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Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
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 Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : ITAT Mumbai upholds CIT(A) order favoring Fitrite Packers, dismissing Revenue’s appeal over disallowances related to penalty and...
Income Tax : ITAT Pune quashes ₹1,50,000 penalty u/s 271B, citing reasonable cause for delayed tax audit due to impounded records and auditor...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
The Central Government has signed with several countries, including the U.S. “Agreements for the Avoidance of Double Taxation”. By this, I am given to understand that in the case of an Indian who is a perm anent resident in the U.S. (green card holder) but who may have taxable income in India, as also in the U.S., double taxation is sought to be avoided as per the following. If his tax liability is A in the U.S. and B in India, calculated independently on the respective incomes, if B is less than A in rupee equivalent, no tax is payable in India. On the other hand, if B is more than A, the difference between B and A, that is, (B-A) alone is payable in India. Kindly clarify whether the above position remains the same, or whether it has undergone any change.The reader is incorrectly advised as to the method of relief under the Double Tax Avoidance Agreement.
1. What is e-tax payment? Ans. This is a facility provided to the taxpayers to make income tax payments through internet using net-banking facility. 2. Can I use this facility to pay income tax? Ans. You can, if; a) You have a bank account with net-banking facility, and b) Your bank is amongst the banks that provide the e-tax payment facility.
Just as we have different tax return forms for different purposes, The United States of America is no exception. U.S. also prescribes different types of tax returns for different purposes. The tax returns are differentiated on the basis of the income on which one is liable to pay taxes. This is similar to filing of […]
Bacardi India Pvt. Ltd. Vs ACIT (ITAT Delhi) Under Sections 92B to 92F, the pre-requisite for commencing the TP exercise is to show the existence of an international transaction. The next step is to determine the price of such transaction. The third step would be to determine the ALP by applying one of the five […]
Explore ITAT Delhi’s ruling in American Express India vs DCIT. Key issues: Comparable selection, transfer pricing adjustments, corporate tax matters.
The issue under consideration is whether assessee engaged in business relating to online advertising is considered as technical services or royalty Section 9(1)(vii) of the Income Tax Act, 1961?
Expenditure incurred on Advertisement, Marketing and Promotion (AMP) for creating market intangibles including brand value in favour of Associated Enterprises was not considered as an international transaction as mere use of brand name or logo owned by the AEs by assessee would not automatically lead to influence that any expenses that assessee incurred towards AMP was only to enhance the brand and there was no cogent material to treat the incurring of AMP expenses as international transactions.
CBDT issued Notification No. 88/2020 and extended Due dates of Income Tax Return and Tax Audit Report as follows:- A. Income Tax Return FY 2019-20/AY 2020-21 i. Without tax audit –31.12.20 ii. TP, tax audit & tax audit firm partners– 31.01.21 B. Various audit reports (tax audit, transfer pricing etc) – 31.12.20 C. Income tax […]
Taxing the Profit from shares are always debateable issue, however CBDT issue circular No. 06/2016 dated 29/02/2016 wherein it provides option to taxpayer that to tax profit as Business Income or Capital Gain. This circular applicable for profit from listed shares only and option once exercised assesse will not allow to change his/her stand again.
Ministry of Finance Income Tax Department conducts searches in Uttar Pradesh Posted On: 29 OCT 2020 A search action was started by the Income Tax Department on 28.10.2020 in the case of a Bijnor based group engaged in real estate business and it’s associates. There were allegations that the group companies were having huge security premium […]
