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Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
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 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
It was zero-tax companies, which were profitable and paid dividends to shareholders but owing to various deductions/sops available under the tax laws did not have a taxable income and thus did not pay tax, that caught the attention of the legislators and led to the introduction of MAT. Under the existing provision a company is liable to pay minimum tax u/s. 115JB on its book profit @ 10% if the tax payable by such company on the total income under the other provisions of the Act is less than the tax payable under MAT. The credit of taxes such paid can be carried forward u/s. 115 JAA for 7 years to be set off against the tax liability arising under the other provisions of the Act. At the same time the section provides for the specific additions and deductions that are to be made to book profit in order to arrive at the profit as per section 115JB of the Act.
Amendment of section 90 :-The Finance Bill (No. 2) 2009 proposes to replace the existing Section 90 with a new section 90. The new section 90 is substantially the same as earlier section 90 except that the proposed amendment seeks to empower the Central Government to enter into an agreement with the Government of any country outside India or a specified territory outside India, inter alia, for avoidance of double taxation of income.
Definitions – Manufacture – Clause 3 – S 2 (29BA):- Clause 3 of the Finance Bill 2009 has sought to introduce sub section 29BA in section 2 of the Income Tax Act wherein the manufacture is defined for the first time The amendment is to take effect retrospectively from 1st April, 2009 and would apply in relation to Assessment Year 2009-2010 and subsequent years. . The amendment read as follows:
The Finance Bill, 2009 has introduced changes in the provisions relating to deduction for scientific expenditure incurred by an assessee in connection with his business. Clause 12 of the Finance Bill, 2009 proposes to substitute the following words in sub-section 2AB of section 35 of the Income-tax Act:
The newly proposed section 56 [2][vii] in the Finance Bill, 2009 is no ‘rosagoola’. When the Hon’ble Finance Minister ‘pronounced’ his budget in the Parliament, there was not even a whisper of reference to this section in his speech. And in this silence, lurked a deadly Bengal Tiger called ‘section 56 [2][vii]’.
The present article discusses amendment proposed by Finance Bill (No. 2) 2009 regarding provisions of Dispute Resolution Panel (DRP) and deduction u/s. 80-IB(10). Though the provisions relating to Dispute Resolution Panel are not a complete code for full and complete resolution of dispute referred to it, it is a step in right direction. Litigation is time consuming and it has been demand of AIFTP from time to time that Law must provide for Alternative Dispute Resolution mechanism for settling of dispute at the option of the assessee.
The Tribunal dismissed the excise appeal of the assessee for non-appearance. The application filed by the assessee for restoration of the appeal was also dismissed. The dismissal was challenged before the High Court on the ground that under s. 35C of the Excise Act (corresponding to s. 254 of the Income-tax Act) the Tribunal had no power to dismiss an appeal for non-appearance of the Appellant. It had to decide on merits. HELD:
Until the amendment made by the Finance (No.2) Act, 2009, the gifts were taxed only on receipt of sum of money; i.e., cash or cheque or bank draft in excess of Rs.50,000 in a year by any individual or HUF. Now, gifts of immovable and certain movable properties will also be subject to tax if these are received without consideration or at inadequate consideration. In section 56(2), clause (vii) has been inserted w.e.f. 1-10-2009. The earlier provision was brought in with a view to curb bogus capital-building and money laundering through receipt of gifts. Though Gift Tax Act has been abolished way back w.e.f. 1st October, 1998, it has again come back in another form and find place in the Income-tax Act.
Income-tax arrears against assessees — of Rs 2,01,276 crore as on March 31, 2009 — have once again become an issue, as Parliament’s standing committee on finance has asked the Department of Revenue and the Central Board of Direct Taxes (CBDT) to put in place a Management Information System (MIS) within three months for collating and retrieving data concerning appeals, pendency disposal and recovery.
The government today shot down a suggestion in the Lok Sabha for setting up a committee under the Member of Parliament in respective constituencies for monitoring disbursement of loans by banks to priority sector like agriculture, small and medium enterprises.
