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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 Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
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 : 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...
As a general public we have tendency to save taxes by adopting various tricks and transactions. A lot of black money is generated through transfer of various types of immovable properties. The seller and the purchaser generally mutually agree on a transaction to enter into agreement at a price lower than the Fair Market Value of property to save stamp duty etc.
Facility to make payment of demand raised by CPC-TDS against TDS on Sale of Property Facility to make payment of demand raised by CPC-TDS against TDS on Sale of Property has been enabled. To Pay Such Demand Please click on the URL below
There is no correlation – real or virtual- between the ‘stamp duty value’ and ‘cost of acquisition’; and, as such, the amendment as proposed is both in Form and Substance, wanting/ devoid of any merit!
(a) For Tax collecting, Government has 2 (Two) Agencies, viz. Government appointed Tax Officers (TO) and Private Tax Deductors (PTD). PTD are treated as the Assessees under the I. Tax Act (Act). Both help the Government to assess & collect tax from the Tax Deductors.
Lease Plan India Pvt. Ltd Vs DCIT (ITAT Delhi) These appeals are against disallowance made by the learned assessing officer under section 40 (a)(i) on account of non-deduction of tax at source on guarantee commission paid to lease plan Corporation NV Netherland is confirmed holding it to be payment in nature of Fees For Technical […]
The issue under consideration is whether CSR is also eligible for deduction u/s 80G of the Act subject to assessee satisfying the requisite conditions prescribed for deduction u/s 80G?
New Income Tax Regime Vs Old Income Tax Regime The Finance Minister introduced several proposals in relation to the personal tax regime in the Union Budget 2020 presented in the parliament on February 1, 2020. The Budget 2020 introduced a new income tax regime for individual taxpayers. Bringing a revolutionary change in direct tax rates, […]
Note on Taxability of Interest Income from fixed deposits made out of corpus fund and maintenance surplus. PRINCIPLES OF MUTUALITY The Resident Welfare RWA’S( RWA) is primarily formed with a purpose to maintain, upkeep and provide amenities to the apartment owners/occupiers. Maintenance fee is collected every year for the purpose of the same. Rwa’s […]
ITAT states that, it has to be pointed out that any tax holiday can be granted to a person who declares a truthful return. It cannot and should not be granted to the person who claims that he purchased medical equipments in the guise of treating poor persons and it is subsequently found that the entire transaction is bogus.
Whether the disallowance of contribution made to PNB Employees Pension Fund Trust, which the assessee claims to be its legitimate business expenditure is justified in law?
