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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 ...
Manori Properties Pvt. Ltd., Vs. Income Tax Officer 6(3)(3), Mumbai.The appellant has purchased debts of amount due to Rose Patel Mercantile Co. Ltd. for Rs.10,85,000/- by paying the said amount on 10-1-1996 Rs. 5,00,000/- and on 29-1-1996 Rs. 5,85,000/-. The amount was due from Qualitron Components Ltd. Unfortunately due to losses the company closed down its operations and ultimately wound up by the order of Gujarat High Court. The Assessing Officer has clearly pointed out that the said debts of Rs. 10,85,000/- was not trading debt. Therefore the conditions specified u/s. 16(1)(vii) r.w.s. 36(2) is not fulfilled as the amount has not been taken into consideration while arriving to the profit of the appellant company.
Income tax department has finally released much awaited return preparation software for ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5 and ITR-6. The software’s released by Income Tax department are free and much better than any other private software available. Due Date- The last date for Filing of ITR in respect of Assessees who are liable to Audit is 30th September and for Non-Audit cases it is 31st July. Due date for filing of Return in respect of Individual and HUF who are Partner in a Partnership which is liable to audit is 30th September. In case of Corporate Assessees who are although not liable to tax Audit but has to get their accounts audited under the Companies Act, 1956 also the due date is 30th September.
Making out a case for extension of the popular incentive scheme – DEPB – for Indian exporters, Commerce Minister Anand Sharma today said he will take up the issue with Finance Minister Pranab Mukherjee on his return to New Delhi. I am one who is not subscribing to this view that our exports have reached a stage where we can do away with some of the incentives…I am going to discuss DEPB and interest rates with the Finance Minister.
Agriculture Minister Sharad Pawar today said the government will take a final view on lifting the export ban on wheat and non-basmati rice after assessing foodgrains requirement under the proposed National Food Security Act.Last month, Pawar had said that the government should give a serious thought on allowing export of wheat and non-basmati rice, banned in February 2007 and April 2008, respectively, as FCI has foodgrains stock higher than the buffer norm.
Union Finance Minister, Shri Pranab Mukherjee has said that the counterfeiting of our currency is a matter of great concern for the Government. The Finance Minister said that with a view to check this menace of fake currency, an exercise for introduction of security features in all denominations of Indian Bank Notes is under way. This is being piloted by Directorate of Currency, Ministry of Finance, the Minister added. Shri Mukherjee urged all concerned to have this task completed at the earliest in a given time frame.
The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal. It will include sale of equity in blue chip companies like SAIL and ONGC. “Cabinet has so far given approval for the disinvestment of four state-run firms – PFC , SAIL, ONGC and HCL . We are in talks with various ministries and working on a roadmap that should be finalised by June-end,” Department of Disinvestment additional secretary Siddharth Pradhan told PTI.
Rajiv Kumar, a well-known economist, has been appointed as the FICCI secretary general, a post vacated by Amit Mitra who has joined the Mamata Banerjee government in West Bengal as finance minister.
ACIT Vs M/s Tube Investments of India Ltd. (ITAT Chennai) – A perusal of the terms and conditions as also the invoices as found in the paper book clearly shows that sales tax and excise duty had been collected on the supply of materials by the vendors to the assessee. In these circumstances, in view of the finding of the Hon’ble Supreme Court in the case of Silver Oak Laboratories P. Ltd. in S.L.P. No. 18012/2009 dated 17-08-2010, referred to supra, we are of the view that the transaction involved in the present case is a contract for sale and not a contract for carrying out any works.
Pegging the country’s average economic growth rate at 8.5 per cent during the UPA rule so far, the government today said it was determined to take India to the select league of “middle income countries.
Order No.4/FT&TR/2011 – In exercise of powers conferred under section 144C of the Income Tax Act, 1961, and in supersession of Order No.1/FT&TR-I/2011 dated 12.012011 and Order No.3/FT&TR-I/2D11 dated 31.03.201, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRP at the places given below, who shall perform such duties in addition to their regular duties with effect from 23.05.2011 and until further order:
