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Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : Budget 2025 highlights income tax changes, revised tax slabs, TDS amendments, IFSC incentives, updated return filing limits, and d...
Income Tax : The Income Tax Bill 2025, set to replace the 1961 Act, redefines the role of Chartered Accountants in tax compliance and represent...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
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 : 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 : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : DCIT Vs Triton Hotels and Resorts Private Limited (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated appeals ...
Income Tax : ITAT Pune rules that an ITI substantially funded by the government qualifies for tax exemption under Section 10(23C)(iiiab), even ...
Income Tax : ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act t...
Income Tax : ITAT Bangalore upholds CIT(A)'s decision, stating that belated filing of Form 10 is a procedural lapse and doesn't disqualify an i...
Income Tax : It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differ...
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...
1) The Income Tax Act identifies a senior citizen as a person who is 65 years of age or more at any time during the previous year. It provides for special benefits for such persons.2) As per the IT Act, senior citizens who have an income up to Rs
This article is about one of the most important things which came out in terms that how to treat fees paid for enhancement of authorized capital to Registrar of Companies. Will it be a revenue expenditure or capital expenditure? Before starting it up and finding the answer let’s just start it with what is Section 37 of the Income Tax Act, 1961 all about.
Business Process Outsource (BPO) is a concept or business model which grows in India many folds; most of the multinational companies (MNC) have either setup their captive units in India or approach the Indian business entities to perform their business process from India.
Smt. Anita Singh Vs ACIT (ITAT Indore) in the year 2006 itself the assessee along with other persons initiated the process of developing a colony which is proved by the Registration No.40/2006 issued on 21.8.2006. Few months before and the period thereafter all these 18 persons kept on purchasing the land from various land owners and parallely […]
Expenditure for expansion of existing business in terms of new beds and services and aid in raising equity funds approximately 100 crores from interested investors to finance its expansion plan is certainly a revenue expenditure and be allowed as deduction under section 37 of the Act.
Dr. Prathap Chandra Reddy Vs Income Tax Settlement Commission (Madras High Court) Settlement Commission did not conduct an enquiry to satisfy itself that the stand taken by the PCIT by way of a supplementary report could be a valid ground to come to a conclusion that the assessee had made a false claim on the refund due. The […]
ITO Vs Bajaj Roadways (ITAT Kolkata) Revenue’s substantive ground seeking to revive unexplained cash credit addition of Rs.64, 10,000/- in assessee’ s partners’ capital Suffice to say, various judicial precedents have settled the law that such addition has to be made in the concerned partners’ hands than in case of a firm assessee. We quote one […]
M/s. KGL Network (P) Ltd. Vs ACIT (ITAT Delhi) Assessee-company made payments on behalf of its clients as Clearing and Forwarding (C&F)Agent which were reimbursed to the assessee-company. The assessee-company did not make claim of deduction in the P & L A/c. Similar claim of assessee-company has been allowed in earlier and subsequent year, therefore, rule […]
Section 115JB was inserted by the Finance Act, 2000, w.e.f. 01/04/2001. It had replaced Section 115JA, which was inserted by the Finance Act, 1996 w.e.f. 01/04/1997. Section 115JA was replacement of earlier Section 115J, which was inserted by the Finance Act, 1987 w.e.f. 01/04/1988. The objective and philosophy of the provisions of Section 115J, Section 115JA and Section 115JB are same; however, the method of computation has been slightly changed in these sections.
Agriculture income is exempt under section 10(1) of the Indian Income Tax Act but While computing tax on non-agricultural income agricultural income is also taken into consideration and when we compute tax taking agriculture income into consideration we pay tax on agriculture income also.
