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Income Tax : The Income-tax Bill, 2025 has been tabled in Parliament on 13th February 2025, marking a significant step toward simplifying the l...
Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : ITAT Bangalore sets aside CIT(A) order in Section 54 exemption case due to lack of documents. The case is remanded for fresh revie...
Income Tax : ITAT Pune restores Mauli Nagari's tax case to CIT(A)-NFAC due to non-compliance issues. Read about penalties, unexplained cash dep...
Income Tax : ITAT Lucknow held that delay of 4 days erroneously calculated as delay of 551 days by CIT(A). Accordingly, directed CIT(A) to cons...
Income Tax : Explore the ITAT Jaipur decision in Mujmmeel Vs ACIT, examining Section 263 order invoking unexplained investments and its implica...
Income Tax : ITAT Chandigarh rules against penalty on estimated income in AKM Resorts vs ACIT, reinforcing that additions based on estimation d...
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...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Currently, under the provisions of the Wealth Tax Act, 1957 (WT Act), a tax payer, including an individual, a Hindu undivided family (HUF) or a company is liable to pay wealth tax at the rate of 1% on the amount exceeding a net wealth of Rs 30 lakh.
While Explanation 2 to s. 147 deems income to have escaped assessment if excessive deduction is allowed, the reopening of an assessment u/s 147 has serious ramifications because the AO is empowered to reassess income even in respect of issues not set out in the notice. Therefore, if the power to rectify an order u/s 154(1) is adequate to meet a mistake or error in the order of assessment, the AO must take recourse to that power as opposed to the wider power to reopen the assessment. If the error can be rectified u/s 154, it would be arbitrary for the AO to reopen the entire assessment u/s 147. Further, the error in the order was not attributable to a fault or omission on the part of the assessee and the assessee cannot be penalized for a fault of the AO;
Immediate appropriate action is taken by the Directorate of Enforcement under the Foreign Exchange Management Act, 1999, whenever any specific case of unauthorized maintenance of foreign bank account or retention of funds in foreign banks by any person resident in India comes to its notice.
Several countries have submitted data to Government of India on Non-Resident Indians (NRIs) black money. The German Tax Authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT bank of Liechtenstein.
The draft Direct Taxes Code (DTC) along with a Discussion Paper was released for public discussion in August 2009. The Discussion Paper mentioned that profit-linked incentives are inherently inefficient. Essentially, a profit-linked incentive is regressive in nature.
Special tax benefits/facilites are offered to Special Economic Zones (SEZs) in the country. They include: I. Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units. II. 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for the next 5 years thereafter and 50% of the ploughed back export profit for next 5 years;
No Separate funds are being released for setting-up of Aayakar Seva Kendras as of now. The concerned Chief Commissioners of Income Tax are incurring the expenditure out of the allotted budget grant.this information was given by the Minister of State for Finance, Shri S.S.Palanimanickam in a written reply to an Unstarred Question raised in Rajya Sabha today.
The Ministry of External Affairs is in the soup for not filing e-TDS (tax deduction at source) for the past few years, and at fault are over 100 diplomats who have not given their PAN numbers to the ministry. Sources said the Income Tax (I-T) Department has taken up the matter with the MEA, and senior officials have been asked to pull up the erring diplomats posted in and outside the country.
Tax deducted at source (TDS) has become a problematic issue with the income tax department as in more than 50% TDS refund cases it is facing an uphill task in matching the data provided in the assessee’s income tax returns with the TDS deductor’s information available with the NSDL.
The Punjab and Haryana High Court on Monday dismissed a petition challenging tax exemption to Members of the Legislative Assembly (MLAs) of Punjab. Dismissing the petition filed by one Manmohan Singh of Ludhiana, a division bench today held that there was no illegality in the exemption from payment of tax granted to MLAs.
