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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...
GSA Gestions Sportives Automobiles SA Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that penalty can’t be invoked under Income Tax Act without relevant documents which substantiate business activities. The appellant GSA (Gestions Sportives Automobiles) is a company engaged in providing services of qualified motor racing drivers to teams […]
Asha Bhausaheb Thube Vs ITO (ITAT Pune) Section 54F of the Act requires assessee to purchase new residential house within a period of Two years after the date of Sale or construct within a period of Three years. In this case, it is a fact that assessee has neither purchased nor constructed a residential house […]
Polybond India Pvt. Ltd. Vs JCIT (ITAT Pune) It is seen that the assessee claimed deduction u/s 10B of the Act. In the computation of deduction, the assessee inter alia, excluded DEPB entitlement of Rs.48.28 lakhs from the `export turnover‟ which amount was also excluded from the amount of `total turnover’. The authorities below have […]
Chandrasekaran Ragupati Vs CBDT (Madras High Court) It is the admitted case on the part of the Revenue that, on the last date i.e., on 11.06.2021, which was given to the petitioner to reply ie., upto which the web portal of the respondent was not functioning because of technical glitches. This has been admitted by […]
Jurisdiction of AO in cases where section 143(2) notices issued for limited scrutiny is confined to claims AO set out in notice
Desmond Savio Theodore Fernandes Vs ITO (ITAT Mumbai) Section 246A(1)(q) specifically includes, in orders appealable before the learned Commissioner (Appeals), ‘an order imposing a penalty under chapter XXI’, and chapter XXI of the Income Tax Act, 1961 covers Sections 270 to 275- Section 270A, dealing with underreporting and misreporting of income, is thus covered by […]
Chain Singh Mundra Vs ITO (ITAT Chandigarh) In the instant case, the limited dispute relates to whether the assessee has transferred a residential house or not. On perusal of the Sale Deed executed by the assessee, it is noticed that what has been transferred is an industrial plot No.C-10 alongwith construction thereon situated at Sector […]
ITAT Bangalore ruling on demonetization cash dispute. Assessing double taxation on demonetized notes as sales proceeds. Learn more about the case.
ITO Vs Sanika Avadhoot Shilotri (ITAT Mumbai) When the developer failed to provide original flat then it had offered another flat in the building which was to be constructed on a future date. When the assessee has booked the flat that property was not in existing and it was a property to be constructed in […]
R.Barathbaran (Died) Vs R. Nallathambi (Madras High Court) There is no mandatory provision under the Negotiable Instruments Act that both the signature and thump impression has to be obtained for a pro-note and the lower Appellate Judge has totally misguided and misused the provision of the Negotiable Instruments Act, regarding burden of proof and not […]
