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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 : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
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 : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
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...
The fact that the assessee has sold flats at an undervaluation does not mean that he has understated the consideration and earned undisclosed ‘on money’. The mere presumption that excess price could have been charged is not a ground for coming to the conclusion that the assessee did charge a higher price. The burden of proving such understatement or concealment is on the Revenue
This appeal filed by the assessee is directed against the order of Ld. CIT(A) – 2, Kolkata dated 30.01.2017 and the solitary issue involved therein relates to the disallowance of Rs. 3 6,92,842/- made by the AO and confirmed by the Ld. CIT(a) on account of peripheral development expenses.
At the time of hearing before the Tribunal, the learned counsel for the assessee has not pressed ground no 1 raised in the appeal of the assessee. It is also noted that ground no 4 raised by the assessee in this appeal in general which does not call for specific adjudication.
Because on due consideration of facts, circumstances of the case more particularly in view of the fact that transactions in currency derivatives made by the assessee which were all supported by time-stamped contract notes conducted at the floor of recognized stock exchange resulting into loss of Rs. 1,709,121, learned ‘CIT (Appeals) has erred in law holding the same as speculative transactions and thereby not allowing set off of same against other business income of the assessee
Lakhs of people have received their maturity proceeds under LIC Wealthplus Insurance policies during the year ended 31-3-2018 and they have to submit their income tax return on due dates in this year on different dates according to their status.
The appeal filed by the assessee is against the order of learned Commissioner (Appeals), Durgapur dated 31-3-2015 for assessment year 2010-11 in respect of upholding the penalty of Rs. 3,01,031 imposed by the assessing officer under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the Act).
There is an awkward situation that often provokes much tension of numerous budding aspirants who wish to venture their luck abroad. One of the crucial points that every one of them definitely asks about is the criteria for residency in India as to the payment of income tax.
The instant appeal has been filed before us by the assessee against the order dated 16.12.2015 passed by the Commissioner of Income Tax(Appeals)-16, Kolkata under section 143(3) of the Income Tax Act, 1961 arising out of the order dated 30.12.2008 passed by the Income Tax Officer, Ward-7(3), Kolkata for the assessment year 2006-07 with the following grounds
The Income-Tax Act casts responsibility on the employer for tax deduction at source (TDS) at the time of payment of salary to employees whose salary income is above the maximum amount not chargeable to tax. The employer is required to deduct TDS on salary at the average rate of income-tax and deposit the same with the government within the prescribed time.
Due date for Filing Income Tax Return for Assessment Year 2016-17 for Salaried Persons and other Assessees who are engaged in business and profession and whose turnover is less than Rs. 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) is 31st July 2016. In this article we have detailed in the form of Question answers Consequences of Delay in Filing Return of Income or of Filing Return after the due date.
