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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...
Understanding the tax treatment of acquired goodwill under the Income Tax Act, 1961. Find out if depreciation is allowable for goodwill.
It is settled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. Accordingly, the amount of disallowance u/s 14A of the IT Act needs to be restricted to the extent of exempted income earned during the relevant assessment year.
Shri Sanjay Agarwal Vs ITO (ITAT Jaipur) In this case, the AO has rejected the books of accounts and has estimated G.P. rate of 0.69% on declared turnover as against G.P rate of 0.38% declared by the assessee and made a trading addition of Rs. 49,56,217/- in the hands of the assessee. The AO has […]
Umkal Healthcare Pvt. Ltd. Vs National Faceless Assessment Centre & Anr. (Delhi High Court) Since in the present case no hearing had been granted before passing the impugned assessment order, there is a violation of principles of natural justice as well as mandatory procedure prescribed in ‘Faceless Assessment Scheme’ and stipulated in Section 144B of […]
Return filing process for Tax Audits under New Income Tax Portal-Form 3CB, 3CD and DSC registration for Tax professionals(CA) How to file 3CB & 3CD for Tax Audit Cases under New Income Tax Portal : Step 1 : First login to taxpayers account – https://eportal.incometax.gov.in/iec/foservices/#/login Step 2 : Navigate to E-File > Income Tax Forms […]
Smt. Renukaben Umedsinh Parmar Vs ITO (ITAT Surat) The assessing officer made addition by taking his view that assessee is a Government Employee and was maintaining bank account and that a person who is maintaining bank account will not keep such huge cash in hand which is abnormal. The ld.CIT(A) concurred with the finding of […]
Held expenditure of reclamation and rehabilitation had to be allowed as a deduction under section 37(1) of the Act as expenditure incurred wholly and exclusively in connection with the business of the assessee.
Krishna Bhagya Jala Nigam Limited Vs ACIT (ITAT Bangalore) Guarantee commission not ‘Levy’ for the purposes of disallowance under Section 40(a)(iib) of the IT Act ITAT held that guarantee commission paid in consideration for the state government agreeing to suffer a detriment in the event of non-payment of the bonds on its maturity and is merely […]
Introduction The rate of depreciation on computers and computer software is 40%. That means while calculating taxable business income, assessee can claim deduction of depreciation@ 40% on computers and computer software. In order to claim depreciation @40%, the equipment should fall within the expression “computer”. If the equipment in question do not fall within the […]
Vide Notification No. 131/2021- Income Tax, Dated: 10.11.2021 CBDT notifies Tax Exemption to ‘Assam Building and Other Construction Workers Welfare Board’ in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 10th November, 2021 S.O. 4637(E).—In exercise […]
