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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...
Check List for Scrutiny of Books for Tax Audit Purpose For Assessment Year 2021-2022 Step 1: Check and Verify the opening Balances of each ledger as per previous year signed Balance-sheet a) Is there any difference in Opening Balance Yes/No b) If there is any difference, as stated in (a) above, kindly fill the details: […]
A notice under section 148 can only be issued in the name of an alive person. In case the assessee is dead and notice is issued in his or her name, then the same is non est in the eyes of law. An order passed in continuity of such a notice is also invalid and […]
The Finance Bill, 2021 after being passed by the Parliament and getting the assent of the President on 28th March 2021 has become the final law very much in force from 01 April 2021 of which each & every section is legally enforceable and applicable in toto.
Income Tax E Filing portal is an interactive platform between the tax department and the tax payer\assesses for not only filing the income tax returns but also for submitting various other forms and carrying out tax compliances to scrutiny notices, submissions before first appellate authority. The CBDT vide Press release dated May 20, 2021 announced […]
Suggestions in respect of the glitches on the New Income Tax portal were invited online. More than 700 emails detailing over 2000 issues including 90 unique issues/problems in the portal were received from various stakeholders including ICAL tax professionals and tax payers. Moreover, multiple interactions have been held with the representatives from ICAI and tax professionals.
Learn about the tax benefits of Section 80JJAA for organizations. Discover how to claim an additional deduction for employee costs.
Income from selling listed shares can be taxed under:- ♦ Capital Gain ♦ Business income or ♦ Speculative Business income. Let us first understand the types of Trading:- 1. Intraday Trading – Shares are bought & sold on the same day without taking the delivery of the shares. 2. Futures & Option Trading – Here […]
Aban Offshore Limited Vs Addl. CIT (Madras High Court) Case Summary: – Facts of the case: ♦ The Assessee, Aban Offshore Limited, engaged in providing oil field services to various oil majors for offshore exploration and production of hydrocarbons in India and abroad, is a regular Assessee in terms of the provisions of the Indian […]
Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of civil procedure, The Hon’ble Supreme Court reiterated that it is essential that the High Court must formulate substantial question of law (SQL) and only such SQL can be and need to […]
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance.
