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Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
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 : 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 : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
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...
CBDT vide Notification No. 01/2020-Income Tax has released Format of Revised Form Sahaj (ITR-1) and Sugam (ITR-4) as applicable for Assessment Year 2020-2021 and also added a new proviso to Income Tax Rule 12 and provided who cannot file Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL […]
After multiple extensions of due date for linking PAN and Aadhar, finally the due date coming up is 31st of December 2019 (extended further up-to 31st March 2020 vide Income Tax Notification dated 30.12.2019) The government in its last budget has made a law by inserting section 139AA in Income-tax Act, 1961 making it mandatory […]
The issue under consideration is whether the issue of penalty notice u/s 271D is justified under the Act? Penalty u/s 271D shall not be levied in the case of near relatives
Punjab Tax Bar Association has made few suggestions by way of Memorandum to Hon’ble Finance Minister with respect to Union Budget, 2020 which is likely to be tabled in the Parliament on 1st Feb, 2020. Relevant Text is as follows:- P T B A PUNJAB TAX BAR ASSOCIATION (A SYMBOL OF BARS UNITY) President : […]
There are various recourse available to assessee to challenge the orders passed by the Assessing Officer at the time of assessment. The Income Tax Law provides recourse in the form of revision or by filing an appeal. Filing of Appeal to Commissioner of Income Tax Appeals – First Stage This article describes various provisions relating […]
Exposure Draft of Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) for comments In India, the ICAI had issued a pronouncement with the title ‘Framework for the Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards’ (Framework). This Framework is primarily based on the old Conceptual Framework issued by IASB’s predecessor body […]
Sudha Eashwar Vs ITO (ITAT Chennai) The assesse is claiming exemption by way of long term capital gains claimed by it to be earned on sale and purchase of Turbotech Engineering Ltd. by invoking provisions of Section 10(38) of the 1961 Act and onus is on the assessee to prove that these gains are genuine […]
With the year coming to an end, salaried people rush to submit their tax declarations to their employers. It hurts when your employer deducts tax from your reward for 30 days of hard work. In order to save tax, one has to jump through all kinds of hoops; investments in ELSS, fresh insurance policies, PPF, etc. House Rent Allowance (HRA) is one of the favourite tools of the salaried class to save taxes. HRA exemption gives big relief to those paying rent for their accommodation.
In the last two articles, we have discussed the Concept of Advance Ruling under Income Tax Act 1961 and Application for seeking Advance Ruling under Income Tax Act’1961.
Find out how to respond to outstanding income tax demands under Section 143(1). Learn the steps for online payment and dispute resolution.
