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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...
India has begun its search for the trail for money stashed away in secret bank accounts in tax havens, in a bid to get to the source of funds of investors in the firms that were granted telecom licences and scarce 2G spectrum at allegedly throwaway
Notification No.88/2010-Income Tax S.O. It is hereby notified for general information that the organization Indian Institute of Technology, Hyderabad, Kandl, Andhra Pradesh has been approved by the Central Government for the purpose of clause (II) of sub-section (1) of section 35 of the Income tax Act, 196′. (said Act), read with Rules . 50 and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment Year
Notification No. 87/2010-Income Tax S.O. It is hereby notified for general information that the organization Indian Academy of Science, Bangalore has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules: 1962 (said Rules), with effect from Assessment Year 201041 onwards
Finance Minister Pranab Mukherjee today said the government will try to plug tax leakages through the proposed Direct Taxes Code (DTC) which will make the taxation regime transparent and predictable.
Domestic savings are crucial, both for the national economy as well as for the people who save, particularly during recessionary times. This was proved once again, wherein unlike many Western countries, India remained fairly insulated from the recent global economic slowdown due to its relatively high level of savings. Ideally one should save 20-30 percent of his earning for future needs. For salaried people, savings are forced ones, thanks to tax saving plans. While in India, average savings are in the range of 30-32%, saving rate in Japan is 28%, and in US just 12 percent. Indian savings generally get parked in bank deposits, insurance products, provident fund & pension plan and mutual fund & capital market instruments.
If a foreign company pays interest on loan for carrying out operations in India it will be allowed tax exemption under the Income Tax Act, 1961, a tax tribunal has ruled. This has put to rest uncertainties on application of Thin Capitalisation rules
A few cases relating to cross border merger and acquisition deals have been identified for further examination by the Revenue Department. These deals are being examined for possible tax implications. Some of these cases are: • Deal of Vodafone Inter
Supreme Court directs that since, foundational facts could not be established by way of writ petition, the taxpayer should be relegated to adopt proceedings before various Income-tax authorities. Thus, the Supreme Court has confirmed the decision of the Punjab and Haryana High Court allowing Assessing Officer / Transfer Pricing Officer to continue with the reassessment proceedings. The Hon’ble Supreme Court (Supreme Court in the context of Transfer Pricing Provisions of Section 92 to 92F of the Income Tax Act, 1961 (the Act), has directed Assessing Officer (AO)/ Transfer Pricing Officer (TPO) to expeditiously hear and dispose of pending proceedings and to decide independently on the merits of case, uninfluenced by the observations of the Punjab and Haryana High Court (High Court). The Apex Court has further ruled if the taxpayer is aggrieved by the order passed by AO/ TPO, it will have to exhaust the statutory remedy of appeal provided under the Act.
Commonwealth Games overlays suppliers — questioned by Income Tax investigation in connection with irregularities in Games contracts — have alleged that an average 15% commission was paid to Organising Committee officials, besides payoffs to project e
Income tax department (I-T) suspects that the tapes of alleged conversation between corporate lobbyist Niira Radia and journalists, ministers and corporate captains been leaked from telecom service provider’s end amid a raging debate on the whether p
