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Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
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 : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
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 : 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...
Reopening of the assessment was questioned by the petitioner. The principal reason for reopening was advertisement and marketing expenditure incurred by the petitioner was not deductible in view of section 37, as petitioner was prohibited from advertising under the provisions of Indian Medical Council Act, 1956
(i) Rule 128(9) of the Rules does not provide for disallowance of FTC in case of delay in filing Form No.67; (ii) Filing of Form No.67 is not mandatory but a directory requirement and (iii) DTAA overrides the provisions of the Act and the Rules cannot be contrary to the Act.
HC directed the Income-Tax Department to allow tax deducted at source (TDS) credit to the assessee, even if the same is not deposited by the employer. Further held that, where tax has been deducted by an employer but not paid to the Central Government, the Department should resort to Section 201 of the Income-tax Act, 1961 (IT Act) to recover TDS from the employer.
After framing of the assessment made under Section 143(3) of the Act, tangible material came into the hands of the AO through the investigation wing and upon perusal of the same, he made independent inquiries and applied his mind and upon due satisfaction, he formed an opinion that, the income has escaped assessment.
Consequence of Non-Filing of Appeal in Respect of Cases Where Tax Effect is Less Than the Prescribed Monetary Limit. As you are aware that the Commissioner may, of he objects to any order passed by the Commissioner (Appeal) under Section 154 or Section 250, direct the Assessing Officer to appeal to the Tribunal against the […]
The Income Tax Department had rolled out a new Annual Information System (AIS), a comprehensive statement containing details of all the financial transactions undertaken during a financial year and are at present available with the Income Tax Department, even broader than Form 26AS. At present, Form 26AS is detailed by the Tax Department, which is […]
Annual Information Statement (AIS)– Winning from lottery or crossword puzzle under section 115BB With the aim of bringing more transparency and offering detailed information to the taxpayer, the Income Tax Department has recently launched ‘Annual Information Statement’ (AIS). Along with the Annual Information Statement, a simplified ‘Taxpayer Information Summary’ (TIS) was also launched. Notably, information […]
Annual Information Statement (AIS) information category ‘Winning from horse race under Section 115BB’ Annual Information Statement, shortly known as AIS, is a statement of all-inclusive information for an income taxpayer displayed in Form 26AS. Under each section of AIS, reported value and updated value (that is value after considering the feedback of taxpayer) will be […]
The Indian Culture has thousands of years of history as well as various traditions attached to it. It is also a birth place of many religions like, Hinduism, Sikhism, Buddhism, Jainism etc. Beside, India is a country with diversified culture where each occasion is a reason to celebrate and show love and affection to close […]
Protocol amending the Agreement between the Government of the Republic of India and the Government of the Kyrgyz Republic for the Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with respect to taxes on income signed at New Delhi on 13th April, 1999.
