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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...
Where a forward contract is entered into by the assessee to sell the foreign currency at an agreed price at a future date falling beyond the last date of accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date of the accounting period i.e. before the date of maturity of the forward contract
Once section 249(4)(a) is treated as a mandatory condition for filing an appeal before CIT (Appeals) and once that condition stood satisfied at the time of his filing an appeal to CIT (Appeals), then, there was no necessity for the assessee to once again pay the admitted tax due as a condition precedent to his filing the appeal before the Appellate Tribunal under section 253(1)(b).
A unique identification number , or Aadhaar, may soon be enough for a person to get a new mobile connection or to open a bank account. The Unique Identification Authority of India (UIDAI), the apex agency managing the UID project, which aims to give
One of the main reasons for poor growth is apparently the slow processing of returns, especially in the initial quarters. Chief Commissioner of Income Tax, Mumbai circle, P P Srivastava, had in a meeting held with senior officials on August 5, pointe
SELECTION CRITERIA APPLICABLE TO ALL RETURNS AT ALL STATIONS: a) Value of international transaction as defined u/s 92b exceeds Rs. 15 crores. b) Cases involving addition in an earlier assessment year in excess of Rs.10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an appellate authority. c) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs.10 Lakhs or more. d) Assessments in survey cases for the financial year in which survey was carried out This criteria will not apply if all of the following conditions are fulfilled:
As ‘spot-fixing’ charges haunt Pakistani cricketers, Indian sleuths probing alleged tax evasion in the multi-million IPL are now tracking trail of crores of rupees being pumped into betting syndicates in the country. The Income Tax department has no
These include e-Governance, e-Industry, e-Innovation, e-Learning, e-Security and e-Inclusion. The Department of Information Technology (DIT) has decided to ‘e-Develop’ six core areas — e-Governance, e-Industry, e-Innovation, e-Learning, e-Security an
Direct Taxes Code (DTC) proposes to do the necessary for bringing some certainty on tax treatment of a financial lease, but this is not sufficient to make it a preferred mode of finance, say industry and tax experts. The levy of multiple taxes on a f
Direct Taxes Code (DTC), 2010, proposed significant changes in the way house property income would be subject to tax, it becomes imperative for investors to take note of the changes and plan their investment decisions accordingly.
The DTC proposes to increase the limit of income exempt from tax to `2 lakh from the current `1.6 lakh for individual and to `2 lakh from `1.9 lakh for working women. This will result into a minimum saving of `4,000 per annum for individuals and `1,0
