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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...
Notification No. 28/2015 – Income Tax Dated- 24th March, 2015 S.O. (E).- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Bihar Electricity Regulatory Commission, – a Commission constituted by the Government of Bihar in respect of the following specified income arising to that Commission, namely:-
Notification No. 27/2015 – Income Tax Dated- 24th March, 2015 S.O. (E).- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Joint Electricity Regulatory Commission for the State of Goa and Union territories, a Commission constituted by the Government of India, in respect of the following specified income arising to that Commission, namely:-
Notification No. 26/2015 – Income Tax Dated- 24th March, 2015 S.O. (E).- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Kerala Toddy Workers’ Welfare Fund Board, a Board established under the Kerala Toddy Workers’ Welfare Fund Act, 1969 (Kerala Act No. 22 of 1969), in respect of the following specified income arising to that Board, namely:-
Notification No. 25/2015 – Income Tax Agreement signed between the Government of the Republic of India and the Government of the Czechoslovak Socialist Republic on the 27th January 1986 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income continues to be applicable to the residents of the Slovak Republic.
Following the judgment in the case of Gajapathi Naidu (supra) the question to be asked is when did the expenditure claimed by way of deduction arise? There would have been no occasion to claim the deduction if the work-in-progress had completed its course.
CA Rohit Gupta Some of the important case laws published during 2015 pertaining to TDS u/s 195 and/or taxability of foreign companies/non-resident entities in respect of source of income in India. Discussion and analysis (given in italics) pertain to relevance of judgement in future proceedings, subsequent developments, other relevant case laws on the same aspect, […]
Assessee, a US company, entered into agreements with various customers in India for rendering software services – Assessing Officer held that payments received by assessee from sale of software and provision of maintenance and other support services to customers in India
Next ground of appeal is about disallowance of interest paid by the assessee to HO amounting to Rs.8.57Crores.During the assessment proceedings, AO found that interest of Rs.8,56,15, 525/- was paid by the assessee to HO on subordinate debts and term borrowing.
Section 80D of the Income-tax Act seeks to provide deduction of INR 15,000 to a taxpayer who has incurred expenditure on health insurance of himself, spouse, and dependent children. A further, deduction of INR 15,000 is provided, if the expenditure is incurred on behalf of the parents.
CPC (TDS) reminder communication to Banks: Closure of Short Payment defaults in Quarterly TDS Statements Please refer to the earlier CPC(TDS) Communication Reference No.070/2014; dated 29th November 2014 regarding Defaults in TDS Statements for different TAN’s associated with your PAN. The Centralized Processing Centre (TDS) has observed from its records that there are Short Payment […]
