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Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
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...
The Finance Act, 2021 introduced a new set of reassessment proceedings from 01.04.21.The Central Board of Direct Taxes (C.B.D.T) by way of various notifications had extended the time limit of issuing the notice U/s 148 of the Act up to 30th June, 2021. The Income tax department has issued many Section 148 notices for several […]
The Central government on 5th August introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha, to repeal the Retrospective legislation on indirect transfer tax. The Finance Ministry had presented a bill to encourage greater overseas investment into India, which is being hailed as a welcome respite for firms that have long invested in […]
Palak Khatuja Vs Union Of India (Chhattisgarh High Court) 1. The time for issuance of notice under Section 148, the end date was initially extended uptill on 30th day of April 2021 and subsequently again by notification dated 27th April, 2021 the time limit of 30th day of April 2021 was further extended up till […]
Vide Notification No. 100/2021-Income Tax | Dated: 2nd September, 2021 CBDT notifies Tax Exemption under section 10(46) to Haryana Real Estate Regulatory Authority, Panchkula in respect of the specified income for Financial Years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 100/2021-Income Tax New […]
CBDT notifies new Rule 26D.Furnishing of declaration and evidence of claims by specified senior citizen under section 194P, Amended Rule 31 & 31A, Amended Form no. 12BBA, FORM NO. 16, FORM NO. 24Q, Form No.26QB, FORM NO. 26QC and Form No.26QD. Notification No. 99/2021 – (Income Tax) | 2nd September, 2021. MINISTRY OF FINANCE (Department […]
For the purpose of Section 194P CBDT notifies specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934 (2 of 1934). Notification No. 98/2021-Income-tax | Dated: 2nd September, 2021. MINISTRY OF […]
Kohinoor Indian Pvt. Ltd Vs ACIT (ITAT Amritsar) M/S Kohinoor India Pvt. Ltd (Appellant) filed an appeal in the Appellate tribunal against the order dated March 14, 2017 passed by the Commissioner of Income tax (Appeals) (Respondent) in respect of assessment years 2012-13 and 2013-14, posing a question as to whether iPad falls under the […]
The Income Tax Department carried out a search and seizure operation on 01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips having corporate office in Delhi and factories at Dadra & Nagar Haveli and Dahej.
Smt. Abha Bansal Vs. Pr. CIT (Central) (ITAT Delhi) Taxability of the compensation received by the assessee for non-delivery of the Villa under Builder-Buyer Agreement The compensation received by the assessee on cancellation of the Builder-Buyer Agreement is capital receipt and taxable as capital gains. The view of the A.O. was, therefore, in accordance with […]
Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution Section 45(4) of Income Tax act, 1961 – Newly Substitute provide an another exception of capital gain in the year in which Capital asset received by specified person The existing provisions of section 45 (1) of the Act inter alia, provides […]
