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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...
Since neither AO conducted any enquiry nor had brought any clinching evidences to disprove the evidences produced by assessee and assessee had furnished all details including bank statement, share brokers note, ledger account copies, share certificates, in support of purchase and sale of shares and mode of payment and receipts of proceeds thus, no addition could be made under section 68 as AO had merely relied on investigation wing report without disputing vortex of evidences furnished by assessee.
श्री कृष्ण और श्री अर्जुन के बीच ITR फ़ाइल करने की तिथि बढ़ने पर वार्तालाप श्री कृष्ण: वत्स अर्जुन, किस चिंता में बैठे हो। जऱा हमें भी तो पता लगे। अर्जुन: भगवन, सादर प्रणाम। मैंने अपनी वित्त वर्ष 2018-19 की ITR फ़ाइल नहीं की हैं। कृष्ण: तो इसमें चिंता करने की क्या बात हैं अर्जुन? […]
This paper examines the proposal to use green channelling to give automatic approval to Insolvency Resolution Plans (IRP) that meet merger thresholds of the Competition Commission of India (CCI).
Avoidance of Tax by Certain Transactions in Securities- Section 94 of Income Tax Act,1961 A bond washing transaction is a transaction where some securities are sold some time before the due date of Interest and reacquired after the due date is over. This practice is generally adopted by persons in the higher income group to […]
25 Important Income Tax (Direct Tax) changes applicable from 1st April 2020 onwards (Financial Year 2020-21 – Assessment Year 2021-22) 1. New Tax Regime applicable to Individuals, HUFs: A new concessional/ alternate tax regime under Section 115BAC of the Income Tax Act,1961 has been laid out wherein SIX different slab rates have been prescribed subject […]
Section 163 of Finance Act 2016: This chapter extends to the whole India except J&K. Section 165 (1) of Finance Act 2016: Charge of Equalisation Levy (EL) Equalisation Levy @ 6% applicable if payment for specified services (#) received / receivable by Non-resident from- a) A person resident in India & carrying Business or Profession […]
INCOME TAX REFUND: The pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately. Note: NOT CORPORATE ENTITIES e.g. PRIVATE LIMITED COMPANY ETC Limit of Amount- All Pending Income Tax Refund upto Rs. 5,00,000/- (Rupees Five Lakh Only). DUE DATE: Sl. No […]
Eligibility of deductions under Chapter VI-A while opting for Concessional Tax Regime Background The Taxation Laws (Amendment) Act 2019 (‘TLAA’) introduced new section 115BAA for Concessional Tax Regime (‘CTR’), which provides for reduced tax rates with effect from FY 2019-20. Tax rates under the CTR for the existing domestic Companies is @ 22% plus surcharge […]
Issues have been examined by the A.O and just because the opinion as arrived by the A.O is at a variation of the opinion of the learned Pr. CIT, would not grant the learned Pr. CIT the powers of revision u/s 263 of the Act.
Modes of investment or deposits by a Charitable or Religious Trust or Institution as per provisions of Section 11(5) of the Income Tax Act, 1961 Surplus fund of the Charitable entities should be invested as per forms and modes prescribed under section 11(5) of Income Tax Act. Investment in shares by a charitable Trust As […]
