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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...
Where the income of the assessee was exempt under section 11 and the assessee was not carried on the business, section 40(a)(ia) had no application. Moreover, the insertion of Explanation 3 to Section 11 by the Finance Act, 2018 making inter alia the provisions of Section 40(a)(ia) applicable in case of charitable or religious trust or institution with effect from 1st April, 2019 further shows that section 40(a)(ia) hitherto was not applicable in computing income of entities registration u/s 12A of the Act.
The Registry has put a note that the applications are time barred by five days. However, Ld. Counsel for the assessee has submitted that in view of the settled legal position of law, the applications cannot be treated as time barred. He in this respect has invited our attention to the relevant provisions of section 254(2) of the Income-tax Act, 1961 (in short ‘the Act’), which read as under:-
A.O. noted that the deduction under section 80IC is to be allowed on the profits derived from eligible business. The interest earned on the FDRs cannot be said that interest income earned from manufacturing activities of the assessee. It can only be said that interest income on FDRs is attributable to business activities but cannot be said that it derived from manufacturing activity of the assessee.
Commission earned by non-resident for services rendered abroad could not be construed as incomes accrued or arisen in India and accordingly disallowance made by AO by invoking section 40(a)(i) was set aside.
M/s Deepraj Hospital (P) Ltd Vs. ITO (ITAT Agra) In the case at hand, the challenge of the assessee is that since in the reasons recorded, the AO has not spelt out as to what he did with the information received by him from the Investigation Wing, the reasons are hit by the vice of non-application […]
ITAT held that There is no time-limit prescribed for bringing the consideration of export into India under section 10AA. Admittedly, the consideration had been received in India, albeit subsequent to filing of the return by the assessee. However, merely because the consideration had been received after 6 months from the close of the financial year the deduction, cannot be denied to the assessee on the sum. Therefore, AO was directed to grant deduction to the assessee under section 10AA of Income Tax Act, 1961.
Rule 46 A of the Income Tax Act is the rule related to production of additional evidence before the first appellate authority after an assessment being made by the Assessing officer.
Almost after 55days of commencement of FY, Income Tax department made ITR forms available for filing Income Tax Returns for the AY 2018-19. There are key changes and points, where a Taxpayer should be aware of while filing ITR 1 for the AY 2018-19
Income Tax Department declared March 31, 2018 as deadline for filing belated returns for the financial year 2015-16 and 2016-17. In case you haven’t filed your ITR for FYs 2015-16 and 2016-17, you cannot file a belated return anymore.
The CBDT has recently notified the new ITR Forms applicable for AY 2018- 19 vide notification no. 16/2018, dated 03.04.2018. These ITR Forms contain significant changes which need due analysis. As you all are aware the ICAI has always been proactive in disseminating the knowledge and sharpening the skills of its members. In furtherance of […]
