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Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
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 : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
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...
The government may impose a stamp duty of Rs 300 per crore (0.003%) on transactions in commodities, stocks and other derivatives, with the finance ministry moving a proposal to Cabinet for taking the final call, sources said. Despite strong opposition from the Ministry of Consumer Affairs (MCA), the finance ministry has placed the proposal before Cabinet, they said.
The C&AG’s role in the audit of social sector spending is particularly crucial. While the Government is committed to allocate the required resources for socio-economic development programmes for creating improved employment opportunities, better health and education capacities, improved water supply and sanitation, agriculture self-sufficiency and food security, we have to ensure that every rupee that is spent on these initiatives gets the best returns.
Key features of NSDL Return Preparation Utility (RPU) version 2.6- Unmatched challan: On import of consolidated file in the NSDL RPU (version 2.6), an alert message “Statement contains unmatched challan. The same has been highlighted in red colour” will be provided if the consolidated file imported contains unmatched challan. Deductee/ Salary details records with invalid PAN: On import of consolidated file in the NSDL RPU (version 2.6), an alert message will be provided ‘Statement contains invalid PANs. The same has been highlighted in red colour’ if the statement contains invalid PAN in deductee/ salary detail records.
The Special Judge, CBI cases, Jabalpur has convicted Shri Y. Brahmane, the then Income Tax Inspector, Income Tax Office, Balaghat (MP) and sentenced him to undergo three years Rigorous Imprisonment with a fine of Rs. 3,000/- in a bribery case. Another accused Shri Sunil Hattele, Daily Wages Employee of Income Tax Office, Balaghat (MP) was also convicted and sentenced to undergo one year Rigorous Imprisonment in the same case.
The contention of the assessee is that the agricultural operations were carried out on the land under consideration. During the course of proceedings before the Assessing Officer, the assessee requested the Assessing Officer to inspect the lands at that stage. The assessee also filed pahani patrika for the financial year 2006-07, the slab pass-book issued by the Electricity Board before the lower authorities. It was also submitted that there was an open well in the land and water was supplied to the crop through electric motor pumping.
It’s important to note that under the Income Tax Act, 1961, there is mention of only one type of mutual fund. i.e. “Equity Oriented Fund”. It implies that from Income Tax angle mutual fund schemes can be categorized into-(a) Equity oriented fund (Scheme) (b) Non Equity oriented fund (Scheme)
Ministry of Finance, Department of Economic Affairs (Budget Division)Government has vide its office memorandum No. No. 6-1/2011-NS.II (Pt.) Dated 11th November, 2011 announced increase in interest Rates on small saving schemes which includes interest rate on Public Provident Fund and other schemes. To address the issue of asset-liability mismatch in the National Small Savings Fund (NSSF), the central government has moved towards making returns from small savings instruments benchmarked against the government securities of similar maturities.
The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long drawn employees agitation in the national capital. I-T employees and officials, except those of the Indian Revenue Service (IRS), have been agitating to press their demands including to review their cadre and promote senior ranks of Income Tax Officers (ITOs) to the rank of Assistant Commissioners.
Recently Income Tax department issued one after one circular making amendment in provisions related to TDS. Department has made so many amendments that we even lost the counts of amendments made in TDS laws during the last few months, Department has not only made the amendments in rules/sections governing TDS law but they also amended the forms related to TDS certificate
Amid mounting global pressure on Swiss banks to act against clients having illicit wealth, the country’s financial market regulator has found loopholes in the banks’dealing with the foreign political figures. In one of the first-of-its-kind initiative against any hoarding of illicit wealth and money laundering through Swiss banks, the Swiss financial market supervisory authority FINMA has conducted an audit on dealings of all Switzerland-based banks with PEPs (Politically Exposed Persons).
