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Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Indian crypto investors who thought they could dodge taxes by trading on foreign platforms like Binance are in for a rude awakenin...
Income Tax : Erroneous application of Section 87A rebate has led to tax demand notices for eligible taxpayers, while others receive undue benef...
Income Tax : Explore the major amendments in Finance Act, 2025 compared to 2024, covering Income-tax Act changes, compliance updates, tax refor...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Delhi High Court held that principle enunciated in the criminal jurisprudence in respect of a ‘proof beyond reasonable doubt’ ...
Income Tax : ITAT Delhi rules in favor of Schenker India, allowing CSR donations under Section 80G despite mandatory nature. Read key takeaways...
Income Tax : ITAT Surat held that interest paid in respect of business profit attributable to section 80P(2) of the Income Tax Act is allowable...
Income Tax : Delhi High Court held that relaxation of conditions prescribed under rule 9C of the Income Tax Rules is discretionary power and is...
Income Tax : ITAT Mumbai quashes Sec 263 revision in Narayan Rane's case. Holds AO took plausible view, order not erroneous & prejudicial despi...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?
Parliament received the assent of the President to Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 on the 29th September, 2020 and unless otherwise provided, it shall be deemed to have come into force on the 31st day of March, 2020.
ACIT Vs. Head Infotech India Pvt. Ltd. (ITAT Hyderabad) Assessee hosts online games and when the customers make payments through banking Gateways by way of credit or debit card of the relevant banks ( which are referred to as Gateways) and while transferring money to the assessee’s account, banks invariably retain service charges. It is […]
DCIT Vs. Chitradurga District Co-Op. Central Bank Ltd. (ITAT Bangalore) If an assessee adopts the mercantile system of accounting and in his accounts he shows a particular income as accruing, whether that amount is really accrued or not is liable to bring the said income to tax. His accounts should reflect true and correct statement of affairs. […]
Any income due or received by an employee from his employer or former employer is taxable under the head `salaries’ as per the provisions of the Income Tax Act, 1961. It is pertinent to note that the salary earned in respect of a particular financial year is subject to tax as per the tax rates applicable for that financial year.
In the previous article titled ‘All you need to know about TCS on sale of Goods‘, I had tried to cover the various nuances of TCS on sale of goods applicable from 1st Oct 2020. I received a large number of queries regarding the treatment of credit notes for TCS purpose, thus, I have tried […]
I. Applicability of Section 80JJAA:- In order to promote Employee generation, deduction under section 80JJAA is given to all Assesses, whose books of accounts are required to get audited u/s.44AB. II. Quantum and Duration of Deduction under Section 80JJAA:- Where the gross total income of an assesse to whom section 44AB applies, includes any profits […]
DCIT Vs. Hitachi Power Europe GmbH (Madras High Court) The power to be exercised by the Settlement Commission under sub-Section (2C) of Section 245D is within a period of fifteen days’ from the date of receipt of the report of the CIT. This provision gives power to the Settlement Commission to declare an application as […]
DCIT Vs Shree Venkatesh Associates (ITAT Pune) The issue of pro-rata deduction u/s. 80IB(10) for eligible units has been considered by the jurisdictional ITAT, Pune in case of Ramsukh Properties (supra) and M/s D.S. Kulkarni Developers Ltd (supra) and IT AT, Nagpur in case of AIR Developers(supra) and allowed such pro-rata deduction. The ITAT, Mumbai […]
(1) This Act may be called the Indian Medicine Central Council (Amendment) Act, 2020. (2) It shall be deemed to have come into force on the 24th day of April, 2020.
