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Income Tax : The faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...
Income Tax : Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key chang...
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 : 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 : ITAT Ahmedabad sets aside assessment order on demonetization cash deposits, citing natural justice violations. Case remanded for f...
Income Tax : ITAT Ahmedabad condones delay in appeal and remands case to CIT(A) for fresh adjudication in Lahar Joshi vs. ITO. Fair hearing and...
Income Tax : CPC Erred in Denying Loss Carry-Forward by taking wrong due date for company entitled to extended due date under Section 92E of In...
Income Tax : ITAT Delhi allows 80IC deduction as Form 10CCB was filed before completion of 143(1) proceedings, ruling procedural delay does not...
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 : 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...
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;
Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021. Necessary notification to this effect shall be issued shortly.
