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Income Tax : A detailed comparison of key provisions in the Income Tax Act, 1961, and the proposed Income Tax Bill, 2025, highlighting major ch...
Income Tax : Stay updated with 2024 US individual tax filing details, including deadlines, tax rates, forms, and standard deductions. Learn abo...
Income Tax : बजट में गैर-पेंशनभोगी वरिष्ठों को कर राहत न मिलने ...
Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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 : Respondent/assessee is a Irish company. It accordingly claimed benefits of the India-Ireland DTAA. ADIR is a wholly owned subsidia...
Income Tax : In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that a...
Income Tax : In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after consid...
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 : 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...
Individual, HUF and Partnership firm, whose annual turnover does not exceed Rs. 2 crores, are given an option to pay tax by declaring business income under presumptive basis i.e. minimum 8% of the business turnover shall be treated as the net profit and thereafter, the tax shall be payable as per the applicable tax rate […]
According to the income tax department, PAN and aadhaar linking is possible even after 31st March 2020. Though there’s a twist here, this linking is possible on condition that the PAN will remain inoperative post the deadline till the date they link the 2 cards. New notification The central board of direct tax has issued a new notification […]
Alignment of Double Taxation Avoidance Agreements (DTAAs) With Multilateral Instrument (MLI) Background [Section 90 and 90A] Section 90 of the Act empowers the Central Government to enter into DTAAs with foreign countries or specified territories inter alia for avoidance of double taxation of income under the laws of both, India and that foreign country or […]
There is a delay of 586 days in filing the appeal for which no explanation was offered. even if some explanation was offered, we could have exercised our discretion. In this case, condonation of the delay would amount to condoning the utter failure or negligence on the part of the department to take steps with regard to this appeal.
Shri Ramphal Hooda Vs ITO (ITAT Delhi) Whether the exemption under Section 54F is extendable to the assessee for the total consideration paid by him, for the purchase of the new asset (the residential property) in the joint name or the exemption would be entitled to the extent of the share of the assessee in […]
The exemption provisions of section 54D of the Income Tax Act comes into play only if the following norms are satisfied – 1. There is a capital gain on account of compulsory acquisition of land or building, forming part of the industrial undertaking; and 2. The assessee has re-invested the amount for acquiring new land […]
The Apex Court has finally provided closure to one of the most litigatious aspect of the Income Tax statute. While deciding the appeal in the case of Seshasayee Steels (P.) Ltd v. ACIT [2020] 115 taxmann.com 5 (SC), the Apex Court has interpreted section 2(47) of the Income Tax Act, 1961 which defines the term […]
Direct Tax Vivad Se Vishwas Scheme as passed by Loksabha on 04-03-2020 is accompanied by 55 FAQs isuued on the same day. The purpose is to remove doubts and facilitate speedy implementation. The clarifications issued under FAQs have been categorized into following heads 1. Clarifications on Cases eligible for Scheme 2. Cases Not eligible under […]
The assessee who is covered us 172 and 44B is not required to maintain the books of accounts and get his accounts audited us 44AB in no cases. since section 44AA and 44AB doesn’t covered 44B transactions. Hence even if they report the normal income lower than what is calculated us 172 , then also they is not required to maintained the books of accounts us 44AA and get his accounts audited us 44AB.
Section 54B of the Income Tax Act provides an exemption from the capital gain arisen on the transfer of agricultural land by acquiring another agricultural land. The present article explains the provisions attached with the exemption available under section 54B of the Income Tax Act. However, before understanding the exemption available under section 54B, it […]
