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Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
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 : 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 : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
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...
Advance Tax refers to Income tax collected in advance from the taxpayer for the year before the end of the concerned financial year. Advance Tax is payable by the taxpayer during a financial year in every case where the amount of tax payable exceeds Rs 10,000/- Advance Tax is calculated on the basis of expected […]
Shri Bhaskar Roy Vs ITO (TDS) (ITAT Kolkata) ITAT held that demand raised by the Income Tax Authorities for levying late fee u/s. 234E of the Act for the period prior to 01.06.2015 cannot be sustained and we order accordingly. However, we hasten to add that Hon’ble Karnataka High Court while passing the order had […]
Kanshi Ram through Legal heir Sh. Sanjeev Kumar Vs ITO (ITAT Delhi) On perusal of the notice issued u/s 274 read with section 271(1)(c) of the Act we observe that the notice issued was stereotyped and the Assessing officer has not specified any limb or charge for which the notice was issued i.e., either for […]
Kurz India Private Limited Vs PCIT (Delhi High Court) Appellant submits that in this case reopening is initiated on the basis of review and re-appreciation of the same material i.e. audited accounts which were subject to verification in the course of original assessment proceedings under Section 143(3) which is not permissible in law. Upon perusal […]
Lotus Ornaments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Upon perusal of assessee’s financial statements, it could be gathered that assessee’s own funds in the shape of share capital and free reserves far exceeds the investment made by the assessee and therefore, a presumption would run in assessee’s favor that the investments were funded out of […]
CIT (Exemptions) Vs Shugan Chandra Kothari Trust (Delhi High Court) It is settled law that an appeal under Section 260A of the Act is to be entertained only when it directly and substantially affects the rights of the parties or is not free from difficulty or call for discussion of alternative views or the factual […]
Income Tax deduction Under Section 80C allows deduction in respect of investment LIC, Housing loan principal repayment, Children education fee etc.) and Under Section 80CCC allows deduction in respect of contribution for contract of annuity for receiving pension offered by LIC or other insurers). Total deuction under both Section 80C and Section 80CCC However, if […]
1. The “reasons to believe” in an income escaping assessment (section 148 read with section 147 of the Act) is one of the most important piece of document. It is the foundation stone with respect to the validity of the entire reassessment proceedings. “Reason to believe” is the document which requires careful consideration and it […]
Bajaj Foods Ltd Vs The ITO (ITAT Ahmedabad) Undeniably the interest paid to Barclays Bank by the assessee has been added to the income of the assessee for non deduction of tax at source thereon as per section 195 of the Act treating the said Bank to be a non redident. The order of the […]
Amendment brought by Finance Act, 2021 to section 36(1)(via) and 43B is only prospective in nature and not retrospective and the same to be effective from 1-4-2021 and will apply for and from the assessment year 2021-22 onwards.
