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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...
Sahney Kirk wood Pvt. Ltd. Vs ACIT (Bombay High Court)- In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee.
Foster Pty. Ltd., In Re- Advance Ruling Authority The applicant is a company incorporated in Australia and is a tax resident of that country. The applicant entered into a contract with Ravva Oil Singapore (Singapore) Pte. Ltd., a company incorporated under the laws of Singapore for provision of services in connection with the business of oil and gas exploration and production. Ravva Oil Singapore alongwith others has in turn entered into a production sharing contract with the Government of India for the exploration, development and production of mineral oil and gas in the Ravva Oil and Gas Field. The applicant submits that Ravva Oil Singapore was not deducting tax on payments made by it to the applicant under the belief that such payments were not chargeable to tax in India. In this context, the applicant has approached this Authority with the present application seeking an advance ruling on the question whether the consideration received/receivable by the applicant under the terms of the agreement with Ravva Oil Singapore is liable to tax as royalty as defined in Article 12 of the Double Taxation Avoidance Agreement between India and Australia.
Shri Pankaj Rathi Vs CIT (Calcutta High Court) – It is obvious that it must be shown that the conditions under Section 271 (1)(c) must exist before the penalty is imposed. There can be no dispute that everything would depend upon the Return filed because that is the only document, where the assessee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise.
Amar R Shanbhag Vs ITO (Mumbai High Court)- There was inordinate delay in obtaining commencement certificate and, therefore, the petitioner once again terminated the Development Agreement dated 17th September 2004.
This appeal under Section 260A of the Income-tax (‘Act’) is at the instance of an assessee and is directed against an order dated April 23, 2003 read with the order dated July 10, 2003 passed by the Income-tax Appellate Tribunal, ‘C’ Bench, Kolkata, in ITA No.38(Kol) of 2002 for the Assessment Year 1999-2000 and thereby dismissing the appeal filed by the assessee.
Dinesh B Parikh Vs CIT (Calcutta High Court)- Admission of Additional Evidence– Whether when no application for additional evidence is made, ITAT should even then consider the additional evidence while deciding the appeal
It may be stated that section 281 of the Act deals with ‘Certain transfers to be void’. In order to answer the purport of the aforesaid Circular, it will be necessary to correctly understand the scope of the provisions of section 281 of the Act. In this connection, it may be stated at the outset that the previous permission of the Assessing Officer (AO), for the impugned transactions is not required in all cases,
Bhartia Industries Ltd Vs CIT (Kolkutta HC) – The Commissioner of Income-tax initiated proceedings under Section 263 of the Act questioning the allowance of the said payments made on account of VRS by the Assessing Officer and an order under Section 263 of the Act dated March 4, 2003 was passed by the Commissioner under Section 263 of the Act. In the said order the Commissioner observed that the Assessing Officer was bound by the Circular dated January 23, 2001 issued by the Board as to the eligibility of deduction of such payment on account of VRS and he should not have allowed such payment. The Commissioner set aside the entire assessment for being made de novo and directed the Assessing Officer to make fresh assessment in the light of the said Circular of the Board.
Cairn U.K. Holdings Ltd. In re (AAR) The relief provided for by the proviso to Section 112 is intended to cover cases where effect of inflation is not provided for. That is why the proviso specifies that the calculation of 10% of the Capital Gain should be “before giving effect to” indexation. ‘Before giving effect to’ connotes that effect has otherwise to be given.
Shri M. C. Joshi has taken over as the Chairman, Central Board of Direct Taxes (CBDT) with effect from 1st August 2011. Shri Joshi belongs to the 1974 batch of the Indian Revenue Service (IRS). Earlier, he was THE Chief Commissioner of Income Tax, Uttaranchal, after having served in the Income Tax department in various capacities. He also served in the Directorate of Enforcement as Special Director. Shri Joshi has a Masters degree in Economics.
