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Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
Income Tax : Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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 : Delhi High Court sets aside ₹14.63 crore penalty on Property Plus Realtors, ruling the order was issued beyond the statutory lim...
Income Tax : Delhi High Court dismisses appeal in PCIT vs Thapar Homes Ltd, ruling penalty under Section 271E was time-barred under Section 275...
Income Tax : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
Income Tax : ITAT Pune ruled on capital gains in Smt. Vimal Baburao Jadhav Vs ITO. The Tribunal held Section 50C inapplicable, recalculating LT...
Income Tax : ITAT Pune allows Foreign Tax Credit for Kasper Pieter Tideman, ruling that Form 67 filing is procedural, not mandatory. Read the c...
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...
The Principal Commissioner of Income Tax-1 Vs Ankur Protein Industries Ltd. (Gujarat High Court) Whether the Appellate Tribunal has erred in law and on facts in allowing carry forward of unabsorbed depreciation following Circular No. 14 of 2001 without appreciating that the amendment to the Finance Act was prospective? Current depreciation is deductible in the […]
In the present case, the Assesses had incurred substantial expenditure towards renovation leading to enduring benefit. They are not merely repairs. The Assessees had also incurred expenditures towards improvement and construction of the building. These cannot be termed as ‘repairs’.
ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in earlier 10 years and credited to profit and loss account of current year. The appellant has contested the action of the Assessing Officer on the ground that the appellant has rightly taken the books […]
Section 151- Income Tax Act, 1961 The Assessing Officer has to take approval from higher authorities before issue of notice u/s 148 of the Act. How important is application of mind by the Assessing Officer to record the reasons and more important is grant of approval u/s 151(1)&(2), of the Act with full application of […]
ACIT Vs M/s. Bhaawani Shankar Ginning Factory (ITAT Pune) The issue in the present ground is with respect to addition u/s 2(22)(e) of the Act. It is an undisputed fact that assessee had received loan from Mahesh Ginning Pvt. Ltd., in which both the partners of the assessee also held 18.19% shares each. We find […]
Shri Harish Narinder Salve Vs ACIT (ITAT Delhi) Undoubtedly, assessee is a noted international lawyer who has set up a scholarship for creating his visibility in international arena and his social standing. The assessee has specifically submitted that it has increased lot of value of the CV of the assessee and the government of Singapore […]
Before a scheme can be regarded as a lottery, there must be the element of distribution of prizes which should be by chance or lot and such distribution should be among those who had paid a price for participating in the scheme. Mere gratuitous distribution without any price having been paid by the participants for acquiring the chance and receiving a prize that is ultimately distributed, would not amount to a lottery.
In view of the guidelines issued by the CBDT in Instruction 3/2003 the Tribunal was right in observing that by not making reference to the TPO, the Assessing Officer had breached the mandatory instructions issued by the CBDT.
The Vicious Circle of Setting up of Over-Ambitious Revenue Collection Targets – Revenue Authorities Over-Reaching Taxpayers- Withholding of Refunds!! With a view to provide the much needed stimulus and push to the falling GDP growth rate and the currently prevailing slow-down in economy, the Hon’ble Finance Minister (FM) Smt. Nirmala Sitharaman, in a press conference […]
In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Act,1961(the ‘Act’) from the current FY 2019-20. The following capital assets are mentioned in section 111A and section 112A of the Act:
