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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...
The claim of exemption u/s 11 of the I.T.Act was denied by the Tribunal in assessee’s own case for assessment year 2007-2008 and 2009-2010 (supra). The Tribunal in the above case had held that the assessee’s activities of micro finance was not charitable in nature and was not entitled to the claim of benefit u/s 11 of the I.T.Act.
Addition of long-term capital gain against an investor who invested in a penny stock company in connection with the penny stock scam involving Rs. 36,000 Crores was upheld as additions made on account of detailed enquiries being carried out by Kolkata Investigation Directorate with regard to 84 penny stocks company as well as SEBI and no new facts or circumstances had been placed on record by assessee and the orders passed by the revenue authorities had also gone unrebutted.
Thus, it is seen that there is actually no sale of property by the assessees before us and the Sale Deed has been executed by the original owners through GPA holders to the children of assessees. Therefore, in my opinion, there is no transfer of property by the assessees in fact it is acquisition of property by the assessees in the names of their children and it is not the case of transfer or gain on sale of property.
PCIT Vs Electro Urban Co-Operative Credit Society Ltd. (Calcutta High Court) The issue under consideration is whether interest on deposits/securities, which strictly speaking accrues to the members’ account, could be taxed as business income under section 28 of Income Tax Act, 1961? Supreme Court said, such interest income would come in the category of income […]
The issue under consideration is that confirming the addition made u/s 68 by A.O. in respect of the loan taken from father of the appellant on mere suspicion.
CBDT Extends ad-hoc appointments of the 213 Assistant Commissioners of Income Tax (ACsIT) Vide Office Order No. 46 of 2020 Dated 05th March, 2020.
Investment made by a person, authorised under section 4 of the Payment and Settlement Systems Act, 2007, in the equity share capital or bonds or debentures of a company- (A) which is engaged in operations of retail payments system or digital payments settlement or similar activities in India and abroad and is approved by the Reserve Bank of India for this purpose; and (B) in which at least fifty-one per cent of equity shares are held by National Payments Corporation of India.”
The issue under consideration is whether the re-opening of assessment u/s 147 is justified if the details on the basis of which case is re-opened was already available at the time of original assessment?
Ministry of Finance TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit Posted On: 04 MAR 2020 In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs 324 crore in the case of a major Telecom Operator in […]
In the Union Budget 2020 it is proposed to widen the provisions for levy of TCS (Tax Collected at Source). The foreign tour operator will be liable to collect tax (TCS) u/s 206C (1G) from the passenger of such tour package @5% (@10% if PAN/Aadhar of passenger is not available) over and above the cost of his tour package.
