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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 : Since reasons recorded by AO to form prima facie conclusion that there was likelihood of any gain on account of revenue expenses i...
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 : 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 ...
CIT Vs H.P. Marketing Board (Himachal High Court)- Marketing board is not a local authority within the meaning of section 10(20) prior to the amendment made in section 10(20) when the word `local authority’ was not defined in the Income tax Act and the definition of `local authority’ as defined in section 3(31) of the General Clause Act was applicable.
The CBI is likely to receive by next week the documents it sought from Mauritius through Letter Rogatory in connection with the companies allegedly involved in the 2G spectrum allocation scam. Sources in the probe agency said some parts of the documents have been handed over to Indian High Commissioner in Mauritius by the local authorities, while some more are expected soon which will be forwarded to the CBI.
India today asked the US to move ahead with an agreement which would exempt professionals from payment of security taxes to mitigate the impact of a visa fee hike last year. Both the sides are negotiating Bilateral Totalisation Agreement (BTA), which once signed, would benefit lakhs of Indians who are working in America and paying social security but are unable to get any benefit out of it.
M/s Prajna Technologies & Services Private Limited vs. DCIT (ITAT Hyderabad) – Observing the nature of business, the taxpayer never sold the right to carry on the business of its software development or its right to carry on any business. It had merely sold a specific sale contract with a client, which is routine outsourcing in all businesses. The provision of Section 55(2)(a) of the Income Tax Act, 1961 would be applicable in the present case and accordingly the transaction would fall under the ambit of the expression “right to manufacture, produce or process any article or thing”. The said expression was inserted by the Finance Act 1997 w.e.f. 1 April 1998. Hence, the contention of the taxpayer that the amendment to Section 55(2)(a) bringing the transfer of commercial right to capital gain tax is effective from the AY 2003-04 and not 2002-03 is not tenable. Hence the transfer of a specific sale contract is taxable as capital gains under Section 55(2)(a) of the Income Tax Act, 1961.
Notification No. 36/2011 – Income Tax Exemption u/s 139(1) to Specified Person from the requirement of furnishing a return of income for Assessment year 2011-12. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—(A) ‘Salaries’; (B) ‘Income from other sources’, by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
Individuals having total income up to Rs. 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs. 10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.
Notification No. 35/2011 – Income Tax CBDT has vide Notification No. 35/2011 In exercise of the powers conferred by clause (v) of explanation to section 48 of the Act, CBDT has notified 785 as the cost inflation index, in respect of computation of gains arising on the transfer of long term capital asset. The said inflation index is applicable for financial year 2011-12.
Dalal Broacha Stock Broking Pvt Ltd vs. ACIT (ITAT Mumbai – Special Bench)- Provisions of section 36(1)(ii) will apply in case of all employees including share holder employees irrespective of the fact whether any extra services have been rendered or not. The issue whether payment of bonus or commission to an employee will be covered by the provisions of section 36(1)(ii) or section 37(1) is also settled by the judgment of Hon’ble Jurisdictional High Court in case of Subodh Chandra Poppatlal vs. CIT (24 ITR 586) in which the Hon’ble High Court while dealing with similar provisions of the old Act held that when an expenditure fell under section 10(2)(x) [which corresponds to section 36(1)(ii)], in the sense that it is an expenditure in the nature of bonus or commission paid to an employee for services rendered then its validity can only be determined by the tests laid down in section 10(2)(x) and not by the tests laid down in section 10(2)(xv) which corresponds to section 37(1).
CIT vs. Indian Hotels Co Ltd (Supreme Court) – The department filed a SLP challenging the order of the Bombay High Court declining to condone delay of 656 days in filing the appeal. The delay was explained as having been caused by several facts such as non traceability of case records, procedural formalities involved in the Department and the papers are to be processed through different officers in rank for their comments, approval etc. and then the preparation of the draft of appeal memo, paper book and the administrative difficulties such as shortage of staff.
Bela Juneja v CIT (Delhi High Court) – Additions under s 69 was justified since finding of facts has been arrived by lower authorities that assessee had made unexplained investment and there was huge difference between agreed price for purchase of property and price registered in sale deed and no perversity has been shown in such findings. Coming to the material available on record, enough evidence was found by the lower authorities pertaining to assessee from the premises in which she was living that the above payment in respect of property was made by her. The same has neither been accounted for nor assessee has given any satisfactory reply about the investment in question.
