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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...
It was held that there cannot be situation where two Assessing Officer would have simultaneous jurisdiction over the assessee. Accordingly, it was held that the Tribunal had rightly held that the issuance of notice under Section 148 (1) of the said Act by the non-jurisdictional Assessing Officer was without jurisdiction.
Hactom Agro Pvt Ltd. Vs National E Assessment Centre & ors (Bombay High Court) Hon’ble Bombay High Court quashed and set aside the assessment order passed in violation of the scheme under Section 144C of the Income Tax Act, 1961. The High Court observed that assessing officer exceeded the jurisdiction in passing the assessment order […]
Held that the carry forward of business loss cannot be denied to the assessee merely on the ground that the statutory audit/tax audit was not completed within the prescribed period.
Section 195 of the Act governs the TDS deduction on payments to non residents. It states that any person responsible for making payment outside India to a company or a non company is required to deduct TDS at the time of payment or credit, whichever is earlier at the rates in force. Let us understand […]
Central Government hereby approves ‘Sri Shankara Cancer Foundation, Bangalore (PAN: AAHTS5593F)’under the category of ‘University, College or other institution’for Scientific Research for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
HDFC Bank Ltd. Vs ACIT (Bombay High Court) Bombay high court exposing serious flaw in reopening under section 148 in HDFC case (significance of tangible material for formulation of valid belief , fatal impact of difference in the reasons recorded on file and reasons placed for statutory approval under section 151 etc. “30. The position […]
Nandita Sikka Vs Income Tax Officer (Delhi High Court) Learned counsel for the petitioner states that the impugned notice has been issued without approval of the competent authority as per Section 151 of the Act. He states that the approval has not only been obtained from an incompetent authority but has also been obtained after […]
Tata Capital Financial Services Limited Vs ACIT (Bombay High Court) Bombay High court (HC) lays guidelines on reopening cases for assessing officer (AO) for strict compliance Bombay high court coming down heavily on income tax department in section 148 reopening cases where revenue is held not transparent with tax payers in sharing of requested information […]
Mangalore Refinery and Petrochemicals Limited Vs DCIT (Bombay High Court) Lastly, it would be contextually relevant to note that the rejection of the objections to the reopening also suffers from a familiar error, which the notices for reopening usually manifest. The Assessing Officer in the impugned order recorded that though the details of the expenses were […]
it has been decided that no such request for Form 15E for certificates under section 195(2) & 195(7) for a particular Financial Year shall be accepted after 15th of March of the Financial Year. For instance, no application for certificates for Financial Year 2021-22 shall be allowed after 15.03.2022.
