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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 : 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 : 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 : 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 Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
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...
Section 203 of the Income-tax Act 1961 read with the Rule 31 of the Income-tax Rules 1962 requires the deductor to issue certificate of tax deduction at source (TDS) to the deductee. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be issued annually whereas TDS certificate in Form No.16A is to be issued quarterly.
Nowadays Income tax department is issuing notice to the under section 272B of Income Tax Act 1961, to the Assessee’s who filed their Income tax Return, but filled wrong PAN or not filled PAN in their Income tax Returns . Under section 272B Assessing office can impose a penalty of Rs. 10,000/- on Assessee for wrong quoting or non-quoting of PAN in Income Tax Return. Now a question arises what should Assessee reply if he filled wrong PAN or failed to file PAN? We are producing below a standard format of reply to the Assessing Officer which Assessee may use if they received any such notice from Income Tax Department.
We have to make provision for various expenses based on the estimates at the year end as we are following the accrual system of accounting. But the income tax department was disallowing the same on the ground that same being contingent in nature and hence not allowable. Here are some of the case study and opinion in this respect.
Interest earned on Post Office Savings Bank Account is presently exempt under section 10(15)(i) of the Act, vide notification no. G.S.R. 607(E) dated 9 June 1989. The said notification is amended to provide that such interest from Post Office Savings Bank Account will be exempt as follows: – Rs. 3,500 in case of individual account – Rs. 7,000 in case of joint account
Such appeal shall be filed before the Chief Commissioner of Income Tax (CCIT) or Commissioner of Income Tax (CIT) [II Schedule Rule 86(1)] Every appeal under the rule 86 is to be presented within 30 days from the date of order appealed against [II schedule Rule 86(2)].
A new type of entity namely limited liability partnership (hereinafter referred to LLP) has come into existence by LLP Act, 2008. LLP is an alternate corporate business that offers the twin benefits of limited liability companies and the flexibility of partnership firms. Introduction of LLPs in India is a path breaking reform which is in consonance with the changing environs of the business world.
There is lots of confusion in mind of professional or accountant that when they have to get their client account audited due to different slab under section 44AB and 44AD? As per section 44 AB every person require to get their account audited from accountant in following condition (a) Total sales or turnover or gross […]
JCIT(OSD), (Exemptions) Vs Patiala Improvement Trust (ITAT Chandigarh) The AO noticed that during the year relevant to the assessment year under consideration the assessee carried on the business of sale and purchase of residential plots and commercial properties and earned huge net profit of Rs. 9,95,74,223/-, which does not fall within the ambit of the […]
CIT Vs Syndicate Bank (Karnataka High Court) Conclusion: When an order of refund was issued, the same should include interest payable on the amount, which was refunded. If the refund did not include interest due payable on the amount refunded, the revenue would be liable to pay interest on the short fall. This did not […]
Understanding the set off of refunds against tax remaining payable under Section 245 of the Income Tax Act, 1961. Learn how this provision empowers the authorities to adjust outstanding demand with refund amounts.
