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Income Tax : The Income-tax Bill, 2025 has been tabled in Parliament on 13th February 2025, marking a significant step toward simplifying the l...
Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
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 : ITAT Bangalore sets aside CIT(A) order in Section 54 exemption case due to lack of documents. The case is remanded for fresh revie...
Income Tax : ITAT Pune restores Mauli Nagari's tax case to CIT(A)-NFAC due to non-compliance issues. Read about penalties, unexplained cash dep...
Income Tax : ITAT Lucknow held that delay of 4 days erroneously calculated as delay of 551 days by CIT(A). Accordingly, directed CIT(A) to cons...
Income Tax : Explore the ITAT Jaipur decision in Mujmmeel Vs ACIT, examining Section 263 order invoking unexplained investments and its implica...
Income Tax : ITAT Chandigarh rules against penalty on estimated income in AKM Resorts vs ACIT, reinforcing that additions based on estimation d...
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 ...
Ankur Cm Food Products (Guj) Ltd vs Dy.CIT (ITAT Rajkot)- Ground No. 2 of appeal of revenue is in respect of deletion of addition of Rs.7,01,1 19 on account of excess stock of packing material. During the course of survey at factory premises empty bags and empty pouches numbers 1,02,98,914 were found against the book stock of 83,39,051. There was excess stock of packing material of 19,59,863 pouches valuing Rs.7,01,1 19. In the statement, Shri Ashok Parekh, director of the company while answering question No. 39 stated that packing material of outside parties for which the assessee is doing job work were also at the factory premises.
ITO Vs Gay Loard Industries Ltd (Ahmedabad ITAT)- Once the existence of the investor is proved, there is no further burden on the assessee to prove whether that person itself has invested the said money or some other person has made investment in the name of that person. Thus majority of the courts are of the View that once the shareholders are identified, no addition can be made for unexplained share capital.
Shri Pranab Mukherjee Hon’bl Finance Minister Govt of India inaugurated the Residential Quarter-cum-Guest House ‘Aayakar Abasan’ at Siliguri West Bengal on 13.08.2011 in the August presence of Shri M.C.Joshi Chairman CBDT and B.S.Sondhi Chief Commissioner of Income Tax (CCA) Kolkata other senior officer of the Department and local administration, as well as eminent citizen and taxpayer attended the function.
Notification No. 43/2011 – Income Tax [F. NO. 187/01-2011-ITA.I], DATED 19-8-2011 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 makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 732(E), dated the 3rd July, 2001, namely:-
Notification No. 42/2011 – Income Tax- Section 120(1) and (2) Of the Income-Tax Act, 1961 – Income-Tax Authorities – Jurisdiction of Director General/Director (Intelligence & Criminal Investigation) – Supersession of Notification Nos. S.O. 883(E), Dated 14-9-2001; S.O. 494(E), Dated 13-3-2008; S.O. 855(E) and S.O. 856(E), Both Dated 31-5-2007.
Notification No.41/2011 – Income Tax [F.NO. 187/11 /2009-ITA.I], DATED 19-8-2011 – In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 62/2010, dated 27-7-2010 bearing S.O. 1843(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 27th July, 2010, in the Schedule for Serial number 112 at column No. 6(b)
Society For The Small & Medium Exporters Vs DIT (ITAT Delhi)- In a case where the objects of the society may be charitable, but, in the absence of carrying on those activities despite the fact that the activities which were carried on were for the purpose of generating income, the society is not entitled for registration for that year. Therefore, it is held that for assessment year 2008-09 and for subsequent years in which the assessee does not carry out charitable activity, the assessee has been rightly refused to get benefit of registration as charitable institution. The only activity which has been carried out is for the purpose of generating income, which is not a charitable activity in itself. Therefore, it is held that learned DIT (E) has rightly refused to grant registration to the assessee and his order is upheld.
As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the Income Tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches. The Reserve Bank of India has advised income tax assesses to take advantage of these standing arrangements made for their convenience.
The government has been directed by the Central Administrative Tribunal to forthwith release the pension and other post-retirement benefits of a former I-T assistant commissioner, withheld on the alleged ground of a corruption case pending against him. The New Delhi-based principal bench of CAT ordered release of V B Bansal”s pension pointing out to the Centre that the CBI, which had lodged an FIR against him for owning assets exceeding his legal income, had subsequently moved the court seeking permission to cancel it.
During the past few days, I had extensive deliberations and meaningful discussions in the Board with my colleagues in the CBDT on the way forward. The mandate before us is for a substantive improvement in all areas of common concern coupled with use of technology and innovation to boost revenue resources and to take the department forward towards the realization of our Vision Statement. Our Revenue Collection target for the present fiscal stands at over Rs. 5.32 lakh crores which has been increased by 10% by the Hon’ble FM. I would like to call upon every member of the Aayakar Parivar to take on the call of duty and put in their best efforts for the attainment of the revised target. I know it is difficult, however nothing is impossible and I am confident that the officers will rise to the occasion.
