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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...
ITAT Ahmedabad held that interest income and miscellaneous income earned by the assessee are directly related to the business of the assessee and assessable as business income only and not as income from other sources.
Compensation received under Section 28 of the Land Acquisition Act was taxable under section 56(2)(viii) r.w.s 145B(1) as the provisions of section 10(37) deal with ‘compensation’ only and not interest on compensation or enhanced compensation.
ITAT Ahmedabad condoned delay of 326 days in filing quantum appeal and delay of 1 day in filing penalty appeal as assessee demonstrated sufficient cause for the delay.
ITAT Ahmedabad held that in case of two contrary decision by non-jurisdictional High Courts, decision favourable to the assessee shall apply. Thus, order of CIT(A) allowing deduction u/s. 80IA of the Income Tax Act upheld.
ITAT Ahmedabad held that imposition of penalty u/s. 269D and 269E of the Income Tax Act without clear finding along with authentic evidence that provisions of section 269SS and 269T are violated is unsustainable.
Tiger Global International III Holdings Vs Authority for Advance Rulings (Income- Tax) & Ors. (Delhi High Court) The Delhi High Court delivered a significant judgment in the case of Tiger Global International III Holdings v. The Authority for Advance Rulings (Income-Tax) & Ors., reaffirming the importance of the Tax Residency Certificate (TRC) in international tax […]
The Supreme Court clarifies which High Court has jurisdiction over ITAT appeals, addressing confusion and ensuring consistency in India’s tax litigation process.
ITAT Delhi remands case to CIT(A) for fresh adjudication due to lack of physical notice before ex-parte decision on unexplained investment.
However, the completed/unabated assessments could be re-opened by the AO in exercise of powers under sections 147/148, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148 and those powers were saved.
The Finance Act, 2024, brought significant changes to the long-term capital gains (LTCG) tax on real estate sales. Notably, the LTCG tax rate on the sale of immovable property has been reduced from 20% to 12.5%, but the indexation benefits have been withdrawn. This change has a direct impact on Non-Resident Indians (NRIs) who are […]
