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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 : 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 : 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 deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
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 : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
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 : 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...
Covid 19 cases in India are inching closer to 2 Lakh cases. The Hon’ble PM has made announcement on May 12, 2020 of the special economic package of Rs. 20 lakh Crores (~USD 267 billion) i.e. approximately 10% of India’s Gross Domestic Product (GDP) and the call for building a self-reliant (Atmanirbhar Bharat) India., with […]
Whether the ex-parte order of the CIT(Exemptions) denying 80G exemption is justified in law? ITAT dismissed ex-parte order of CIT(E) on the basis of principles of natural justice
Dismissal of Appeal by ITAT after filing Vivad Se Vishwas Scheme 2020 before receiving Form 3 from Department
The enactment of Insolvency and Bankruptcy Code, 2016 (IBC) is a remarkable and commendable step taken by the central government to provide a regulatory framework by consolidating all previous enactments and providing a time-bound resolution to the financial and operational creditors to recover their debts from corporate debtor effectively. Prior to the enactment of IBC, […]
The issue under consideration is whether the assessee is correct in claiming depreciation on customer list and goodwill by considering it as intangible asset?
The issue under consideration is whether CIT(A) is correct in holding that the appellant is not a state under Article 289 of the Constitution of India and therefore, liable to tax under the Income Tax Act?
1. CBDT vide Notification No. 30/2020-Income Tax/G.S.R. 329(E) May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. 2. Key takeaways are: 3. New form 26AS will also provide information in respect of ‘Specified financial transactions’ which include transactions of purchase/ sale of goods, property, services, works contract, investment, expenditure, taking or accepting any […]
The disallowance of the expenditure u/s 40(a)(ia) would automatically enhance the taxable income of the assessee and the assessee is eligible for the deduction u/s 10A of the Income-tax Act on the enhanced income.
Brief on Applicability of Income tax return (ITR) form for Financial Year (FY 2019-20)/Assessment Year (AY) AY 2020-21 All the taxpayers are mandatorily required to file their ITRs electronically except individuals over the age of 80 years who have the option of filing the ITR in paper format as well. First step would be to […]
The government has introduced new section 285BB vide Finance Act, 2020 replacing the existing section 203AA of the Income Tax Act, 1961 (Act) which will now allow the income tax authority to produce additional information which is necessary and to the extent is in the interests of Revenue in Form 26AS. Old and New Provisions […]
