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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 : ITAT Pune dismisses Indrayani Seva Samiti's appeal due to an unexplained 8-year delay, citing lack of sufficient cause and uphold...
Income Tax : ITAT Bangalore held that addition under section 69A towards cash deposits during demonetization deleted since cash deposit was mad...
Income Tax : ITAT Mumbai held that passing of assessment order u/s 147 r.w.s. 144B of the Act without disposing the objections raised by the as...
Income Tax : Delhi HC dismisses revenue's appeal, affirming that cash sales during demonetization, accounted for and taxed, cannot be treated a...
Income Tax : DCIT Vs K Raheja IT Park (Hyderabad) Ltd. (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai dismissed appeals filed by...
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...
Godaddy. com LLC Vs DCIT (ITAT Delhi) Hon’ble Apex Court in the case of Satyam Infoway Ltd. (supra) has held that the domain name is a valuable commercial right and it has all the characteristics of a trademark and accordingly, it was held that the domain names are subject to legal norms applicable to trademark. […]
Each year Central Broad of Direct Taxes (CBDT) comes out with strategy called as Central Action Plan which prescribes the mechanism and approach for various internal tax departments and authorities to improve tax compliances, widening the tax base, litigation management, reduction in outstanding demand and most importantly, to meet the core objective of budget collection.
Under the Income tax Act, 1961 Profit or gain from Business or profession is considered income and such income is chargeable to tax. The expenses incurred in relation to business can be deducted from the revenue from Business or profession. However, there is certain restriction on such deduction of expenses.
DCIT Vs Ramesh Madhavrao Bhujang (ITAT Mumbai) It is undisputed fact that the assessee had acquired the right in the property pursuant to allotment letter dated 10/03/2008, a copy of which has been placed on page number-111 of the paper-book. The assessee has made the full payment of Rs.83.30 Lacs by 25/06/2008. The said fact […]
W#e are of the view that the transfer of T&D Division of the assessee-company was not in a manner prescribed in section 2(19AA) so as to treat the same as demerger for the purpose of Income Tax Act and the benefit of section 47(viia) was not available to the assessee-company as rightly held by the Assessing Officer.
Pr. CIT Vs Prakashkumar Bhagchandbhai Khatri (Gujarat High Court) Where assessee, in terms of agreement with company for development and consideration of land owned by assessee, had received trade advances, the same were not loans, therefore, section 2(22)(e) was not attracted. The Tribunal while confirming the view of CIT(A) opined that amount in question was […]
CJ International Hotels Ltd. Vs DCIT (ITAT Delhi) Tips for hotel employees included and paid by customers and collected by the employer and disbursed to the employees do not amount to salary or profit in lieu of salary or payment made by or on behalf of the employer, as such provisions requiring deduction of tax […]
As we are rushing towards the Tax audit due date, I thought its worthy to attempt a write-up on a concept that holds significant place in accounting of taxes of a business(i.e) Deferred Tax.
This appeal by the assessee is directed against the order of ld. Commissioner of Income tax(Appeals) dated 01/05/2014 and pertains to assessment year 2010-11.The Grounds of appeal read as under :- Being aggrieved by the order of the Commissioner of Income-tax (Appeals)-25, Mumbai (hereinafter referred to as Learned CIT (A)) dated 01.05.2014 under section 250 of The Income Tax Act, 1961 (herein after referred as ‘IT Act’), the appellant submits this appeal on the following grounds each of which may please be considered without prejudice to one another
WEF June 2013, purchaser of property with value of Rs. 50 lakh and above should deduct 1% TDS under section 194-IA at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller.
