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Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liabi...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : Section 119(2)(b) allows delayed ITR filings with valid reasons. Revised limits, conditions, and judicial insights guide this less...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : Gujarat High Court upholds ITAT ruling in Tejua R. Kapadia case, dismisses Revenue’s appeal on alleged bogus purchases of over �...
Income Tax : ITAT Chennai rules on Sakthi Realty case, deleting additions for unexplained deposits. Details on customer deposits, tax assessmen...
Income Tax : ITAT Surat rules penalty under Section 272A(1)(d) must be limited to first default, not per notice. Penalty reduced to ₹10,000 d...
Income Tax : ITAT Surat rules no penalty under Section 271(1)(c) if income is assessed on estimate. Penalty deleted as disallowances were based...
Income Tax : ITAT Kolkata rules Sec 263 cannot exceed reassessment scope, limits revision period. Disallowances u/s 40A(3) sent back for scruti...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Pranav Kumar Vs DCIT (ITAT Delhi) We have carefully considered the rival submissions made by both the sides and perused the material on record. The issue in the present appeal is with respect to levy of penalty under section 271(1)(c) of the I.T. Act, 1961. In the present appeal, the show cause notice dated 27.11.2017 […]
Assessee had not explained expenses incurred for earning agricultural income, Assessing Officer was to be directed to make a disallowance to extent of 25 per cent of expenditure on account of earning of agricultural income and pass an order accordingly
Master the step-by-step approach for filing Form 10BD for the Financial Year 2021-22. Unveil the intricacies, key instructions, and essential details you should know before initiating the process. From compiling donation data to filing and issuing Form 10BE, this comprehensive guide provides insights, ensuring a seamless filing experience.
For the central government employees, the government was already contributing 14% of employees wages towards employee’s NPS account. Starting this FY, state government employees will receive a 14% contribution into their NPS account from their respective state governments.
Stay informed about the applicability of new Indian Income Tax Return forms for AY 2022-2023. Discover which form suits individuals, HUFs, firms, and companies based on income types. Stay compliant with the latest tax regulations.
These instructions are guidelines to help the taxpayers for filling the particulars in CSV template in Part-B Details of donors and donation relevant to the Financial Year.
Central Board of Direct Taxes, e-Filing Project – ITR 3 – Validation Rules for AY 2022-23 – Version 1.0 – 22nd April 2022 1. Purpose The Income Tax Department has provided free return preparation software in downloads page which are fully compliant with data quality requirements. However, there are certain commercially available software or websites that offer […]
Resolve the Stopped status of Income tax emBridge Utility effortlessly. Learn how to change the status and sign forms online on the Income tax Portal.
For assessment year 2021-22, an assessee had the following items of capital gains: Long Term Capital Gains(LTCG) B4e – On redemption of Tax free bonds @10% – Net gains B10e – On redemption of other debt mutual funds @20% after indexation – Net gains B5c – On Sale of Equity Shares @10% – Net loss(or […]
The value of leasehold interest in land is to be included in assets while determining the fair market value of the shares held and owned by the shareholders as on 01.04.1981
