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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Certain errors were made while furnishing the details outward supplies in the Form GSTR-1 on account of which there was a mismatch between the GST portal data and data on the ICEGATE customs portal and hence, the refund of the IGST was not granted for the month of July, 2017.
NXP India Private Limited Vs ACIT (ITAT Bangalore) In this case AO passed a combined order giving effect to earlier orders of Tribunal with regard to original assessment and also reassessment order u/s. 143(3) r.w.s. 147 of the Act which is incorrect. The AO must have passed distinct and separate orders giving effect to the […]
DCIT Vs Force Motors Ltd. (ITAT Pune) During the First Appellate Proceedings before the Ld. CIT(Appeals), it was submitted by the assessee that payments were made to technical consultants from Japan, Germany and Italy. The assessee submitted that these consultants are not residents of India and further their stay in India was less than the […]
Piaggio Vehicles Private Limited Vs ACIT (ITAT Pune) Whether education cess can be allowed as deduction? The Ld. Senior Counsel for the assessee has placed strong reliance on the decision of the Hon’ble Bombay High Court in the case of Sesa Goa Limited Vs. Joint Commissioner of Income Tax, (2020) 107 CCH 0376 MumHC, Tax […]
Lord Krishna Rice Mills Vs ITO (ITAT Delhi) Whether the assessee can claim additional depreciation which was not claimed in the original return or not claimed through revised return, but, was claimed during the course of assessment proceedings. As per the decision of the Hon’ble Supreme Court in the case of M/s Goetze (India) Ltd. […]
Kaushal Devendra Doshi Vs I.T.O (ITAT Ahmedabad) As it can be seen after going through the impugned order that Ld. A.O. made reassessment on the basis of audit objection. We are of the considered opinion that Ld. A.O. should have formed independent opinion and copy of the said opinion should have been given to the […]
We have received several complaints from our members regarding non allotment of audit by Indian Bank to the auditors of erstwhile Allahabad Bank with the remaining term, during the year. We understand that the names of the Bank Branch Auditors of Allahabad Bank (merged with Indian Bank) have been sent to all Public Sector Banks as Non Continuing Auditors.
My objective is to brief on existing capital gain tax structure on short term and long term transactions and to give ‘To do list before March end’ which helps to minimize the tax.
CBDT issued notification No. 18/2021-Income Tax, Dated: March 16, 2021 & inserted a New Rule Rule 29BA. The Rule would be effective from 1 April 2021.
Space Chem Engineers Vs ITO (ITAT Delhi) A perusal of the reasons recorded shows that the name of the companies from whom the assessee company is alleged to have accepted share capital / share application money are different from the companies mentioned in the assessment order from whom the assessee company has actually taken the […]
