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Income Tax : Learn about different types of income tax notices, letters, and orders issued by the Income Tax Department to individual taxpayers...
Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : Budget 2025 highlights income tax changes, revised tax slabs, TDS amendments, IFSC incentives, updated return filing limits, and d...
Income Tax : The Income Tax Bill 2025, set to replace the 1961 Act, redefines the role of Chartered Accountants in tax compliance and represent...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
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 : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : DCIT Vs Triton Hotels and Resorts Private Limited (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated appeals ...
Income Tax : ITAT Pune rules that an ITI substantially funded by the government qualifies for tax exemption under Section 10(23C)(iiiab), even ...
Income Tax : ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act t...
Income Tax : ITAT Bangalore upholds CIT(A)'s decision, stating that belated filing of Form 10 is a procedural lapse and doesn't disqualify an i...
Income Tax : It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differ...
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 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Beejay Security & Finance Ltd v ACIT (ITAT Mumbai) -Satisfaction is required to be arrived at by the AO of the person who was searched under s 132 of the Act regarding any undisclosed income of the person who was not subjected to a search to hand over the seized material to the AO of the person to whom the seized documents belongs or is alleged to belong. The satisfaction required for proceedings under s 153C cannot be reduced to a mere formality of forwarding the documents found in the course of the search, which did not belong to the person searched, and which belonged to the person against whom proceedings under s 153C were sought to be initiated.
ACIT, New Delhi Vs Indian Farmer Fertilisers Co- op Ltd. (ITAT Delhi)- From the tax audit report, we also find that amount of Rs. 13,03,74,047/- has been shown as paid on or before due date for furnishing return of income for the previous year u/s 139(1) of the Act. Form 3CD has been prepared and signed by Rajnish & Associates, CA.
Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions. Senior advocate Harish Salve appearing for Vodadfone submitted before the apex court that under the present Income Tax Act, overseas transactions between two foreign companies cannot be taxed and it could be done by only by bringing a new law by Parliament.
Honda Siel Power Products Ltd Vs DCIT (Supreme Court) – Failure on the part of the AO to apply section 14A of the Act when he passed the original assessment order had prima facie resulted in escapement of income. The object and purpose of the proviso to section 14A of the Act is to bar reassessment/ rectification of past cases which have attained finality and not an original assessment on the basis of retrospective amendment in the statute book.
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank’s ATMs. With this facility, the bank has given its vast customer base the freedom from waiting in long queues at counters or logging into the internet to pay their taxes,” the bank said in a statement.
Prism Jewellery Vs ITO (ITAT Mumbai)- The question of unexplained investment outside the books of account does not arise when the books itself has accounts purchases and payment through cheques. Assessee record itself indicates the purchases at that quantity and the same values were carried to the P & L Account as per the grouping shown above.
CIT Vs The Maratha Mandir Co-op. Bank Ltd. (Bombay High Court)- Interest income in the present case arose on account of giving advance rent to the landlord from whom premises were taken on rent for the purpose of carrying on banking business.
Assistant / Deputy Commissioner of Income Tax Vs Bombay Real Estate Development Company Private Limited (ITAT Mumbai)- Whether the CIT(A) erred in directing the AO to allow the deduction u/s 80-IB(10) to the assessee as allowable to a developer and builder for the Poisar Housing Project at Kandivali (E).
Destination of the World (Subcontinent) Pvt. Ltd. Vs Asst. CIT (ITAT Delhi) The Tribunal held that in the first instance, the attempt should be made to determine arm’s length price of controlled transactions by comparing the same with internal uncontrolled transactions undertaken in same or similar economic scenario. The Tribunal relied on the following in arriving at this conclusion.
Manual of Dos & Don’ts covering various aspects of General Conduct, Financial administration, Tax administration and Vigilance Administration etc prepared by the Vigilance Directorate , was released by Shri Prakash Chandra, Chairman CBDT during the Video Conference on 29.07.2011.
