur and not allowable […]
Since AO had merely asked the assessee for filing information in respect of the grounds on which the case was selected and no meaningful enquiry had been carried out by the AO on the information filed by the assessee, therefore, revision under section 263 by CIT was justified.
S K Srivastava Vs Central Board of Direct Taxes (Delhi High Court) The Income Tax Act, 1961 provides complete machinery for the assessment/ reassessment of tax, imposition of penalty and for obtaining relief with respect to an improper order. One ought to not abandon this machinery and invoke the jurisdiction of the High Court u/A […]
