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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
ITAT Ahmedabad held that amount received as confirming party on sale of right is considered as receipts on sale of capital asset and accordingly, income is held as income from long term capital gain.
ITAT Indore held that assessment done after considering replies/ submissions of the assessee cannot be said to be faulty. AO has taken a plausible view after considering replies/ submissions and hence revisional jurisdiction u/s. 263 of the Income Tax Act not warranted.
The mere receipt of funds from M/s Solvent Real Estate Pvt. Ltd. did not constitute tangible evidence of income escapement by the assessee. Despite efforts by the assessee to provide explanations and evidence, the AO failed to conduct independent inquiries and relied solely on the information received.
ITAT Mumbai held that for initiation of search assessment on the ‘other person’ recording of valid satisfaction note as required under section 153C of the Income Tax Act is mandatory. In absence of the same, subsequent framing of assessment order u/s 153C/143(3) of the Act is null in the eyes of law.
Premier Exports vs ACIT: Kerala HC quashes order for failing to dispose rectification application on time under Section 154 of the Income Tax Act and considering CBDT Circular.
Cherupurath Mohammed Jeens vs ITO: Kerala HC sets aside assessment order for the assessment year 2013-2014 after challenge on reopening under Section 148.
Bisharpara Kodalia Cooperative Credit Society Ltd vs ITO: Kolkata ITAT rules that CPC’s adjustment of Sec 80P deduction pre-April 2021 is beyond its jurisdiction.
The Tribunal recognized the mandate under section 250(6), requiring the appellate authority to state points in dispute and provide reasons for its decision. However, the Commissioner’s order lacked adherence to these requirements, rendering it unsustainable.
Arijit Chakraborty vs ITO: Kolkata ITAT deletes addition made by AO upon capital gains by adopting value of property as per DVO’s report.
Explore Section 43B(h) of Income Tax Act, its applicability to Micro and Small enterprises, conditions for deduction, tax audit reporting, and practical implications. Learn how to navigate deductions effectively.
