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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 : 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...
Since the activities carried on by the liaison office of the non-resident in India was to only carry on such activity of a ‘preparatory or auxiliary’ character, therefore, the same was not a PE in terms of Article 5 of the DTAA and the deeming provisions in Sections 5 and 9 of the 1961 Act could have no bearing.
To provide relief to small taxpayers from this tedious work, lawmakers framed Special provisions for computing profit and gains on presumptive basis under sections 44AD, 44ADA and 44AE. The taxpayer can declare his income at prescribed rates or higher than that.
In simple terms, a dividend is the distribution of the profit of the company among its shareholders. The dividend income referred to in section 115-O of the Income Tax Act is exempt under section 10(34) of the Income Tax Act. The exemption provisions of said section 10(34) are taken up and explained in the present […]
Even though assessee failed to prove the genuineness of the purchases during the assessment proceedings, he filed affidavits and statements of the dealers in penalty proceedings and appellate authority had not only accepted the explanation offered by assessee but also recorded a clear finding of fact that there was no concealment of income or furnishing of any inaccurate particulars of income by assessee thus the quantum addition under section 68 would also have to be deleted.
Understand the penalties imposable in income tax search cases. Learn about the different types of penalties and their implications for tax compliance.
Form 15CA and Form 15CB to be filed in relation to remittances to non-residents under section 195(6) of the Income Tax Act, 1961 (“the Act”). This new rule is effective from July 1, 2009 and shall apply to all remittances being made after July 1, 2009. The process that will have to be followed, before any remittance can be made, is as under—
Salary is chargeable to tax on due or receipt basis whichever is earlier and includes wages, annuity or pension, gratuity, fees, commission, perquisites or profits in lieu of salary, advance salary, leave encashment, etc.
As per Budget 2020, TDS under section 194J at the rate of 10% is applicable on the professional Charges , royalty, remuneration or fees to director, fees for not carrying out any work , fees for not sharing any know how or patent or copyright and in case of Technical Charges, TDS is applicable at the rate of 2% under section 194J of the Income Tax Act , 1961.
Every Resident individuals with Total Income upto 5,00,000 is eligible for Rebate of Rs 12500. With a view to provide tax relief to the individual tax payers who are in lower income bracket, Government has increase the limit of rebate under section 87A of Income Tax Act, 1961. Since the rebate is very important to […]
As we all aware that in India, before introduction of Section 194IA there is no tax on transfer of immovable property by a resident except in the case of compulsory acquisition of certain immovable properties. In order to have a reporting mechanism of transactions in the real estate sector and also to collect tax at […]
