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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 : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
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...
The question raised before us is with regard to the taxability of the discount allotted to the subscribers of the chit, which as per the counsel for the appellant is in the nature of interest in the hands of such subscribers and not dividend
The Hon’ble Apex Court in the case of CIT v. P V A L Kulandagan Chettiar 267 ITR 654 had an occasion to consider the impact of double taxation avoidance agreement provisions of Income Tax Act. The Hon’ble Apex Court held that where liability to tax arises under the local enactment, the provisions of sections 4 and 5 of the Act provide for taxation of globle income of an assessee chargeable to tax thereunder
The anti-corruption wing of Central Bureau of Investigation (CBI) conducted seven raids, including four in Vidarbha, after they arrested a retired income tax officer in Mumbai for his alleged involvement in raising fund for his NGO misusing his official powers while serving as I-T commissioner between 2001 and 2009.
Long-term life insurance policies are expected to grow in popularity if the EET (exempt exempt tax) regime under the proposed Direct Tax Code comes into force by 2011.According to Mr G.V. Nageswara Rao, Managing Director and CEO, IDBI Fortis Life Insurance, customers would choose long-term policies if the Government decides to tax the final lump sum of matured policies.
This is perhaps the first time an officer arrested for corruption went to office on release from custody—an act considered as violation of rules. On October 25, income tax commissioner Ajoy Kumar Singh was arrested on corruption charges and on October 30, a day after his release on bail, he reported to work at his Nagpur office.
The Minister of State for Finance, Shri S. S. Palanimanickam, gave the below information in written reply to a question raised in Lok Sabha.The Income Tax Department, assisted by the Enforcement Directorate, has conducted searches and seizure operation recently in various States of the country. Various lockers, bank accounts and premises are under propitiatory orders as per the provisions of the Income Tax Act, 1961. The seized documents/materials are being further investigated.
Two days after TOI reported about the distorted Indian maps in wallpapers on laptops supplied to the income-tax department, the supplier (Lenovo) has started removing it. The systems department of the income-tax department has informed its officials about the time and day of the company’s visit. “In some laptops, they have already removed it. In the next few days, the entire exercise should be over,” an incometax official said.
This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on capital account, its subsequent waiver too was on capital account. Hence, the loan waived was not liable to be taxed as profits and gains from its business (business income) under the provisions of the Indian Tax Law (ITL). The ITAT also held that waiver would not be taxable as business income if a taxpayer was not allowed deduction of the loan amount earlier.
As per section 17 of the Indian Registration Act, 1908 any documents related to immovable property exceeding worth Rs.100/- needs to be compulsorily registered. This being a central Act and is being implemented by the state government as per the special power given to the state government. Further, the state government is also empowered to levy the registration fees by issuing necessary notifications. The registration fee is charged as a service charge and not as a part of taxes to increase the revenue.
These alerts relate to related party transactions, non-payment of deposits, etc. In reply to an unstarred question in the Lok Sabha today, Minister of Corporate Affairs, Shri Salman Khurshid said that the Registrars of Companies and the regional directorates, have also been involved in this exercise. He also informed the House that strengthening of MCA-21 System is an on-going exercise and the Ministry of Corporate Affairs takes steps on regular basis to update and modify the system according to requirements.
