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Income Tax : The new Income Tax Bill consolidates provisions for non-profits, covering registration, taxation, compliance, and capital gains ru...
Income Tax : The Income-Tax Bill 2025 simplifies house property income taxation, reducing complexity while maintaining key provisions for bette...
Income Tax : India's Income Tax Department shifts to a taxpayer-friendly approach, prioritizing silent recoveries, refund adjustments, and redu...
Income Tax : Explore why Cost Accountants (CMAs) should be included in the definition of "Accountant" under the Income Tax Bill 2025 for a comp...
Income Tax : Understand the New Tax Regime 2025 with updated slabs, deductions, and exemptions. Learn how to save tax and choose the best regim...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors' tax liability ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : Delhi High Court held that Freight Logistic Support Service provided by appellant are not in the nature of Fee for Technical Servi...
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...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Dashratbhai Gopalbhai Patel Vs ITO (ITAT Ahmedabad) We find that the assessee has successfully demonstrated that the land parcels situated as Adalaj does not fall within the meaning of expression ‘Municipality’ or ‘Municipal Corporation’ and therefore falls in exception provided in sub-clause (a) to Section 2(14)(iii) of the Act. As stated on behalf of assessee, […]
A Glimpse on Practical Issues of TDS on Purchase of Goods Under Section 194Q of The Income Tax Act, 1961 Applicability This section was introduced by Finance Act, 2021 and is effective from 1st of July 2021. This section applies to any buyer who is responsible for paying any sum to any resident seller for […]
Shri Ashutosh Jha (HUF) Vs. ITO (ITAT Kolkata) The claim of the assessee has been that the assessee had purchased the property at a lower rate as per the value mentioned in the agreement to purchase dated 19-07-2012. However, the Ld. AO has adopted the stamp duty value as on date of sale i.e. 28-05-2013. […]
Assessee is engaged in the business of life insurance. AO completed the assessment treating the surplus under shareholders account as income from business and taxed at normal rates.
Shirmoni Gurdwara Parbandhak Committee Vs CIT (ITAT Amritsar) Conclusion: Donations made to the Shiromani Gurdwara Prabandhak Committee, which controlled the functioning of most of the historical gurdwaras in Punjab, Haryana and Himachal Pradesh, would be eligible for tax exemption as assessee’s total expenditure incurred on the religious activities was less than 5% during these years […]
Tax audit in case of Futures & Options (F & O) and Share trading: Hello readers, today I will discuss very interesting topic whether tax audit applicable in case of Futures & Options and share trading- There are two forms of share trading- ♦ Delivery based ♦ Non-delivery based First of all, lets discuss Delivery […]
Central Board of Direct Taxes (Income Tax Department) vide circular No. 16/2021 dated 29.08.2021 Extended time lines for electronic filing of various Forms under the Income-tax Act, 1961 which includes Form No. 10A/ Form No. 10AB, Form No. 15CC, Equalization Levy Statement in Form No. 1, Form No. 3CEAC and various other forms. Extension is […]
Krishan Agarwal Vs. PCIT (Delhi High Court) This Court is of the opinion that technology is intended to ease and facilitate transactions and cannot be used as a basis for harassing an assessee by asking him to repeatedly file unnecessary and irrelevant forms. This Court is also of the view that the software and the […]
The claim of the petitioners with regard to the ‘flow measuring devices’ not being installed by the Commission under Section 14.1 of the Act falls in the third alternative of adopting an indirect method for assessment of water drawn by the user.
Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms. The further details are as under: 1. The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A required to be filed on or before 30th June, 2021, as extended to 31st August, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31st March, 2022;
