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Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
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 : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
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 : 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...
Times Global Broadcasting Company Ltd Vs Union of India & Ors. (Bombay High Court) It is indisputable that by virtue of sub-sections (2A) and (2B) of Section 92CA, in case of an international transaction, the TPO would have an authority to examine any international transaction which comes to his notice during the proceedings, whether a […]
Since assessee had explained that the two partners had cash deposited out of the cash receipts against advanced sale of land in individual however, assessee could not furnish any details evidence of holding of land, agreement with the purchasers and date/mode of source of receipts either before AO or before CIT(A), therefore, AO was correct in holding these credits as unexplained in the hands of assessee.
The Tribunal noticed that the assessee was holding 1.07% shares of sister concern whereas the partners of the assessee firm Shri Balbir Kumar and Shri Harsh Kumar were holding 6.64% and 6% shareholding respectively.
The due date for a person (other than a company) whose accounts are required to be audited under the Income Tax Act, 1961, may be increased to 31st October 2019 as the numbers of cases of audit are increasing and auditors have to incorporate data of GST Returns in the audit report apart from checking of the purchases, turnover, ITC, etc., and also tax audit forms have seen changes.
NEWS INTERNATIONAL 1. Australian Taxation Office publishes important guidance on cross-border tax measures 2. Singapore, Turkmenistan sign comprehensive tax treaty 3. Zimbabwe proposes amendments to thin capitalization rules. 4. Bulgarian mandatory transfer pricing documentation rules enacted 5. USA and Curacao negotiating country-by-country reporting exchange agreement. 6. Switzerland to exchange financial account information with 33 more […]
Urge to the FM to revoke Super Rich Surcharge on LTCG from the sale of properties. The current recession has hit the economy hard, causing layoffs and shutdowns across sectors.
Important income tax tips after August 31, 2019. Learn about the amendments in the Finance Act and how they impact your tax planning.
Explore the ITAT Mumbai judgment in Anandkumar Jain vs ITO, highlighting rectification under Section 154 for deduction under Section 80HHC based on subsequent Supreme Court decisions.
A comprehensive guide on how to file Income Tax Return (ITR). Learn about the procedure and get answers to frequently asked questions.
There is general opinion that if an eligible assessee is opting for section 44AD and section 44ADA, he is not required to maintain books of accounts. The requirement to maintain books of accounts is governed by section 44AA of the Income Tax Act. As per section 44AD(1): Notwithstanding anything to the contrary contained in sections […]
