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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...
Find out why your Income Tax Return was selected under the Risk Management Process for pending tax refunds. Learn how to resolve the matter.
TDS on payment of Rent falls under section 194I of Income Tax Act-1961. The plain reading of this section is very simple but very difficult to apply practically, specially when there is no clarity over simple definition of Rent and duration of Rent too. In this article, section 194I shall be critically analysed and confusion […]
The section 292BB talks about ‘Notice deemed to be valid in certain circumstances’ was introduced by Finance Act 2008 & is reproduced below – [Notice deemed to be valid in certain circumstances. 292BB. Where an assessee has appeared in any proceeding or co-operated in any inquiry relating to an assessment or reassessment, it shall be deemed […]
i) Vivad Se Vishwas Scheme : – Time limit to avail Vivad Se Vishwas Scheme – extended to 30th June, 2020. – No additional 10% amount to be paid, if payment made by 30th June, 2020. ( The original date was 31st March 2020). ii) Reduced Rates of Interest : For delayed payments of : […]
Pirna Urban Co-Oeprative Credit Society Ltd. Vs ITO (Bombay at Goa High Court) The issue under consideration is the notice issued by the Income Tax Officer (ITO) to the petitioner’s bank i.e. Ratnakar Bank Ltd., requiring the bank to remit an amount of 2,33,42,040/- as dues towards the payment of income tax by the petitioner. […]
Section 194 C of the IT Act deals with deduction of tax at source when it comes to payment to contractors. In the present case, since neither the Assessee nor M/s. Prabhu Construction can be styled as contractors, it is obvious that the provisions of Section 194C of the IT Act were not attracted. Hence Section 194C will not be invoked in this case and therefore consequently provision of sec 40(a)(ia) would also not applicable.
Clarification in respect of option under Section 115BAC of the Income Tax Act, 1961 Income Tax Circular No C1 of 2020 dated 13th April 2020 Finance Minister in her Budget Speech, 2020 had introduced new tax regime with effect from Assessment Year 2021-22, inter alia provides that an Individual or HUF having income other than […]
Whether Provisions of Section 68 are applicable in case of sales receipt shown in trading and profit and loss account? It has been observed that while passing an order for scrutiny assessment for cash deposited by the assessee during demonetization period, various assessing officers have made addition under various sections of the Income Tax Act, […]
There is a change in the provisions for determining residential status, as per the amendment in Income tax act. The general rule will remain as same i.e. any person who is in India for more than 182 days will be treated as resident in India. OR, if he was in India for 60 days or more […]
The Income Tax Act makes a distinction between Trusts for charitable purposes and those for religious purposes, though both are entitled to exemption under section 11 of the Act. The creation of religious charitable trusts is governed by the personal laws of the religion. The administration of these religious trusts can either be left to […]
