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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 : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
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 : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
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...
Learn how to use 26AS text to Excel conversion tool. Tested in Excel 2019, 2021, and Office 365. Follow simple steps to convert and manage TDS/TCS data efficiently.
The Madras High Court ruled that the 2016 amendment to Section 50C of the Income Tax Act applies retrospectively, impacting capital gains assessment for earlier years.
Faceless assessments in FY 23-24 raised Rs 43 trillion in tax arrears, sparking concern over the impact on India’s tax ecosystem and small businesses.
The Central Action Plan 2024-2025 by CBDT aims to optimize India’s direct tax system, focusing on revenue, litigation, taxpayer services, and efficient administration.
The Finance Act, (2), 2024 has made certain changes relating to levy of income tax on consideration received on buy-back of shares resulting significant impact on income tax liability to shareholders. This change impacts all future buy back proposals. Corporates houses are evaluating different strategies to minimise the tax impact. Legal experts challenges taxing buy […]
Bombay High Court imposed a cost on JAO and CCIT of Mumbai for not following judgement Hexaware case and Order them to deposit 25000 each as personal Cost with National Association for the Blind
Bombay High Court rules that CIT(A) cannot dismiss appeals for non-prosecution. Tribunal’s decision to restore appeal upheld.
Summary: Income additions by tax authorities due to discrepancies between a taxpayer’s declared income and the details in Form 26AS are common. However, these additions often lack proper verification. In cases such as Swati Mahesh Vinchurkar v. Dy. CIT, the Tribunal ruled that merely relying on Form 26AS without verifying the taxpayer’s claims is insufficient. […]
Bombay High Court upholds ITAT ruling in PCIT Vs SVD Resins, focusing on the legitimacy of purchase transactions and tax implications under Section 69C.
The Bombay High Court dismisses criminal charges against Hubtown Ltd’s directors for TDS payment delays, citing absence of required notices under IT Act Sections 201 and 278B.
