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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 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 : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
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...
Tmt.T.A.H.Zubaida Ummal Vs ITO (Madras High Court) Conclusion: Where the mortgage had been created by the owner after he had acquired the property, the clearing of the mortgage by him prior to the transfer of the property would not entitle him to claim deduction under Section 48 because, in such a case he did not […]
DCIT Vs Expeditors International (India) Pvt. Ltd. (ITAT Delhi) The grievance of the Revenue is that CIT(A) has decided the issue in favour of the assessee by considering the supplementary TNMM analysis and other documents filed before her and those documents were not made available to AO and secondly on merits, the order of TPO […]
Manpowergroup Services India Pvt. Ltd. Vs CIT (Delhi High Court) THE ASSESSING OFFICER CANNOT IGNORE THE MANDATE OF RULE 28AA AND PROCEED ON ANY OTHER BASIS AS THE GOVERNMENT IS BOUND TO FOLLOW THE RULES AND STANDARDS THEY THEMSELVES HAD SET ON PAIN OF THEIR ACTION BEING INVALIDATED. CONSEQUENTLY, THE IMPUGNED ORDER IS QUASHED ON […]
Devendra Kumar Jhanwar Vs ITO (ITAT Jodhpur) The impugned addition stem from the fact that an amount of Rs.8 Lacs in cash (in old currency notes of denomination of Rs.500 & Rs.1000 as demonetized by government on 08/11/2016) was found from the possession of the assessee on 18/11/2016 at arrival terminal of Maharana Pratap Airport, […]
Smt. Gyatri Sharma Vs ITO (ITAT Jaipur) From the record, we also noticed that the A.O. has not stated either in the assessment order or in the ordersheets of the assessment proceedings that any notice U/s 143(2) of the Act was issued to the assessee. It is clear that there is no notice U/s 143(2) […]
Emerging Businesses Chamber Of Commerce has made a representation to FM and Request for Extension of Due Dates for filing Tax Audit, Audit Reports under income Tax Act and ITR for Assessment Year 2020-21. Request was made in view of The Covid-19 Pandemic, Night Curfew and its effect on professional work, Ongoing Farmers Protest in […]
Some of the taxpayers are required to disclose details of certain assets owned by them as well as liabilities owed by them in their ITR. As there is confusion in the minds of taxpayers as to who is required to disclose these details and what assets are covered under this requirement I thought of explaining […]
ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deduction. The Ld. CIT(A) allowed depreciation by […]
Sonali Hemant Bhavsar Vs PCIT (ITAT Mumbai) We observe from the notice issued under section 143(2) of the Act for limited scrutiny dated 19.09.2016 and find merits in the contentions of the assessee that the said limited scrutiny can not be expanded unless the AO converted it into complete scrutiny with the approval of Ld. […]
Recently there was an outreach by the Income Tax Department to the practicing CA’s to impress upon their clients to opt for the Vivadh se Vishwas scheme which will shortly conclude on 31-12-2020, though there is a likely hood of the scheme being further extended following the Luke warm response to the said scheme as […]
