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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 : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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...
The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. The budget 2020 has given taxpayers the option to choose between the existing income tax regime (which allows availing existing income tax exemptions and […]
Treatment of Interest against House Property in computation of Income [Section 24(b), 80EE, 80 EEA] After calculating the gross annual value (GAV) which is fairly simple to compute, most of the confusion to calculate the income under house property lies in computing the amount of interest deductible from the GAV. Section 24(b) of the Income […]
Important Points: 1. The budget 2020 has reduced the threshold limit for TDS to Rs 20 lakh for taxpayers who have not filed their income tax returns for past three years. Such taxpayers withdrawing cash in excess of Rs 20 lakh have to pay 2% as TDS. 2. Earlier, the Union Budget 2019 has introduced […]
Introduction With the recent amendment by Finance Act 2020 in residential status provisions, NRIs are looking for possible understanding. It is crucial to understand the same as taxability of any income in the hands of an individual depends on the below criteria:- – Residential Status of the individual as per the Income tax act and […]
International Flavours and Fragrances India Private Limited Vs DCIT (Madras High Court) The issue under consideration is whether the notice issued u/s 147 for re-opening the assessment is justified in law? Petitioner is engaged in manufacture of flavour essences, mixed seasoning powders (dry mix) and formulated perfumery compounds etc. The petitioner started a new manufacturing […]
ACIT Vs PNB Gilts Ltd. (ITAT Delhi) The issue under consideration is whether diminution or reduction in price of the stock-in-trade can be allowed while computing business income? In the given case, the assessee, PNB Gilts Ltd is a Non-Banking Financial Company (NBFC), filed its return of income declaring total income. The return of income […]
Certain transactions which leads to tax being payable in the Previous Year instead in the Assessment Year Mottu: Hello Patlu, it came to my knowledge that you are planning to relocate yourself outside India? Patlu: Hello Mottu, yes, I have got an opportunity in gulf country effective from 19-05-2020 and hence I am relocating out […]
B. M. Sarin Vs ACIT (ITAT Delhi) The appeal filed before us is delayed by 125 days. The assessee received the order of the ld CIT(A) on 15.09.2018, however, the appeal was filed on 18.12.2019. The assessee preferred request for condonation of delay stating that when the order of the ld CIT(A) was received, the […]
Reassessment was justified by the income tax department against former Indian Cricket Team Captain Krishnamachari Srikanth and non compete fee of Rs. 7.50 crores was exempt from tax being capital receipt;
The Policy of Liberalization, Privatization and globalization has developed economy globally. The Foreign Direct Investment received by the countries because of above-mentioned policies has helped them in developing and boosting their economy.2 One of the key-policy i.e. globalization has integrated various economies into one and helped big Multi-National Companies to expand and diversify their business.3 […]
