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Income Tax : Explore the concept of agricultural income under Income Tax Act 1961, including definitions, exemptions, and conditions for income...
Income Tax : IT Dept scrutinizes political donations ₹5L+ for tax fraud. Learn about Section 80GGC/80GGB, penalties, and steps to ensure comp...
Income Tax : Why does tax evasion still thrive despite all the efforts to stop it? And more importantly, what can be done to fix it? This blog ...
Income Tax : Through tax laws on Virtual Digital Assets (VDAs) like cryptocurrencies and Non-Fungible Tokens (NFTs), India has initiated the pr...
Income Tax : Explore evolution of tax laws from ancient times to the modern era, highlighting key changes, global trends, and challenges shapin...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
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 : ITAT Pune remands the appeal of Mula Parisar Serva Seva Sangh regarding TDS refund claim for 2018-19, citing past precedents....
Income Tax : ITAT Chennai sets aside CIT(E)’s rejection of 80G registration for SKNNSM Society, citing inadequate time for response. Case sen...
Income Tax : ITAT directed AO to verify Factory Premises rental income and compute taxability under section 57, allowing proportionate expense...
Income Tax : Delhi High Court directs NFAC to expedite pending appeals, expressing concern over prolonged delays in taxpayer cases, including a...
Income Tax : Delhi ITAT rules Section 56(2)(viib) of the IT Act does not apply to transactions between holding and subsidiary companies, quashi...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
After the new jurisdiction orders have been passed by you/ your officers’ subsequent to restructuring, the PAN requires to be migrated to the new Ward/ circle as per the new jurisdiction. It appears that this activity has not been completed by some of the field officers. This is causing inconvenience to a large number of taxpayers.
CIRCULAR NO. 6/2015, Dated: April 9, 2015 no capital gains will arise at the time of exercise of the option in the case of Fixed Maturity Plans (FMPs) by the investor to continue in the same scheme. The capital gains will, however, arise at the time of redemption of the units or opting of the scheme, as the case may be.
CIRCULAR NO. 5/2015, Dated: April 9, 2015 Chargeability of Interest under section 17B of the Wealth-tax Act, 1957 on self-assessment tax paid before the due date of filing of return of net wealth
In the case of The Commissioner of Income Tax vs. V. S. Dempo & Company Ltd, Goa High Court has held that the principal amount of loan taken for purchase of capital assets was on capital account and therefore on cessation of its repayment there is no occasion to apply Section 41 (1) of the Act. And resultant income should only be treated as capital receipt.
Non Resident Indians are not eligible to open an account under the Public Provident Fund (PPF) Scheme. Provided that if a resident, who subsequently becomes Non Resident Indian during the currency of the maturity period prescribed under Public Provident Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non Repatriation […]
The limit of deposit in PPF of Rs. 1,00,000 (Now 1.50 Lakh) in a year by an individual in his self-account and accounts opened by him on behalf of his minor(s) of whom he is the guardian is combined under rule 3 (1) of the Scheme.
In this article, author attempts to brief ITAT (Pune) judgement of Serum Institute of India Limited describing the rate of tax deduction on payments made to non-resident recipient who do not have Permanent Account Number (PAN).
NSDL is yet to release FVU for quarterly statement in form 24Q to be filed for the quarter ended on 31st MARCH 2015. Earlier version 4.5 of FVU does not support changes brought out in law through Finance Act 2014 (Part-II) for example; It does not allow higher deduction of 1.50 lac u/s 80CCE
High Court Kolkatta held in CIT,TDS Vs Khadim Shoes Pvt Ltd that the order passed by the CIT(A) should contain reasons for its conclusions of decisions. An order without reasons is of no relevance. So the appeal had been dismissed.
CIT vs. Williamson Magor & Co. Ltd. (Calcutta High Court) The question no.(h) which related to deletion of disallowance of interest on account of borrowed capital is delivered by ITAT based on own previous year judgment but no finding was arrived indicating that the borrowed capital was not utilized for the purpose of earning exempt income. So matter remanded back to the AO.
