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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 Amritsar held that there is no violation of provisions of section 269SS of the Income Tax Act when cash payment was made at o...
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 : 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...
The India Budget, 2015 has proposed the amendment of Section 6 of the Income Tax Act which alters the conditions under which a company is resident in India by including the concept of ‘place of effective management’ or POEM. Instead of the clause during that year, the control and management of its affairs is situated wholly in India, the new clause will read its place of effective management, at any time in that year, is in India.
[See section 2(13)(c)] PROPOSED RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.— Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head “Income from other sources” and […]
Orders passed by the prescribed authority under section sub-clauses (vi) and (via) of clause (23C) of section 10 made appealable before Income-tax Appellate Tribunal Sub-clause (vi) of clause (23C) of section 10 provides that any income received by a person on behalf of any university or other educational institution existing solely for educational purposes and […]
Section 153C- Budget 2015- Assessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitioned Section 153C of the Act relates to assessment of income of any other person. The existing provisions contained in sub-section (1) of the […]
To bring simplicity, it is proposed to provide that no notice under section 148 shall be issued by an assessing officer upto four years from the end of relevant assessment year without the approval of Joint Commissioner and beyond four years from the end of relevant assessment year without the approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner.
Budget 2015 Interest for defaults in payment of advance tax in case of re-assessment and where additional income is disclosed before the Settlement Commission under section 245C The existing provisions contained in clause (3) of section 234B of the Income-tax Act provides that where the total income is increased on reassessment under section 147 or […]
It is proposed to provide that an order passed by the Assessing Officer shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if, in the opinion of the Principal Commissioner or Commissioner,— 1. the order is passed without making inquiries or verification which, should have been made; 2. the order is passed allowing any relief without inquiring into the claim; 3. the order has not been made in accordance with any order, direction or instruction issued by the Board under section 119; or 4. the order has not been passed in accordance with any decision, prejudicial to the assessee, rendered by the jurisdictional High Court or Supreme Court in the case of the assessee or any other person.
Budget 2015- Prescribed conditions relating to maintenance of accounts, audit etc to be fulfilled by the approved in-house R&D facility Under section 35(2AB) of the Act, weighted deduction of 200% is allowed to a company engaged in the business of biotechnology or manufacturing of goods (except items specified in Schedule-XI) for the expenditure (not being […]
Budget 2015- Amount of tax sought to be evaded for the purposes of penalty for concealment of income under clause (iii) of sub-section (1) of section 271 Under the existing provision contained in clause (c) of sub-section (1) of section 271 of the Act penalty for concealment of income or furnishing inaccurate particulars of income […]
Enabling the Board to notify rules for giving foreign tax credit Sub-section (1) of section 91 of the Income-tax Act provides for relief in respect of income-tax on the income which is taxed in India as well as in the country with which there is no Double Taxation Avoidance Agreement (DTAA). It provides that an […]
