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Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : 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 : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
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 : 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...
Considering the judgment of Alnavar Credit Souharda Co-op Ltd noted above the AO is directed to decide the issue afresh regarding the claim of deduction made by the assessee.
ITAT Bangalore directed authorities not to dismiss rectification application u/s. 154 on the ground of limitation as the assessee was erroneously misled to deposit taxes and it is settled law that no tax can be collected without authority of law.
Calcutta High Court dismisses revenue appeal, affirming ITAT’s decision to invalidate reassessment on alleged bogus long-term capital gains already disclosed in return.
ITAT Delhi orders reassessment in Anita Dabas Vs ITO case due to non-speaking order and lack of fair hearing by CIT(A).
Nagpur ITAT finds no obligation for rectification under Section 154 if clear data is missing in Hariom Biotech Agri Farming Vs DCIT case.
Karnataka HC permits revival of PCIT vs. Stanley Black & Decker appeal due to exceptions in Circular No. 17/2019, despite low tax effect under ₹1 crore.
ITAT Bangalore directs AO to reconsider 80P deduction after lower authorities overlooked Supreme Court precedents in Arjuna Souhardha Pathina Sahakari Niyamitha case.
ITAT Indore remands Real Food Agency Pvt Ltd case to CIT(A) for proper adjudication, citing inadequate opportunity for hearing and procedural issues.
Bombay High Court quashes income tax notices issued to a deceased person. Directs issuance of new notices to legal representatives and requests CBDT for procedure changes.
CBDT designates OCAC Chairman for identifying genuine beneficiaries of Odisha’s social welfare schemes under Section 138 of the Income Tax Act, 1961.
