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Income Tax : Section 44ADA of Income Tax Act, 1961 offers a presumptive taxation scheme for professionals, simplifying tax compliance by allowi...
Income Tax : Compare tax on ₹12 lakh income in FY 2024-25 and FY 2025-26. See new tax slabs, rebates, and savings introduced in Budget 2025 f...
Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
Income Tax : Budget 2025 introduces new income tax amendments, including changes in tax slabs, TDS limits, and rebates under sections 115BAC an...
Income Tax : The faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...
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 : M.M. Patel Charitable Trust Vs PCIT (Central) (ITAT Pune) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune h...
Income Tax : ITAT, by going through established precedents, held that AO had not recorded any dissatisfaction with assessee’s voluntary disal...
Income Tax : ITAT Delhi modifies the net profit addition after book rejection, limiting the increase to ₹1 lakh instead of ₹4 lakh for AY 2...
Income Tax : Delhi HC rules AO functus officio post-assessment, quashing reassessment notice against Vivo India for lack of due process and vio...
Income Tax : ITAT Ahmedabad ruled that mere suspicion cannot justify tax additions, deleting an Rs. 18 lakh addition in a property investment d...
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...
Prime Minister Manmohan Singh said there is ‘no instant solution’ to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations. ‘There is no instant solution to bring back what is called black money. We have got some information and that has been provided to us for use in the collection of due taxes’, he said.
The British government is hopeful that the three-year old dispute of Vodafone’s joint venture in India involving a tax claim of over Rs.11,000 crore ($2.5 billion) will be settled amicably, a British official said Wednesday. ‘Vodafone is one of th
In exercise of powers conferred under section 144C of the Income-tax Act, 1961, and in supersession of Order No. 1/FT&TR-II/2010, dated 10-2-2010, Order No. 2/FT&TR-II/2010, dated 17-2-2010 and Order No. 4/FT&TR-II/2010, dated 26-8-2010, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Comissioners of Income-tax/Directors of Income-tax as Members of DRP
Though a judgement of a non-jurisdictional High Court prevails over a judgement of the Special Bench, the former cannot be followed, even though it is the only High Court judgement on the point, if “rendered without having been informed about certain statutory provisions that are directly relevant“.
1. Govt Of India is the largest share holder in IDFC. 2. IDFC is the fastest growing infrastructure financing company in India. 3. Fully Secured (backed by assets of IDFC) Instrument with highest credit rating. 4. Earn 8 % interest rate (tax sa
Good news awaits hundreds of thousands of taxpayers in the country. The Income Tax department is mulling a proposal for providing them small refunds of below Rs 1 crore (Rs 10 million) within a month’s time. Delay in receiving income tax refunds has
The newly-inducted Mines Minister Dinsha Patel today said he will make efforts to introduce the new mines legislation in the forthcoming Budget session of Parliament. Discussions are on now on the new legislation – Mines and Minerals (Development)
Hyderabad bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Hyderabad Chemicals Supplies Limited v. ACIT (ITA No. 352/Hyd/2005) (Judgment date: 21 January 2011) held that as per the provision of Section 80-IA(5) of the Income-tax Act, 1961 (the Act) profit from the eligible undertaking has to be computed after deduction of the notional brought forward losses and depreciation of eligible undertaking even though they have been allowed to set off against other income in earlier years.
In the largest ever cash seizure, the Income Tax department today said it has recovered Rs 44.2 crore of unaccounted money from three Delhi-based commodity traders. In search and seizure actions conducted by the Income Tax department on January 18
In search & seizure actions conducted by the Income Tax department on 18th & 19 th January 2011, unaccounted cash amounting to Rs 44.20 crore was seized. This is the largest ever cash haul by the Income Tax department.
