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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 : A detailed comparison of key provisions in the Income Tax Act, 1961, and the proposed Income Tax Bill, 2025, highlighting major ch...
Income Tax : Stay updated with 2024 US individual tax filing details, including deadlines, tax rates, forms, and standard deductions. Learn abo...
Income Tax : बजट में गैर-पेंशनभोगी वरिष्ठों को कर राहत न मिलने ...
Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
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 : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : ITAT Raipur held that order of transfer of case under section 127 of the Income Tax Act without granting opportunity of being hear...
Income Tax : Kerala High Court held that court cannot interfere with order of settlement commission if challenge is merely that Settlement Comm...
Income Tax : ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasona...
Income Tax : In the matter abovementioned ITAT allowed the appeal of the assessee after deleting the addition made u/s 68 after observing the f...
Income Tax : Respondent/assessee is a Irish company. It accordingly claimed benefits of the India-Ireland DTAA. ADIR is a wholly owned subsidia...
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...
Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. An internal committee of the Central Board of Direct Taxes, the principal policy-maker in the domain, has called for a thorough review of the code, including a revision of the income tax slabs and the definition of ‘income from salaries’.
S. 154 (7) provides that a rectification order can be passed within four years “from the end of the financial year in which the order sought to be amended was passed”. The AO passed an assessment order u/s 143 (3) on 24.11.1998 in which he committed the mistake of reducing the depreciation instead of adding to the income resulting in double deduction. The assessee went up in appeal on other issues to the CIT (A) who decided the appeal on 28.6.2004.
With a new initiative, NSDL enhances Form 26AS viewing facility at internet banking account of PAN holder. For this purpose NSDL has already made the necessary arrangement with all banks under OLTAS. These banks would enable the link for Form 26AS at their Internet Banking pages.
In this process, NSDL will approve the organization to place a request for PAN registration. On such approval, the organization has to submit the list of employees for Form 26AS, along with their Valid PAN and Valid Email ID. Once NSDL receives such data, it will communicate to every employee over email and takes the confirmation for Form 26AS creation. On receipt of confirmation from Employee, NSDL will automatically create a login along with password and communicates it confidentially over the email. Employee has to login to such account with minimum days specified and activate the account.
Taxpayers who have registered to view Form 26AS online can view details of paid refund in their Form 26AS from F.Y. 2009-10 (A.Y. 2010-11) onwards. Refunds received during the selected A.Y. will be displayed in Form 26AS. For instance, refunds pertaining to A.Y. 2005-06 which are received in F.Y. 2009-10 (A.Y. 2010-11) will be displayed in Form 26AS for F.Y. 2009-10 (A.Y. 2010-11).
All that could happen, by allowing proceedings to continue, was that the assessing officer might pass an order of assessment or re-assessment. The petitioner would then have a spate of statutory remedies. The judge who heard a writ petition from the Chennai-based Jayaram Paper Mills Ltd challenging a notice of July 7, 2008 issued by Assistant Commissioner of Income-Tax, Company Circle II(3), Chennai, for AY 2004-05 ruled that the reason recorded by second respondent (ACI-T) “cannot be said to be vague”.
For individuals, the proposed rate is likely to be 10% for income upto 10 lakhs, 20% upto 25 lakhs and 30% above that. Incentive to save is likely to rise to 3 lakhs from the present 1 lakh. Corporate taxes are likely to be revised downward to 25%. Security Transaction tax is likely to be scrapped. Wealth tax is likely to be 0.25% for wealth above 50 crores.
The Supreme Court today dismissed the Income Tax department’s (I-T) plea challenging the decision of the Authority of Advanced Rulings (AAR) that allowed French firm Timken France SAS to claim capital gains tax benefits.
Custodial violence is a dark reality in our democratic country governed by “Rule of Law”. There are many instances when it has been examined that how torture is inflicted or who are the guilty persons or who get what compensation in cases of custodial violence. However, very few attempts have been made as to analyse the reasons of custodial violence. This paper is a humble attempt to analyse the reasons of custodial violence, and in this process will attempt to question some myths propounded by the unexamined realty.
As per Article 141 of the Constitution of India, a law declared by the Supreme Court is binding on the all courts within the territory of India. Further, the principle of judicial discipline requires that orders of the higher authority be followed by the lower authorities. For the purposes of consistency and certainty in law, it is necessary that the principles of stare decisis be followed. The Supreme Court held in Govt. of Andhra Pradesh v. A P Jaiswal,
