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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 ...
The Home Ministry has asked the Revenue Department to conduct a probe into the allegations of disproportionate assets against former Chief Justice of India KG Balakrishnan. In a letter to the Revenue Secretary, the Home Ministry asked him to institute an inquiry through the Central Board of Direct Taxes (CBDT), the investigative wing of the department.
It has been decided with the approval of competent authority to constitute a Committee to examine ways to strengthen laws to curb the generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall consist of the following officers:- (i) Chairman, CBDT – Chairman of Committee
ACIT, Gandhinagar Vs Gujarat State Energy Generation Ltd (ITAT Ahemdabad) – Only such items which are specifically mentioned in the Explanation to section 115JB need to be excluded or included, as the case be, and nothing more can be brought in. All the three items listed above do not feature in the Explanation. Otherwise, the disallowance u/s.14A would be material in computation of the normal process of income while the second item interest on investment in bonds stands already included in the book profit. As far as the prior period expenses are concerned, there is no such mention in the explanation. The assessment order on the other hand is silent as to under which category it is being included for the matter to be further analysed. Therefore, as the matter stands, none of the three items can be added for computation of book profit.
LIC Housing Finance Ltd Vs DCIT (ITAT Mumbai)-The provisions of rule 8D of the Rules which have been notif ied with effect from March 24, 2008, would apply with effect from assessment year 2008-09. Even prior to assessment year 2008-09, when rule 8D was not applicable, the AO had to enforce the provisions of sub-section (1) of section 14A. For that purpose, the AO is duty bound to determine the expenditure which has been incurred in relation to income which does not form part of the total income under the Act. The AO must adopt a reasonable basis or method consistent with all the relevant facts and circumstances after furnishing a reasonable opportunity to the assessee to place all germane material on the record.
Siel Ltd Vs DCIT (ITAT Delhi)- The issue raised is that Ld. Commissioner of Income Tax (Appeals) erred in upholding the disallowance of Rs. 18,49,950/- being amount claimed by the assessee u/s 43B of the IT Act. The assessee was asked to establish the facts from the records and from the bank accounts, but the same was never produced. Assessee contended before the Ld. Commissioner of Income Tax (Appeals) that certificate of CA is sufficient for allowing such deduction. When the factual evidence was again called for, it was stated that the details were related to 10 years old bank record and the same is not readily available. Ld. Commissioner of Income Tax (Appeals) noted that assessee has failed to establish the evidence of such payments before the Assessing Officer at the assessment stage and also before him. hence, he sustained the disallowance of Rs. 18,49,950/-.
CIT vs. Gopal Purohit – (Supreme Court) – The Supreme Court vide order dated 15.11.2010 dismissed the Department’s Special Leave Petition against the judgment of the Bombay High Court in CIT vs. Gopal Purohit 228 CTR 582 (Bom). The Tribunal has achieved a pure finding of fact that the assessee was engaged in two different types of transactions. The first set of transactions involved investment in shares. The second set of transactions involved dealing in shares for the purpose of business. The tribunal has correctly applied the principle of law in accepting the position that it is open to an assessee maintaining two separate portfolios: one relating to investment in shares and another relating to business activities involving dealing in shares. The tribunal held that delivery based transactions in the present case should be treated as those in the nature of investment transactions, and the profit received thereof should be treated either as short-term or, as the case may be, long-term capital gain, depending on the period of holding.
Taking a step forward against black money, the Finance Ministry has asked the Income Tax Department to launch immediate prosecution action in tax evasion cases wherein tangible assets and investments are located in foreign shores. The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
Union Tourism Minister Subodh Kant Sahay will meet Prime Minister Manmohan Singh tomorrow to seek his intervention in reducing taxes in the tourism sector. Sahay along with senior officials including four secretaries from the Ministries of Finance, Civil Aviation, External Affairs and Surface Transport will meet Singh to ensure rationalisation of the tax structure for development of the tourism sector in a coordinated manner with the involvement of all ministries concerned.
Raytheon Company v Dy CIT (ITAT Delhi) – In a turnkey contract, in which the assessee was under an obligation to supply the equipment and software as well as install them, the profit should be taxed on the completion of each milestone or at the time of handing over the functioning system to the contracting party. The supply of the equipment and software constituted a milestone in the contract and the income therefrom arose in the year of shipment, which was in a previous year.
NSDL on its website on 21/06/2011 posted a message by which it asked to Quote updated e-mail ID and contact details including mobile no. in our Quarterly TDS/TCS statement so that it can send updates on developments/ changes at TIN on our email address and via sms on our mobile phone.
