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Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...
Income Tax : Delhi HC ruled WGF Financial Services can't claim bad debt deduction under Sec. 36(1)(vii) as furnishing guarantees wasn't its reg...
Income Tax : Switzerland halts the unilateral application of the MFN clause under its tax treaty with India from 2025, following the Indian Sup...
Income Tax : Explore 151 FAQs on Finance Bill 2025, covering tax provisions, IFSC benefits, TDS/TCS, transfer pricing, and more for informed fi...
Income Tax : Compare GST and Income Tax search and seizure processes, highlighting key differences in scope, authority, and taxpayer rights. Le...
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 Mumbai rules on Nickunj Eximp case: Disputes over bogus purchases, demonetization cash deposits, and assessment procedures....
Income Tax : The Delhi High Court quashed a tax reassessment notice issued to Indus Towers Ltd. for AY 2009-10, citing procedural lapses and mi...
Income Tax : ITAT Mumbai condones a 314-day delay in Atlantic Bio Medical Pvt. Ltd.'s appeal, citing a bona fide mistake in tax filing and a ri...
Income Tax : Gujarat High Court rules that a jurisdictional assessing officer cannot override the faceless assessment scheme under Section 151A...
Income Tax : ITAT Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
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...
Gross Tax Revenue in April-December 2012 Grows by 15% Over Corresponding of Previous Fiscal The Economic Survey 2012-13 presented by the Union Finance Minister, Shri P. Chidambaram in the Lok Sabha today states that the Gross Tax Revenue in April-December, 2012 has grown year-on-year by 15% to reach Rs. 6,83,345 crore. This was higher than […]
From the above it is clear that unabsorbed depreciation for the block of Assessment year 1997-98 to 2001-02 which could not have been set off earlier, cannot be allowed to be set off now. Therefore, we set aside the order of the ld. CIT(A) and remit the matter back to the file of Assessing Officer with a direction to only allow set off of unabsorbed depreciation which is outside the block of Assessment year 1997-98 to 2001-02.
R. Kumar, B.Com. MBA (Finance) Background:-India and UK have signed a Protocol on 30th October 2012, amending the Convention between the Government of the Republic of India and the Government of the United Kingdom of Great Britain for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect of Taxes on Income […]
The Central Bureau of Investigation has arrested an Income Tax officer for demanding & accepting a bribe of Rs.10,000/- from the Complainant.
On a plain reading of the provisions of section 54F of the Act, we do not find anything therein to suggest that the new residential house acquired should be situated in India. The jurisdictional High Court in the case of Mrs. Jennifer Bhide (supra) has held that introducing a word which is not there into a section amounts to legislating when Parliament has not used these words in the said section.
Notification No. 18/2013 – Income Tax S.O. 464(E)- the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 9/2013 dated 31-1-2013 bearing S.O. 309(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated, 31st January, 2013
Notification No. 17/2013 – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby- (a) directs that the Commissioner of Income-tax specified in column (2) of the Schedule hereto annexed, having his headquarters at the place specified in the corresponding entry in column (3) of the said Schedule, shall exercise the concurrent powers-
Notification No. 16/2013 – Income Tax Director General of Income-tax (Systems) specified in column (2) of the Schedule below, having his headquarters at the place specified in the corresponding entries in column (3) of the said Schedule, shall exercise the powers and perform the functions in respect of such cases or classes of cases, in respect of which the Commissioner of Income-tax specified in the corresponding entries in column (4) of the said Schedule has jurisdiction vested in him.
Notification No. 15/2013 – Income Tax Central Board of Direct Taxes hereby directs that the income-tax authority specified in column (3) of the Schedule below shall be subordinate to the income-tax authority specified in column (2) of the said Schedule.
According to the Tribunal, was a condition precedent for making a reference to the DVO. The Tribunal also held that, in any event, the DVO’s report was based on incomparable sales and, therefore, could not be relied upon. The Tribunal also held that the burden was on the revenue to show that the real investment in the said properties was greater than the apparent investment, as disclosed by the respondent/assessee. The Tribunal held, on facts, that the said burden had not been discharged by the revenue. Consequently, the Tribunal held in favour of the assessee and against the revenue and found that the reference to the DVO itself was not in accordance with law.
