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Income Tax : The new Income Tax Bill consolidates provisions for non-profits, covering registration, taxation, compliance, and capital gains ru...
Income Tax : The Income-Tax Bill 2025 simplifies house property income taxation, reducing complexity while maintaining key provisions for bette...
Income Tax : India's Income Tax Department shifts to a taxpayer-friendly approach, prioritizing silent recoveries, refund adjustments, and redu...
Income Tax : Explore why Cost Accountants (CMAs) should be included in the definition of "Accountant" under the Income Tax Bill 2025 for a comp...
Income Tax : Understand the New Tax Regime 2025 with updated slabs, deductions, and exemptions. Learn how to save tax and choose the best regim...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors' tax liability ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : Delhi High Court held that Freight Logistic Support Service provided by appellant are not in the nature of Fee for Technical Servi...
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...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
I am directed to bring it to your kind notice that the Board has decided to remit the sum of Rs. 5000/- and any other sum to the Ministry of Law, for filing SLP/Counter Affidavits in the honorable Supreme Court through the Directorate of Income-tax (Legal & Research), New Delhi on its own instead of through respective field offices.
CIT Vs M/s National Travel Services (Delhi High Court)- When Section 2 (22) (e) of the Act enacts a deeming provision, it has to be strictly construed. At the same time, it is also trite that such a deeming provision has to be taken to its logical conclusion. If the partnership firm which has purchased the shares is not treated as shareholder merely because the shares were purchased in the name of the partners, that too because of the legal compulsion that shares could not be allotted to the said partnership firm which is a non legal entity, it would be impossible for such a condition to be fulfilled.
Read the Punjab and Haryana High Court’s decision in CIT vs. Ms. Jagriti Aggarwal on Section 54 claim under the Income Tax Act. Legal insights provided.
Notification No. 54/2011 – Income Tax Whereas, an Agreement between the Government of the Republic of India and Government of the British Virgin Islands for the exchange of information relating to taxes was signed at London. UK on the 9th day of February, 2011; And whereas, the date of entry into force of the said Agreement is the 22nd day of August, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with Article 14 of the said Agreement;
NC Notification No.104/2011 – Income Tax [F.No.V.27015/4/2011-SO(NAT.COM)]/S.O. 2302(E), dated 3-10-2011 -In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said “National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval, namely:—
The last date for receipt of the Applications called for vide reference cited for empanelment of persons from the Retired Additional / Joint Commissioners of the Income tax Department who had during their tenure in the department had served in the Income tax Appellate Tribunal for representation of departmental cases before the Income tax Appellate Tribunal, Chennai in respect of tax matters, is extended till 10.10.2011.
The Income Tax department has sent notices for scrutiny to two NGOs associated with former IPS officer and Team Anna member Kiran Bedi, who said she is open to any investigation. The I-T notices to NGOs Navjyoti and India Vision Foundation sent yesterday pertain to certain exemptions enjoyed by them under various provisions of the Income Tax Act, sources said.
Sandvik Asia Limited Vs. DCIT (ITAT Pune)- The Issue before the tribunal was whether interest paid on income tax due can be set off against interest received on income tax refunds under the Income Tax Act, 1961. Before the Division Bench (DB) of the Pune Tribunal, there was a difference of opinion between the Members and, accordingly, the issue was referred to the Third Member for a majority opinion. The Third Member held that the interest paid and interest received from the Tax Authority cannot be set off against each other and the whole of the interest received is taxable under the Income Tax Act, 1961.
Facts- The taxpayer is a tax resident of Mauritius. BG Exploration & Production India Ltd (BG) is a co-venturer with ONGC Ltd and Reliance Industries Ltd, who are party to the production sharing agreement for Panna, Mukta and South Tapti contract areas.
Dalmia Pvt. Ltd. Vs CIT (Delhi High Court)- It is well settled that audit objection on the point of fact can be a valid ground for reopening of assessment. In the case of New Light Trading Co. vs. Commissioner of Income Tax, (2002) 256 ITR 391 (Del), a Division Bench of this court after referring to the decision of Supreme Court in CIT vs. P. V.S. Beedies Pvt. Ltd. (1999) 237 ITR 13 (SC), has held as under (at page 393) :’In the case of P. V. S. Beedies Pvt. Ltd. [1999] 237 ITR 13, the apex court held that the audit party can point out a fact, which has been overlooked by the Income-tax Officer in the assessment.
