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Income Tax : The new Income Tax Bill consolidates provisions for non-profits, covering registration, taxation, compliance, and capital gains ru...
Income Tax : The Income-Tax Bill 2025 simplifies house property income taxation, reducing complexity while maintaining key provisions for bette...
Income Tax : India's Income Tax Department shifts to a taxpayer-friendly approach, prioritizing silent recoveries, refund adjustments, and redu...
Income Tax : Explore why Cost Accountants (CMAs) should be included in the definition of "Accountant" under the Income Tax Bill 2025 for a comp...
Income Tax : Understand the New Tax Regime 2025 with updated slabs, deductions, and exemptions. Learn how to save tax and choose the best regim...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors' tax liability ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : Delhi High Court held that Freight Logistic Support Service provided by appellant are not in the nature of Fee for Technical Servi...
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...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
When there is amalgamation, the accumulated losses and unabsorbed depreciation of the amalgamating company shall be deemed to be loss or, as the case may be, allowance for the unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was effected.
As soon as due date of filing tax audit is coming near, assessee and tax auditor are making effort to comply the tax audit provision.
The Revised 3CD Form has introduced additional reporting in view of the applicability of the Special Provisions Relating To Avoidance Of Tax Chapter: X And General Anti-Avoidance Rule Chapter: X-A. The new reporting requirements are contained in Clauses
I am trying to start the series of Frequently Asked Questions on Payments to Non Residents. I have prepared the same based on my past experience and based on questions asked to me by my clients or professional colleagues.
Agarwal Global Steels Pvt. Ltd. Vs DCIT (ITAT Hyderabad) We observe that even if we consider the selling price @ 30,675.56 by M/s Gautham Rolling Mills Pvt. Ltd. and the same was purchased from the assessee @ 25,000/- per MT with tax, the difference would be Rs. 4,500/- per MT. We gave opportunity to both […]
Chambal Fertilisers And Chemicals Ltd Vs JCIT (Rajasthan High Court) The assessee is of the considered opinion that the education cess and secondary & higher education cess (collectively called as education cess) are not a “tax” and hence not disallowable u/s 40(a)(ii) of the Act on the basis of following submission:- (1) That on a plain reading of the above […]
Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned from real estate too arise. Taxability of income from real estate can be explained as below.
Kalyan Constructions Vs ITO (ITAT Hyderabad) Provisions of Section 40A(3) mention that where an assessee incurs any expenditure in respect of which payments were made to a person otherwise than by way of crossed cheque or account payee cheque, no deduction shall be allowed in respect of such expenditure. It is humbly submitted that when the […]
If an individual/Huf receives from any person or persons any gift , exceeding Rs. 50000 in any previous year, as per income tax laws, the aggregate amount shall be taxable as Income From Other Sources in the hands of individual or HUF U/s 56. The gift can be the following
The word held used in section 2(14) implies right over a capital asset. In the instant case, right over the property was held by assessee for the period of 36 months, by paying first installment and builder issued a provisional letter of allotment and from that period, assessee had been enjoying legal right over the said property.
