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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...
The contention of the assessee that return of income in electronic form was not to accompany the report in Form 3 CEB is not correct. The assessee was required to file the report under section 92E, read with rule 10E, before the specified date i.e., the due date for filing of the return.
No appeal is required to be filed when tax effect is less than Rs. 2 lakhs. The conditions mentioned in Clause-3 of the Circular dated 27.3.2000, are not attracted in this appeal. The circular has been issued by the Central Board of Direct Taxes and is binding upon the Department.
It is not pointed out as to how the expenses incurred are excessive or unreasonable therefore, such expenditure can be disallowed by invoking the provisions of Section 40(A)(2) of the Act. In view of this matter, we do not find any infirmity into the order passed by Ld. CIT(A). Therefore the appeal filed by the Revenue is dismissed.
Sections 50 & 50C operate in two different fields and if the value adopted by the stamp valuation authority is accepted by the purchaser/seller there cannot be any variation for limited purposes of computing the consideration received, under section 50C of the Income Tax Act, 1961.
Proviso to Clause (a) of Explanation under section 158BB of the Act for the purpose of determination of undisclosed income or loss of each previous year for the purpose of aggregation is to be taken as the total income or loss computed in accordance with the provisions of the Act without giving effect to set off or brought forward losses under Chapter VI or unabsorbed depreciation under sub-section (2) of Section 32 of the Act.
Going by the definition of ‘housing project’ under section 80HHBA, to mean the construction of ‘any building’ and going by the deduction available under section 80-IB to be hundred per cent of the profits derived in the previous year relevant to the assessment year from such housing project complying with the condition, each block in the larger project by name ‘Agrini’ and ‘Vajra’, has to be taken as an independent building and hence a housing project,
The TPO while rejecting the idle capacity, however, did not discuss anything about the arms length margin fixed at 11.96 per cent. This indicates that assessee’s TP study has not been considered by the TPO. The assessee has selected ten comparable companies and summary of net cost + margin varies from -6.04 per cent to 19.06 per cent.
From a perusal of the reasons recorded by the Assessing Officer, we find that he had simply recorded the finding in the assessment order passed for the assessment year 1996-97 and a vague reference was made that similar was the position in respect of the assessment year in question. The assessment order was for the assessment year 1996-97 on which observation regarding the previous assessment year had been made, has also been reproduced above, while quoting the order passed by CIT appeal.
CBDT Grants Exemption from TDS on the Payments of Certain Categories to Mitigate Compliance Burden on Businesses Held by Individuals, Firms or Corporate Etc Who are Using the Financial Services Offered by Banks To mitigate compliance burden on businesses held by individuals, firms or corporate etc who are using the financial services offered by banks, […]
Whether this agreed addition is to be added while calculating book profit under section 115JB of the Act. Section 115JB provides that where in the case of an assessee being a Company, the income tax payable on total income as computed under this Act is less than 10% (applicable in the impugned Assessment Year) of its book profit, such book profit shall be deemed to be the total income of the assessee.
