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Income Tax : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
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 : 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 : ITAT Raipur held that order of transfer of case under section 127 of the Income Tax Act without granting opportunity of being hear...
Income Tax : Kerala High Court held that court cannot interfere with order of settlement commission if challenge is merely that Settlement Comm...
Income Tax : ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasona...
Income Tax : In the matter abovementioned ITAT allowed the appeal of the assessee after deleting the addition made u/s 68 after observing the f...
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 : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
NKC Projects (P) Ltd. Vs DCIT (ITAT Delhi) It could be seen from the assessment order that while dealing with the issue of allowability of the bank guarantee commission, learned Assessing Officer held that on identical facts in assessee’s own case for the assessment year 2011-12 an addition under section 40(a)(ia) of the Act was […]
Lustre Merchants Pvt. Ltd. Vs DCIT (ITAT Delhi) The only dispute in the instant appeal is regarding the treatment of the loss on account of forfeiture of share application money amounting to Rs. 41,61,000/- as business loss or capital loss. While the loss is not in dispute, according to the assessee it is a business […]
Learn about the new rules and application process for the registration of charitable or religious trusts. Stay updated with the latest amendments.
TaxGuru Edu, an educational wing of Taxguru bring you the best in class Online Certification Courses on GST and Income tax. Learn taxes in a Practical way and become an Expert in this field. Online Certification Course on Income Tax – Batch 2 The Online Income Tax Course covers major aspects of Income Tax Law […]
Assessee is entitled to include interest in the capital cost while computing capital gains U/s 48 of the Act. Judicial discipline requires us to follow the order of a co‑ordinate bench.
Sakharam Bhondve Vs ITO (ITAT Pune) The issue under consideration is whether the deduction u/s 54F for reinvestment against Capital gain in the name of wife and son will be allowed or not? As per the judgement of the Hon’ble Bombay High Court in the case of Kamal Wahal (supra): “It also noted that a […]
The issue that arises is to determine whether Preference dividend falls under the definition of dividend u/s 2(22). DDT u/s 115-O shall be deducted only when the dividend distributed falls u/s 2(22). In case preference dividend is not covered u/s 2(22), TDS u/s 194 is required to be deducted. 1. Attention is to be given […]
The ITAT Ahmedabad has harped upon the mechanical practices adopted by the Assessing Officers to make addition u/s 68. The moot point is that a sale which already forms part of books of account cannot be added again u/s 68 due to the reasons that Sales are already recorded in the books of accounts and the addition of the same amounts to double taxation. A prejudiced view on sale cannot be drawn when purchases are accepted without any reservation. Section 68 connotate amount credits in books of account remained unexplained need to be added. Recorded sales are not unexplained cash credits.
AO was not justified in treating assessee’s transaction of purchase of agricultural land from his wife as colorable device to avoid the legitimate payment of tax on mere difference between purchase price declared by assessee vis-a-vis Jantri Value as assessee had discharged his primary onus by furnishing the necessary details to justify the cost of acquisition and now the onus was on the Revenue to bring on record the details of the cases to justify the actual prevailing market rate at the time of the purchase of land by assessee.
A charge imposed by government on the annual earnings (either earned# or unearned$ Income) of a Person (Section 2(31)).
