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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...
Direct Tax Proposal – Quick Insight [Budget for clean environment, technology advancement, low cost housing and less cash economy] Brief presentation dealing with following subject areas proposed in Budget. i) Tax Rate ii) Electric vehicle [Section 80EEB] iii) Affordable Housing [Section 80-IBA & Section 80EEA] iv) Start-ups v) Tax deducted at source vi) Income Tax Return […]
Future and Options (F&O) Trading is a popular activity amongst taxpayers due to availability of multiple online trading platforms. The Income Tax provisions on F&O trading need to be analysed carefully. Meaning of F&O Trading F&O Trading comprises of trading in futures and options. They are classified under Derivatives. Derivatives are securities whose value is […]
Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of the Income-tax Act, 1961 read with section 195 of the IDS -reg. F.No.225/ 282/ 2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA. II) North Block, New Delhi, the 12th […]
Conditions for Compulsory filing of Income-Tax Return: Budget 2019 It is a common understanding that an obligation file the return of income under the income-tax Act arises only if the income exceeds the maximum amount not chargeable to tax or when a person desires a loss sustained by him to be carried forward in future. […]
The Union Budget for 2019-20 was placed before Parliament on 05.07.2019. Some of the significant proposals related to Income Tax Act, 1961 are as under:
The issue under consideration is whether the addition u/s 69 for Cash deposited in assessee’s bank account being Power of Attorney holder for sale of property belong to her father is justified in law?
Penalty under Section 271B was justified as assessee had not produced audit report in the prescribed format before AO and no explanation regarding the reasonable cause for not filing the audit report within the prescribed time limit was given.
Where the documents on record conclusively establish that the receipt did not give rise to any taxable income, it would not be open for AO to reopen the assessment referring only to the non disclosure of the receipt in the return of income.
The most awaited Union Budget 2019 is unveiled. This being the maiden budget of Modi 2.0, expectations of stakeholders and public at large were high. In order to provide relief to taxpayers and promote digital economy the Hon’ble Finance Minister Nirmala Sitharaman has proposed the following: Proposals to provide relief to taxpayers Interchangeability of Permanent […]
DCIT Vs Sovereign Pharma Pvt. Ltd. (ITAT Pune) A bare perusal of reasons for reopening would show that the Assessing Officer has erred in invoking the provisions of section 148 r.w.s. 147 after the expiry of four years to cover up his own follies. It is not the case of Revenue that the assessee has […]
