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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...
After considering detailed reasoning by AO as to how assessee has introduced unaccounted money in the garb of LTCG, ITAT upheld addition.
M.D. Noorudin Zariwala Vs CIT (ITAT Mumbai) Disallowance of amount paid to Mosque and debited as donation- It is evident from the letter of mosque produced by the assessee that the free lunch used to be provided by the mosque labourers/artisan etc. in that area. The facility of the assessee happened to be in vicinity […]
Education cess is an additional surcharge levied on income tax and hence it partakes the character of income tax and is not allowable as deduction.
ITAT held that interest earned on late payment from sundry debtors and VAT remission shown as miscellaneous income are eligible profit for deduction under section 80IE
The provision of higher TDS under section 206AB is not applicable on tax to be deducted under sections 194-1A, 194-IB and 194M. This is in addition to already existing provision of its non-applicabilily on tax to be deducted under sections 192, 192A, 194B, 194BB, 194LBC and 194N.
The Central Board of Direct Taxes (CBDT) has notified a new Rule 12AC and a new Form ITR-U which shall be required to be filed along with the respective ITR, to furnish an updated return
Explore Section 139(8A) of the Income Tax Act with the introduction of ITR-U for ‘Updated’ income tax returns. Learn about the new provision allowing taxpayers to rectify errors or omissions within two years of filing, accompanied by additional tax payments. Ensure compliance and stay informed with the latest updates.
The due date for filing TDS returns under Income Tax is nearing. The Deductors have sped up their process of filing TDS Returns and those who are yet to file them must do so before the last date. The due date to file Form 24Q for the 4th Quarter of FY 2021-22 is 31st May […]
Discover which professionals are eligible to opt for Section 44ADA under the Income Tax Act. Learn about the classification of professionals, including Specified and Unspecified categories. Explore the list of professionals specified under Section 44AA(1) and understand the eligibility criteria for Section 44ADA. Get insights into the books of accounts required for Specified and Unspecified professionals, and stay informed about CBDTs rules for maintenance.
Navigate the controversy surrounding the allowability of Cess as expenditure. Dive into the amendments brought by the Finance Act, 2022, shedding light on the retrospective implications, rectification proceedings, and potential legal ramifications. Stay informed on tax complexities.
