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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...
ADIA files ROI in India disclosing income falling within the scope of section 5(2). However, in view of exemption available in terms of India-UAE DTAA, ADIA reports NIL taxable income. AAR denies the benefit of India-UAE DTAA benefit to ADIA in respect of income accruing on the investment made or proposed to be made by Green Maiden A 2013 Trust which was established by ADIA and ETL.
The assessee has issued demand drafts to various persons and any unclaimed demand drafts is kept in stale draft account under the head ‘outstanding liabilities’. AO noticed that the amount of INR 18,42,40,053 was shown under the head ‘outstanding liabilities’. The opening balance of the said account was INR 13,97,32,235. Accordingly, differential amount of INR 44507818 is treated as income of the assessee.
Assessment was sought to be reopened not on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but on account of change of opinion of AO about the manner of computation of the deduction under Section 57, therefore, the same was invalid.
Qualcomm India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) Facts- The assessee argued that education cess paid on Income Tax doesn’t come under the purview of the definition as it is levied on the amount of Income Tax but not on profits of business. Conclusion- Education Cess is not in the nature of capital expenditure, […]
TDS – Tax Deduction at Source TDS is the abbreviation of Tax Deduction at Source. Basically, it is an income-tax which is deducted from the money paid at the time of making particular payments like salary; interest; rent; commission; professional fees etc. The present article clears up all the basic concepts of TDS. Person liable […]
PAN (Permanent Account Number) PAN is an abbreviation form of Permanent Account Number. It is a 10-digit unique number. An application in Form 49A is to be filed by an Indian citizen/ entity/ company, whereas, an application in Form 49AA is to be filed by a Foreign citizen/ entity/ company. The current article deals with […]
Shri Piyush Goyal says FDI in India growing rapidly over last few years Commerce Minister invites South Korea to invest in Defence and Retail Plan to manufacture 5 billion vaccines next year: Shri Piyush Goyal India will witness one of the fastest growth rates across the world – Shri Goyal The Minister for Commerce & […]
BUSINESS VS PROFESSION Section 44AB of the Income Tax Act, 1961 defines separate limit for business and profession, so it is essential to understand what is business and what is profession. Business Profession The term “business” is defined in section 2(13) of the Act, as under: “Business” includes any trade, commerce, or manufacture or any […]
Under Income Tax Act, Tax Deducted at Source (TDS) is really a Tedious for all the assesses. There are different sections 192 to 194 having subsections, analyses as under: Section 192 TDS on Salary Section 193 TDS on interest on securities Section 194 TDS on Dividends Section 194A TDS on Interest other than Interest on […]
Govind Vs State of Haryana (Punjab & Haryana High Court) Briefly, the allegations against the petitioner are that on 06.01.2019, the police registered a written complaint from Excise and Taxation Officer, Panipat. The complaint mentioned that a Firm got registered under HGST Act on the basis of fake and forged documents and thus received the […]
