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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 : Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key chang...
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 : 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 : 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 : Karnataka High Court held that TDS is not deductible on payment to non-residents for advertisements in several social medias like ...
Income Tax : ITAT Mumbai removes addition in Kamal Clearing & Forwarding case, ruling that income was already declared and no evidence of money...
Income Tax : ITAT Lucknow held that cash deposits out of the past savings during demonetization being reasonable and as per social standing of ...
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...
The Supreme Court last week settled different views expressed by the Bombay and Karnataka high courts and allowed the appeals of the Commissioner of Income Tax, ruling that interest under Sections 234B and 234C of the Income Tax Act shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB. In two appeals by the commissioner, against rulings in favour of Rolta India Ltd and Export Credit Guarantee Corporation, the Supreme Court delivered judgement in favour of the revenue department on the issue which arose, namely, interest under Section 234B can be charged on the tax calculated on book profits under Section 115JA. In other words, advance tax was payable on book profits under Section 115JA. Appeals by Nahar Exports and Lakshmi Precision Screws Ltd were dismissed.
Government of India, vide notification dated July 9, 2010 permitted IFCI, IDFC, LIC and Infrastructure Finance Companies to issue Long Term Infrastructure Bonds where subscription up to Rs.20,000/? provides tax benefits u/s 80 CCF of the Income Tax A
Infrastructure Development Finance Company Limited (IDFC) has announced a public issue of its second tranche of secured, redeemable, long term infrastructure bonds having tax benefits under Section 80CCF of the Income Tax Act, 1961
State-run Infrastructure Development Finance Corporation (IDFC) today said it is looking to come out with a retail bond issue in the next fiscal. IDFC’s second tranche of retail bond issue to raise over Rs 2,900 crore opened today. The issue closes on February 4. The company has already raised Rs 471 crore in the first tranche in September.
Section 43B opens with a non obstante clause which means that it controls the operation of other provisions of the Income-tax Act in that section 43B will have overriding effect notwithstanding other provisions under which a deduction may otherwise be allowable.
Those looking for income-tax relief in the forthcoming Budget to fight rising food prices are likely to be disappointed. According to a senior finance ministry official, the Direct Taxes Code (DTC) has to be implemented next year and considering DTC is a composite plan, it will not be a good idea to implement it in bits and pieces.
To give some relief to common man battling rising prices, finance minister Pranab Mukherjee is expected to raise the exemption limit on annual savings of an individual in the upcoming Budget. The savings exemptions may be raised in the Union Budget
Pursuant to the insertion of the concept of “block of assets” w.e.f. 1.04.1988, depreciation is allowable on the WDV of the “block of assets” and individual assets lose their identity upon introduction into the block. The department’s argument that user of each and every asset is essential is not acceptable because it would mean that the assessee has to maintain the details of each asset separately and this would frustrate the very purpose for which the amendment was brought about.
The fact that the international transactions are at ALP does not mean that no addition can be made on the funds kept by the assessee with the AE. If the assessee had received funds within the normal period, it could have earned interest on the same. The potential loss is a factor to be considered while evaluating the financial impact of the international transactions between the assessee and the AE. However, a reasonable period has to be provided as interest-free period;
As the funds were mixed, it is not possible to ascertain whether the investment in tax free bonds is out of the assessee’s own funds. The source of investment in the tax free bonds was not identified. The AO did not establish any nexus between the borrowed funds and the investments in the tax free bonds. The cash flow of the assessee was not seen. Therefore, the apportionment on a pro rata basis was improper in the absence of anything brought by the AO to rebut the assessee’s stand that the investment in the tax free bonds had been made out of the funds of own funds (Minda Investments, Hero Cycles 323 ITR 518 (P&H) and Winsome Textile Industries 319 ITR 204 (P&H) followed);
