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Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
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 : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
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 : 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...
ITAT held that adjustment of disallowance u/s 14A could not be made while computing Book Profits u/s 115JB as per the decision of Special Bench of Delhi Tribunal in ACIT V/s Vireet Investment (P) Ltd. (165 ITD 27) as well as the recent decision of Hon’ble Karnataka High Court in Sobha Developers Ltd. V/s DCIT (2021; 125 com 72).
Gujarat Nippon Enterprises Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The question that requires to be adjudicated whether the investment was made by the assessee to have controlling interest in the companies. Regarding loans granted by the assessee, the assessee company has given advances to five tooth brush companies as a business strategy to have controlling […]
There are very few eligible startups which are allowed to claim deduction under section 80IAC by ministry. Hence the startup must use this tax exemption wisely. Before filling Income Tax return (ITR) and claiming deduction under section 80IAC, the startup must keep following points in mind. Otherwise, it may result in disallowance of deduction and increase […]
Clarifications have been requested by certain Reporting Financial Institutions (RFIs) in India in respect of the applicability of FAQ 6 (reporting) and FAQ 3 (reporting) issued by U.S. IRS in respect of U.S. reportable accounts under the FATCA Intergovernmental Agreement between the United States of America and other Model 1 jurisdictions.
What Is Advance Tax? As we already know that the income-tax is payable on the income earned during the previous year and it is assessed or charges in the immediate succeeding assessment year (e.g.: I earned income in year 2021-22 will be assessed in next year i.e., 2022-23. In this case, my previous year would […]
Arjuna (Fictional Character): Krishna, Honourable Finance Minister Mrs. Nirmala Sitharaman will be declaring the Finance Budget of 2022-23 on 01st February in the Lok Sabha. Everyone is excited for the Budget. But due to corona, “Halwa” Tradition has been discontinued and “Mithai” has been distributed. Krishna, What the taxpayer’s will get Halwa or Mithai in […]
Synamedia Ltd. [formerly known as ‘NDS Limited’] Vs ACIT (ITAT Bangalore) It is the case of the Assessee that the receipts in question are pure reimbursement of expenses incurred by the Assessee for and on behalf of NDS Pay TV. It is the case of the revenue that (Para 2.1 of AO’s order) that reimbursement […]
GBT India Pvt. Ltd. Vs National E–Assessment Centre (ITAT Delhi) During the course of scrutiny assessment proceedings, the Assessing Officer noticed that the bad debts are related to very brand conscious entities, which by no stretch of imagination can be made as bad debts. The Assessing Officer further observed that the assessee has not furnished […]
Divesh Prakashchand Jain Vs PCIT (Bombay High Court) We have perused the notice as well as the order passed by Respondent No.1 and in our view, there is no case made out for transferring Petitioner’s case to Bengaluru. Under Section 127(2) of the Act, where the Assessing Officer or Assessing Officers from whom the case […]
CBIC hereby sets up office for the Interim Boards for Settlement (hereinafter referred to as ‘the IBS’) as specified in Column 2 of the Schedule below, with their headquarters at the places mentioned in Column 3 of the said Schedule and comprising of Income-tax Authorities as specified in Column 4 of the said Schedule.
