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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...
Shri Ashok Kumar Aggarwal Vs ACIT (ITAT Delhi) AO repudiates the return filed u/s 1 58BC (a) of the Act and proceeds to make an enquiry, he has to necessarily follow the provisions of section 142, 143(2) and 143(3) of the Act. In the case before us, the Department has not been able to negate […]
ITA Nos.405/2005 and 406/2005 have been filed by an individual, Arjun Malhotra impugning common order dated 29th January, 2004 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the tribunal) deciding ITA Nos.1433/Del/2002 and 1434/Del/2002 relating to Assessment Years (AY, for short) 1998-99 and 1999-2000
News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected.
Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata) We have heard the rival contentions and perused the material available on record. In the instant case the assessee has shown business income of ₹13,36,761/- and LTCG income of ₹86,30,498/- only. Besides the above assessee has shown unabsorbed brought forward business loss of ₹16,64,542/- which was set […]
OFFICE ORDER NO. 86 OF 2018 The following Transfer / Posting in the grade of Assistant / Deputy Commissioner of Income Tax (Local Change) are, hereby, ordered with immediate effect and until further orders: –
The author discusses that recent amendment by Finance Act, 2018 to section 50C of allowing 5% deviation may be curative in nature and hence there is a case that the same may be treated as having a retrospective effect from the date on which section 50C came into force i.e. 1-4-2003. IT will reduce burden […]
It is rightly said that failing to plan is planning to fail. This adage resonates further in case of family succession planning. If an individual fails to plan for his/ her succession, it can create havoc and chaos for the grieving family and for the business in general. Family succession planning involves passing the wealth […]
Simply because the assessee could not produce the dealers, the entire purchases could not be treated as bogus purchases as AO could have made further investigations to ascertain the genuineness of the transactions.
When income of assessee was determined on estimation basis of net profit, then no penalty under section 271(1)(c) could be imposed for concealment and furnishing inaccurate particulars.
L&T Finance Ltd. Vs DCIT ( ITAT Mumbai) We have given a thoughtful consideration to the facts of the case and are of the considered view that ‘Slump sale’ as defined in section 2(42C) means the transfer of one or more undertakings as a result of the sale for a lump sum consideration, without values […]
