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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...
he Central Board of Direct Taxes (CBDT) will save an estimated Rs 4,400 crore in interest payout in the current year by preponing tax refunds and clearing the backlog. “We will save Rs 4,400 crore in the current year for preparing the refunds and clearing the backlog of the refunds,” chairman CBDT Sudhir Chandra said.
Bidhi Chand Singhal vs. ITO (ITAT Delhi)- In our opinion, in the absence of definition of “eco-tourism” the hotel as added into the Item No.15 of Part C is to be construed to be hotel situated in the State of Himachal Pradesh or the State of Uttaranchal having a valid licence on the basis of No Objection from Pollution Department which can be treated to be a hotel eligible for deduction u/s 80IC as per provisions of Section 80IC. Therefore, we allow the claim of deduction u/s 80-IC to the assessee and the appeal of the assessee is allowed.
An NGO has urged Finance Minister Pranab Mukherjee to continue tax exemption for them in the proposed Direct Taxes Code in order to encourage non-profit organisations to undertake welfare activities. “Taxes will put a constraint resource generation of charitable bodies and reduce their ability to undertake welfare activities,” Tax Payers Protection & Welfare Society, said in a release.
CIT vs. Cadbury India Ltd (Delhi High Court) – Levy of penalty under section 271C is not automatic. Before levying penalty, the concerned officer is required to find out that even if there was any failure referred to in the concerned provision the same was without a reasonable cause. The initial burden is on the assessed to show that there existed reasonable cause which was the reason for the failure referred to in the concerned provision. Thereafter the officer dealing with the matter has to consider whether the Explanationn offered by the assessee or the person, as the case may be, as regards the reason for failure, was on account of reasonable cause. “Reasonable cause” as applied to human action is that which would constrain a person of average intelligence and ordinary prudence. It can be described as a probable cause. It means an honest belief founded upon reasonable grounds, of the existence of a state of circumstances, which assuming them to be true, would reasonably lead any ordinary prudent and cautious man, placed in the position of the person concerned, to come to the conclusion that same was the right thing to do. The cause shown has to be considered and only if it is found to be frivolous, without substance or foundation, the prescribed consequences will follow.
I. K. Agencies Pvt Ltd vs. WTO (Calcutta High Court) – The authorities below totally overlooked the fact that initiation of the proceedings for reassessment was vitiated for not giving notice under Section 17 of the Wealth Tax Act to the Appellant and the notice issued upon M/s. Abhudey Properties Pvt. Ltd. which was not in existence at that time was insufficient to initiate proceedings against the Appellant who had taken over the liability of M/s. Abhudey Properties Pvt. earlier to the issue of such notice and such fact was also made known to the Revenue.
The Aayakar Seva Kendra (ASK) at the Income-tax Office at Cochin has obtained quality certification under IS : 15700 : 2005 for sustained quality of work and procedure in the area of tax payer services. The certification for quality was the culmination of efforts spread over a year and a half. The Income-tax Office thus becomes one of the few departments of the Govt. of India, and the second office in the Income-tax Department to acquire quality certification for top-notch quality performances.
Kalpesh Ratilal Kalathia v CIT- Following the course of action adopted by the Supreme Court in the aforesaid decision, having held that the petitioner is not entitled to the benefit of the Scheme since the payment was not made in terms of the Scheme, the respondent authority is directed to either refund or adjust the amount of Rs.4,74,584/- already deposited by the assessee in purported compliance of the provisions of the Scheme, in accordance with law.
Highlights of e-filing in F.Y.10-11 – 80% Growth in e-filing from last year. 91.56 lac e-returns received in current year as against 50.73 lacs last year. 77.8 % i.e 71.24 lac returns are from category i.e non-compulsory assessees. 31% returns have been filed after office hours. More than 3.08 lac e-returns filed on 31st March alone. More than 1 cr taxpayers are registered with e-filing portal. Returns received from all parts of the country.
The Finance Ministry will soon unveil the simpler income tax return form ‘Sugam’, which is aimed at reducing compliance burden on small businessmen and professionals. “Sugam is currently being examined by the Law Ministry and will be notified soon,” a Revenue Department official said.
The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here. “The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year,” Chandra said addressing the 63rd outgoing batch of Indian Revenue Services (IRS), here yesterday at the National Academy of Direct Taxes.
