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Income Tax : The faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...
Income Tax : Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key chang...
Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
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 : ITAT Mumbai removes addition in Kamal Clearing & Forwarding case, ruling that income was already declared and no evidence of money...
Income Tax : ITAT Ahmedabad sets aside assessment order on demonetization cash deposits, citing natural justice violations. Case remanded for f...
Income Tax : ITAT Ahmedabad condones delay in appeal and remands case to CIT(A) for fresh adjudication in Lahar Joshi vs. ITO. Fair hearing and...
Income Tax : CPC Erred in Denying Loss Carry-Forward by taking wrong due date for company entitled to extended due date under Section 92E of In...
Income Tax : ITAT Delhi allows 80IC deduction as Form 10CCB was filed before completion of 143(1) proceedings, ruling procedural delay does not...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
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...
INEQUITABLE AGREEMENT My builder forced me to pay ‘Penal interest’. But, he does not pay any compensation for delayed completion. What to do? As per the agreement, if the Builder abandons the whole or part of the scheme, the builders liability is limited only to refund of the Amount paid by the allottee without interest […]
Loss occurred to assessee as a result of its activity of trading in shares (a loss arising from the business of speculation) was not capable of being set off against the profits which it had earned against the business of futures and options since the latter did not constitute profits and gains of a speculative business.
Initiation of assessment proceedings under section 153C in case of other person, i.e., assessee without issuing proper satisfaction note by AO of the searched person in favour of AO having jurisdiction of such other person, the proceedings initiated u/s 153C was void-ab-initio.
Addition under section 68 on account of bogus capital gains from penny stocks was not justified as AO had not conducted any independent and separate enquiry to prove that the transactions carried out by the assessee were not genuine or that the documents were not authentic and assessee had successfully discharged the onus cast upon him by provisions of section 68.
Since no incriminating material was unearthed by AO during the course of search operation under section 132, therefore no addition could be made during the relevant assessment year under section 153A by reopening the assessment on the matter, which was examined earlier during original assessment.
TDS/ TCS taxpayers & Temp ID holder can now add Bank Account details through Non-Core Amendment of Registration. This will enable them to file refund application on GST Portal.
Will the new Finance Minister cut tax rate for large companies from the current 30 per cent to 25 per cent in the budget 2019 The first full time woman Finance Minister (FM) will present her maiden budget on 5th of July, 2019. All the people of the country look forward to the FM as a […]
The Survey points-out that major hurdle to economic growth and social well-being can be stabilized through a relatively small investment in the legal system.
Notification No. 52/2019- Central Government notifies‘Chhattisgarh Building and Other Construction Workers’ Welfare Board’, a Board constituted by the Government of Chhattisgarh, in respect of the following specified income arising to that council under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 52/2019 New […]
Notification No. 51/2019- Central Government notifies ‘National Skill Development Corporation’, a body constituted by the Central Government, in respect of the following specified income arising to that council under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 51/2019 New Delhi, the 4th July, […]
