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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 Mumbai removes addition in Kamal Clearing & Forwarding case, ruling that income was already declared and no evidence of money...
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 : 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...
How to file Income Tax Form 10-ID under Section 115BAB – FAQs Q.1 What is Form 10-ID? Ans. New Manufacturing Domestic Companies can opt to pay tax at a concessional tax rate of 15% (plus applicable surcharge and cess) under Section 115BAB of the Income Tax Act, 1961 subject to certain conditions. In order to […]
Dashboard and Worklist (Taxpayer) on Income Tax Website- FAQs Q.1 I am a salaried employee registered with e-Filing. Where do I access all my tax-related information on the e-Filing portal? Ans. You can access all your tax-related information and to-do items on your e-Filing Dashboard. The Dashboard contains links to important services that you would […]
Off let Income tax Department has started issuing notices under section 143(2) of the Income tax Act, 1961 (Act) for the AY 2020-21 through online mode or through National e-Assessment Facilitation Center highlighting certain issues for which case has been selected for scrutiny assessment proceedings. Let us understand the aspects of the same in view […]
Ministry of Finance notified rules for appointment of members in various tribunals on 12.02.2020 in which practice of judicial and accountant members was requiring 25 years of practice. In WP (C) 804 of 2020 dated 27.11.2020 Taking cognizance of this the Honourable SC in Madras Bar Association v. Union of India & Anr. [Writ Petition […]
Understand the new Section 194Q of the Income Tax Act and its implications for buyers. Learn about the applicability and conditions for TDS deduction on purchase of goods exceeding Rs. 50 lakhs.
CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by the growth […]
TDS on Purchase of Goods Section 194Q | TCS on Sale of Goods 206C(1H) | New TDS Rate from 1st July Introduction As you may be aware, Finance Act 2021 has inserted sec 194Q under Income Tax Act 1961 w.e.f 1st July 2021, introducing TDS (Tax Deducted at Source) on purchase of goods @ 0.1%. Buyers whose […]
The entries in the account books of the vendor and the vendee are not relevant for the purpose of determining whether a sale of immovable property had taken place. Its was too well settled that the litle to lands and buildings could not pass till a conveyance deed was executed and duly registered. The assessee […]
The Article is meant to have a deep insight into the Provisions of Section 194Q vis a vis Section 206AB and Section 206CCA read with Sub Section (1H) of Section 206C of the Income Tax Act, 1961. The author has made a humble attempt to touch the relevant topics on the subject. But since the […]
CBDT Order designating web portal www.incometax.gov.in as the ‘designated portal’ for the purpose of Faceless Penalty Scheme National Faceless Assessment Centre, Delhi 2nd Floor, E-Ramp Jawaharlal Nehru Stadium, Delhi-110003 Phone No: 011-24360103 F. No. CIT (NaFAC)-1/2021-22/204 Dated: 29.06.2021 Order I am directed to hereby designate the web portal www.incometax.gov.in as the “designated portal” for the […]
