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Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
Income Tax : Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Delhi HC dismisses revenue's appeal, affirming that cash sales during demonetization, accounted for and taxed, cannot be treated a...
Income Tax : DCIT Vs K Raheja IT Park (Hyderabad) Ltd. (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai dismissed appeals filed by...
Income Tax : Delhi High Court sets aside ₹14.63 crore penalty on Property Plus Realtors, ruling the order was issued beyond the statutory lim...
Income Tax : Delhi High Court dismisses appeal in PCIT vs Thapar Homes Ltd, ruling penalty under Section 271E was time-barred under Section 275...
Income Tax : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
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...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Revenue Targets Fixed for Direct Taxes for the Current Financial Year 2014-15 would not only be Achieved but would be Surpassed:FM The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed. The current […]
Admittedly the impugned addition pertaining to the amount received by the assessee from M/s. Newell Rubbermaid Inc. has been upheld by the Tribunal. At the same time we also observed that in assessee’s appeal ITA No. 1235/2011 order vide dated 29.11.2011 (supra) the Hon’ble High Court
Save as otherwise provided in the aforesaid Bill, clauses (3) to (71) shall be deemed to have come into force on the first day of April, 2014, viz. from financial year (FY) 2014-15, relevant to assessment year 2015-16. In this regard, there may be certain issues and objections, because the aforesaid Bill has been presented during the relevant FY, viz. FY 2014-15, viz. on 10.7.2014.
Instructions For Filling Up Return Of Net Wealth in new Form BB assessment years 2014-15 and subsequent years- Net Wealth (Form BB)is to be filled up by all wealth-tax assessees [individual, Hindu Undivided Family (HUF) or company]. This form is applicable for assessment years 2014-15 and subsequent years.
Exemptions and tax concessions under the Income-tax Act, 1961 (‘Act’) are provided in accordance with the provisions of the Act. However, any exemption or tax concession wrongly claimed in the returns of income filed by the tax payers are liable to be detected during processing of such returns or their scrutiny.
Provisional attachment under section 281B The existing provisions of sub-section (1) section 281B of the Act provide that the Assessing Officer, during the pendency of any proceeding for assessment or reassessment, in order to protect the interest of revenue may, with the previous approval of the Chief Commissioner of Commissioner, attach provisionally any property belonging […]
Failure to produce accounts and documents Levy of penalty made mandatory. It is proposed to remove the monetary limit of fine and also proposed mandatory levy of fine. The existing provisions of section 276D of the Act provide that if a person willfully fails to produce accounts and documents as required in any notice issued […]
Obligation to furnish statement of Information Name of annual information return is proposed to be substituted with statement of financial transaction or reportable account in view of amendment to section 285BA. The existing provisions of section 285BA of the Act provide for filing of an annual information return by specified persons in respect of specified […]
TDS has really been Tedious to comply and with many flaws in the administration it has become more painful. Just look at the few examples. 1. Back last year at the instruction of DIT System NSDL stopped accepting Y (Cancellation) Statements. In the last few days we have querries from at least Five people asking […]
The Government is not contemplating a proposal to legalise black money. Drive against tax evasion is an on-going process. Appropriate action under the direct tax laws including assessment of income, raising tax demand, levy of penalty and launching of prosecution in appropriate cases is taken whenever tax evasion is detected. Searches and surveys conducted under […]
