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Income Tax : The new Income Tax Bill consolidates provisions for non-profits, covering registration, taxation, compliance, and capital gains ru...
Income Tax : The Income-Tax Bill 2025 simplifies house property income taxation, reducing complexity while maintaining key provisions for bette...
Income Tax : India's Income Tax Department shifts to a taxpayer-friendly approach, prioritizing silent recoveries, refund adjustments, and redu...
Income Tax : Explore why Cost Accountants (CMAs) should be included in the definition of "Accountant" under the Income Tax Bill 2025 for a comp...
Income Tax : Understand the New Tax Regime 2025 with updated slabs, deductions, and exemptions. Learn how to save tax and choose the best regim...
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 : Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors' tax liability ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : Delhi High Court held that Freight Logistic Support Service provided by appellant are not in the nature of Fee for Technical Servi...
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 Income Tax department on Thursday expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets. ‘Hasan Ali does not have enough assets to meet the tax liability,’ an I-T department official said.
Committee for Comprehensive Review of NSSF Submits its Report to Union Finance Minister Recommends Discontinuation of Kisan Vikas Patra and Continuation of other Schemes with Suitable Modification(s); Recommends Reduction in the Maturity Period of Monthly Income Schemes and NSC. It also Recommends upward Revision of the Ceiling on Annual Subscription in PPF from Rs. 70,000 to Rs. 1 Lakh and Revision in Rate of Interest in Post Office Savings Account from 3.5% To 4% .
CIT Versus The Simbhaoli Sugar Mills Limited (Delhi HC) Reassessment proceedings under Section 147 read with 148 of the Act cannot be initiated merely based on the audit report . An audit is principally intended for the purpose of satisfying the auditor with regard to sufficiency of rules and procedures prescribed for the purpose of securing an effective check on the assessment, collection and proper allocation of revenue. As per para (3) of the circular issued by the Board on July 28, 1960, also an audit department should not in any way substitute itself for the revenue authorities in the performance of their statutory duties.
In Re Rajendra Singh (Bihar Human Rights Commission)– The Commission is of the view that the members of the raiding party may take their own time to conclude the search & seizure operations but such operations must be carried out keeping in view the basic human rights of the Individual. They have no right to cause physical and mental torture to him. If the officer-in-charge of the Interrogation/recording of statements wanted to continue with the process he should have stopped the same at the proper time and resumed it next morning. But continuing the process without any break or interval at odd hours up to 3:30 AM, forcing the applicant and/ or his family members to remain awake when it is time to sleep was torturous act which and can not be countenanced in a civilised society. It was violative of their rights relating to dignity of the individual and therefore violative of human rights.
Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes. The committee, set up by Central Board of Direct Taxes (CBDT) in the Finance Ministry, will also look into the possibility of putting the list of “chronic defaulters” in public domain.
The finance ministry is bringing under one umbrella the intelligence and criminal investigation units of the Income Tax department to enhance prosecution powers to counter terror financing and check transactions that pose threat to national security. The department will now train and designate its officials in the rank of Inspectors as ‘Special Agents’ and ‘Agents’ (Criminal Investigation) while the newly-created Directorate of Criminal Investigation will be headed by the Director-General of Intelligence (Income Tax).
CBDT Sets-up a Committee to Examine And Suggest Ways to Recover Income Tax Demand Classified Under the Categories ‘Assessees not Traceable’ and ‘No Assets/Inadequate Assets for Recovery’ In order to examine certain suggestions on Income tax Demand classified under the categories ‘Assessees not traceable’ and ‘No assets/inadequate assets for Recovery’, a Committee has been constituted by the Central Board of Direct Taxes (CBDT) with following constitution
The only issue in this appeal of the revenue is against the order of CIT(A) deleting the addition made by the AO on account of employees’ contribution to ESI & PF by invoking the provisions of section 36(1)(va) r.w.s. 2(24)(x) of the Act. For this revenue has raised the following two grounds:
A government committee has suggested raising interest rates on Post Office savings bank deposits to four per cent, a suggestion that could benefit lakhs of small depositors. The Committee on Small Savings also recommended linking returns on other small savings schemes with interest rates on government securities. It has also suggested that Kisan Vikas Patra (KVP) be withdrawn and annual investment limit for the popular Public Provident Fund (PPF) be raised to Rs 1 lakh from Rs 70,000 at present.
Laxmi Civil Engineering Pvt Ltd vs. ACIT (ITAT Pune) – After Section 80 IA was amended by the Finance Act, 2001, the section applies to an enterprise carrying on the business of (i) developing; or (ii) operating and maintaining; or (iii) developing, operating and maintaining any infrastructure facility which fulfills certain conditions. Those conditions are (1) ownership of the enterprises by a company registered in India or by a consortiums; (II) an agreement with the central or State Government, local authority or statutory body; and (iii) The Start of operation and maintenance of the infrastructure facility should commence after 1st April, 1995. The requirement that operation and maintenance of the infrastructure facility should commence after 1st April, 1995 has to be harmoniously construed with the main provision under which deduction is available to an assessee who develops or operates and maintains, or develops, operates and maintains an infrastructure facility.
