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Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
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 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
The nature of business of the assessee can not be challenged by any authority whether assessee is competent of doing the business or not competent. It is the assessee who has to decide how to earn the Income. It is the choice of the assessee what type and of what nature he/she does the business […]
Dividend taxation has had a very enriching history in respect of its mode of taxation, collection of taxes and rate of taxation. Further, going by what we have seen in the past couple of years, it looks like the tax authorities, the tax payers and the judiciary have no intention to take the spice out of it, especially when it comes to taxation of dividend in the hands of the non-resident shareholders.
Work in progress is never a part of the turnover. Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 and penalty issue u/s 271B of the Income Tax Act ,1961 During the assessment year 2011-12 the turnover of the assessee was Rs. 639706.00 and work in progress was Rs. 16559480.00. Work […]
Government extends time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, to 30th June, 2021 vide Notification No. 39/2021-Income Tax, Dated: 27th April, 2021. Also Read: Government extends timelines for Income Tax Assessment (Read Notification) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT […]
Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-
Understanding Section 50C of the Income Tax Act, 1961: Learn about the determination of full value of consideration for transfer of capital assets.
Learn about Income Tax Return in a simplified and concise manner. Find out who needs to file it, the due dates, and the consequences of non-filing.
Holding legitimate refund due to the assessee assigning the reason that Miscellaneous Application is filed before the Income Tax Appellate Tribunal is not as per Sections 240 and section 241 of Income Tax Act, 1961. Section 240 covers the refund in case of Appeal effect. Punjab and Haryana High Court: Naurata Ram v. CIT [1998] 100 Taxman 266 […]
Bhupendra Harilal Mehta Vs Principal Commissioner of Income Tax (Bombay High Court) Conclusion: Direct Tax Vivad Se Vishwas (DTVSV) Act, 2020 was a beneficial legislation and department could not deny the benefit if assesee was eligible for the same. Thus, department had to pass a fresh order in Form No.3 determining tax payable by assessee as […]
Aircel Cellular Limited Vs DCIT (Madras High Court) Legal provisions involved As per first proviso to Section 147 where assessment has already been made under Section 143(3) and assessee had disclosed truly and fully all material facts necessary for assessment then AO cannot initiate reassessment proceedings under Section 147 beyond 4 years from end of […]
