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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...
In order to ensure the reforms initiated by the Department to eliminate human interface from the system, the Hon’ble Finance Minister had extended the faceless assessment proceedings to CIT(A) proceedings in the Union Budget 2020. Accordingly, amendments were made in section 250 of the Income-tax Act, 1961 (‘the Act’) in order to enable the Central […]
Shri Bhuwan Goyal Vs DCIT (ITAT Chandigarh) Landmark Chandigarh ITAT order on Section 115BBE on investment made out of undisclosed business income held not to fall in Section 69 & 115BBE (AY 17-18). In the present case it is not in dispute that the assessee surrenderd the income of Rs. 3.64 Crores in the statement […]
Exordium The issue that whether or not ‘Education Cess’ is allowable as deduction under the Income-tax Act, 1961 (‘the Act’) is debatable for a while now. Of late this issue has been decided in favour of the taxpayers by many Tribunals and High Courts. This article succinctly discusses this issue through provisions of the Act […]
Intricacies of TCS on Sale of Goods From 1st October 2020 – Part 1 This video discusses : 1. Analysis of Sec 206C(1H) of Income Tax 2. Effect on Invoicing from 1st October 2020 3. TCS on GST OR GST on TCS 4. TCS on Stock Transfers 5. Buyer Categorization Issue in ERP 6. Probable […]
Whether by virtue of the provisions of Section 196, can TDS under Section 194O be avoided in case the seller or the service provider is the Government.
Taaq Music Pvt. Ltd Vs ITO (ITAT Bangalore) The law provides that, the fair market value may be determined with such method as may be prescribed or the fair market value can be determined to the satisfaction of the Assessing Officer. The provision provides an Assessee two choices of adopting either NAV method or DCF […]
The CBDT is launching the Faceless Assessment in various direct & indirect tax procedures from today as announced earlier as promulgated by Prime Minister Narendra Modi as the income-tax appeals are all set to go faceless from Friday. Further, the income tax department has already enunciated PAN-India faceless assessment facilities for all taxpayers from August 13. The Centre hopes that the faceless system will […]
One of the draconian facet of the amended Prohibition of Benami Property Transactions Act, 1988 is the provisional attachment provided under Section 24 of the PBPT Act. In this piece we will discuss the prerequisites for valid provisional attachment under Prohibition of Benami Property Transactions Act, 1988.
TCS on sale of Goods- Section 206C(1H) w.e.f. 01.10.2020 : Overview with Illustrations To widen and deepen the scope of early collection of revenue to the Government, Finance Bill, 2020 brought in levy of TCS (0.1% or 1% in case PAN/Aadhaar not provided by Buyer) on sale of goods for which sales consideration. Sub section 1H […]
Dear friends, as we are aware that under normal circumstances, tax is levied upon the person, who has earned income. The income tax considers him/her as assessee and income tax will be levied on all income he has earned in previous year. There are three types of assessees such as Resident and Ordinary Resident, Resident […]
