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Income Tax : The faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...
Income Tax : Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key chang...
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 : 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 : Karnataka High Court held that TDS is not deductible on payment to non-residents for advertisements in several social medias like ...
Income Tax : ITAT Mumbai removes addition in Kamal Clearing & Forwarding case, ruling that income was already declared and no evidence of money...
Income Tax : ITAT Lucknow held that cash deposits out of the past savings during demonetization being reasonable and as per social standing of ...
Income Tax : ITAT Bangalore held that delay in cash deposits, during demonetization, due to unforeseen circumstances like laxmi pooja and staff...
Income Tax : ITAT Kolkata held that mere non-production of director cannot be the ground for making any addition in the hands of assessee under...
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...
With lots of confusion regarding Capital Market likes how to tax income from capital market, how to compute turnover for tax audit u/s 44AB and what are the compliances to be fulfilled for income tax. Frequent ask question regarding capital market. Question 1. What are segments of Capital Market? Answer1. Capital market is to be divided into two parts: a. Cash Market, which further be divided into two parts: i. Delivery Based ii. Intraday (No Delivery)
CIRCULAR NO. 18/2015 It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, expenses relatable to investment in non-SLR securities need to be disallowed u/s 57(i) of the Act as interest on non-SLR securities is income from other sources.
The Finance (No. 2) Act, 2014 proposed to introduce a more streamlined method to compute Arm’s Length Price (ALP) in a situation where more than one price is determined, on adoption of Most Appropriate Method(MAM). The first and second provisos were made redundant for all transactions undertaken on or after 01/04/2014. This was done so as to remove the vagueness that prevailed in the computation of ALP, by way of arithmetic mean.
Assessees beware!! The Government has started a new campaign called E-Sahyog to ask for information/response from assessees where there is mismatch found in information given by the assessees in the Income Tax return and that given to/by other third parties in respect of the assessee.
ITAT Delhi held In the case of M/s National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) vs. JCIT that there is no qualitative difference between the two situations, viz., first, in which no enforceable liability to pay is created in the first instance, and second
ITAT Rajkot held In the case of GAC Shipping India Pvt. Ltd. vs. ITO – International Taxation that entire freight income of the assessee, which is only from operation of ships in international traffic, is taxable only in Singapore.
ITAT Kolkata held In the case of DCIT vs. M/s G.K.K. Capital Markets (P) Limited that in case AO has not recorded satisfaction about the correctness of the claim of the assessee and straight away calculated the disallowance u/s 14A read with rule 8D, this disallowance is not maintainable.
Delhi High Court held In the case of Arun Khanna vs. The ICAI & ANR that the notice issued to the ICAI for demerger of the firms was as per the notified rules in this regard. As per these rules it is clear that no concurrence / acceptance from all partners is required and can be effected
In case of ITO Vs. M/s. Northern India Transport Company the Appellate Tribunal of New Delhi has held that Assessment Order Passed by the Assessing Officer having no jurisdiction to Assess the entity is null and void.
Delhi High Court held In the case of Rockland Hotels Ltd. vs. IT Settlement Commission that as per clauses (a)(v) and (a)(vi) of section 245C , only if a director of the petitioner companies has a substantial interest in the specified person (company), then, the petitioner companies
