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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...
Celestial Aviation Trading 64 Limited Vs ITO (Delhi High Court) Facts- The petitioner entered into an Aircraft Specified Lease Agreement with Air India Limited for lease of one aircraft for a period of 12 years. The case of the petitioner is that the petitioner made applications under Section 197 of the Act for ‘Nil‟ rate […]
Interest is paid on the income tax refund as per provisions of section 244A of the Income Tax Act, 1961. The present article covers the reflection and processing of ‘interest from income tax refund’ in Annual Information Statement (AIS). Information source and AIS processing of ‘interest from income tax refund’- Any interest received on an […]
The newly introduced Annual Information Statement includes information that is presently available with the Income Tax Department. It is a comprehensive overview of taxpayers’ information displayed in Form 26AS. The taxpayer can access AIS by clicking the link ‘Annual Information Statement (AIS)’ under the ‘Service’ tab available on the new income tax portal (i.e., https://www.incometax.gov.in/iec/foportal). […]
BCAS representation in regard to the conditions set out in various orders of registration granted to Charitable institutions in response to applications preferred under section 12A(1)(ac) and the first proviso to section 10(23C) of the Income Tax Act 1961. Bombay Chartered Accountants Society Harnessing Talent and Providing Quality Service 7, Jolly Bhavan 2, Ground Floor, […]
Income Tax Department initiated search and seizure operations on a group engaged in manufacturing and export of jewellery and coloured gemstones at Jaipur on 23.11.2021. The search action covered more than 50 premises at different locations in and around Jaipur.
Seeking relief from Rule 11UAE impact on slump sale transactions? Learn how BCAS made a representation to CBDT for a solution.
Indian income tax laws provide for certain tax benefits in respect of life insurance premium paid on life insurance policies as well as for money received from insurance companies in respect of such insurance policies. Let us discuss these provisions. Tax benefit in respect of premium paid for life insurance policies As per Section 80C […]
ITAT Directed AO to delete addition on account of capitalisation of royalty expenses by holding it to be revenue in nature as the assessee did not acquire any new asset or any new enduring benefit from it.
AUDIT UPDATE In this document, we have discussed the major changes and new insertions in CARO (Companies Auditor’s Report Order), 2020 as compared to CARO 2016. 1. Applicability: (Modified) CARO 2020 shall not apply to the auditor’s report on consolidated financial statements EXCEPT, if there are qualifications or adverse remarks given by respective auditor of […]
Tvl. Sree Karumariamman Granites Vs ACIT (Madras High Court) Conclusion: Writ petition was not maintainable when the appeal remedy was available and there was nothing to demonstrate that it was not efficacious. Held: Assessee-partnership firm was carrying on business in quarrying and marketing granites. The Tamil Nadu Minerals Limited (TAMIN), which was a Government company […]
