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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
Once the claim under section 35D of the Act was accepted in the initial year i.e. AY 1995-96, then the clock had started running in favour of the assessee which was to continue for the entire period of ten years and the benefit once granted in the initial year could not be denied in the subsequent years.
The issue under consideration is whether the CIT(E) is correct in rejecting the Application for grant of registration u/s 12AA for mere non-filing of Income Tax Return?
Shri Babulal Vani Vs ACIT (ITAT Indore) The issue under consideration is if the assessee is in a position to reconcile the discrepancy raised under survey with positive material,then, the A.O. should give relief to the assessee or not? In the present case, the assessee is an individual engaged in the business of grain, cotton, […]
Max Life Insurance Company Ltd. Vs DCIT (ITAT Delhi) The issue under consideration is whether assessee is liable for exemption u/s 10(34) of the Act without disallowing any expenditure under section 14A? ITAT noted that this issue is duly covered by decision of Mumbai Bench of this Tribunal in case of ICICI Prudential Insurance Co. […]
The issue under consideration is whether A.O. is correct in disallowing the expense of retainership debited in P & L on the basis of non deduction of TDS u/s 194C when the Same was shown as salary by recipient in their Income Tax return?
Pak-Indo-Lanka, Joint Management Committee (Hereinafter, ‘PILCOM’) filed a special leave petition (Civil Appeal No. 5749/2012) in Supreme Court challenging the decision of High Court of Calcutta whereby High Court dismissed Income Tax Appeal No. 196 of 2000 and affirmed the view taken by the Income Tax Appellate Tribunal, Calcutta.
This article covers the provisions of The Income Tax Act, 1961 and rules made there under in regard to the Carry Forward and Set Off of Losses. The Income Tax Act has prescribed rules to set-off loss arising from one head against other heads of income. The process of setting off of losses and their […]
The dilemma of which scheme should an employee opt for Income tax in FY 20-21 Everything has been changed in the beginning of new FY 2020-21 like the new virus, lockdown, work from home and also popped up new question i.e. ‘Which scheme should an employee opt for Income Tax ?’ A new section 115BAC […]
PPT on Vivad Se Vishwas Scheme, 2020 Purpose of Vivad Se Vishwas Scheme, 2020- To Reduce Income Tax Litigations pending before various Appellate Authorities i.e. CIT(A), ITAT, High Court and Supreme Court. Approximately 4.9 lakhs cases involving Dispute of Rs. 9.32 crores are pending at various Appellate Levels as on date. To save the Time, […]
Finance Act, 2020 has made certain changes in TDS provisions further to provide relief to the taxpayers against hardship caused by COVID-19 Hon. Finance Minister announced reduction in certain TDS rates for period 14 May 2020 to 31 March 2021. The summary of TDS rates applicable for AY 2021-22 is as follows: Tax Deducted at […]
