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Income Tax : CBDT Circular No. 03/2025-Income Tax on Salary TDS : New Rates, Exemptions, and Compliance for 2024-25 Summary: The CBDT has intro...
Income Tax : There are various taxes surrounding the transaction of investing in mutual funds. It includes various aspects such as tax on the i...
Income Tax : Section 44ADA of Income Tax Act, 1961 offers a presumptive taxation scheme for professionals, simplifying tax compliance by allowi...
Income Tax : Compare tax on ₹12 lakh income in FY 2024-25 and FY 2025-26. See new tax slabs, rebates, and savings introduced in Budget 2025 f...
Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
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 : ITAT Bangalore rules in favor of Neelamma, holding that the reassessment notice under Section 148 of the Income Tax Act was time-b...
Income Tax : ITAT Mumbai rules 14A amendment is prospective. No disallowance if no exempt income earned, upholding Delhi HC's Era Infrastructur...
Income Tax : Bombay High Court quashes penalty on VRML Constructions Pvt Ltd, citing technical glitches in ITBA records. Fresh proceedings may ...
Income Tax : ITAT Hyderabad rules in favor of Baburao Atluri, allowing Foreign Tax Credit despite Form 67 delay. Tribunal cites DTAA precedence...
Income Tax : M.M. Patel Charitable Trust Vs PCIT (Central) (ITAT Pune) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune h...
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...
Offshore tax evasion remains a serious problem for countries and jurisdictions worldwide, with vast amounts of funds deposited abroad and sheltered from taxation when taxpayers fail to comply with obligations in their home countries.
CA. M. Lakshmanan As per notification F.No. 225/26/2006-ITA.II (Pt.) dated 8th September 2010 scope of enquiry in the scrutiny cases selected on the basis of information collected from AIR returns would be limited to the aspects of information received through AIR.
Notification No. 14/2014-Income Tax Whereas, an Agreement between the Republic of India and Romania, for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 8th day of March, 2013 (hereinafter referred to as the said Agreement);
Central Board of Direct Taxes has issued a detailed circular in the context of Late Fee, Levied under Section 234E of the Income Tax Act, 1961 vide Circular 07 of 2014 dated March 04, 2014 . The circular provides for ex-post facto extension of the due dates of filing TDS/ TCS Statements, prescribed under section 200(3)/ proviso to section 206C(3) of the Income Tax Act read with Rule 31A/ 31AA of the Income Tax Rules 1962.
The Hon’ble Chennai ITAT has in the case of B.Sivasubramanian,v/s ITO has held that there is no condition in the provisions of SEC 54F of the I.T Act,1961 that warrants that the building plan of the residential house constructed should be approved by the Municipal Corporation or any other competent authority.
Explanation 3 will be applicable in case where live issue, which was subsisting at the time of original assessment and if such issue has escaped the determination of the assessing officer, can be a ground for reopening. Any new issue that has cropped up subsequently on new set of facts, the aforesaid Explanation has no application.
CA Sandeep Kanoi Nowadays CPC (TDS) sent notices to deductors for every return filed by the Assessee for one or other reason. One of the reason for the same is Short Payment of TDS. In view of the close of the month approaching fast, you are advised to pay the outstanding demand at an early […]
The provisions of section 54F mandates the construction of a residential house, within the period specified. However, there is no condition that the building plan of the residential house constructed should be approved by the Municipal Corporation or any other competent authority. If any person constructs a house without approval of building plan, he will be raising construction at his own risk and cost. As far as for availing exemption u/s.54F, approval of building plan is not necessary.
Sec. 145 (2) of Income tax Act empowers Central Government to issue Accounting Standards for computation of income.Earlier the Ministry of Finance has notified two accounting standards ‘Disclosure of Accounting Policies’ and ‘ Disclosure of Prior Period Items and Extraordinary Items and Changes in Accounting Policies’.
RELIEF UNDER SECTION 89-Where by reason of any portion of an assessee’s salary being paid in arrears or in advance or by reason of his having received in any one financial year, salary for more than twelve months or a payment of profit in lieu of salary under section 17(3), his income is assessed at a rate higher than that at which it would otherwise have been assessed, the Assessing Officer shall, on an application made to him in this behalf, grant such relief as prescribed. The procedure for computing the relief is given in rule 21A. This relief is called relief u/s 89(1).
