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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 : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
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 : 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 : In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that a...
Income Tax : In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after consid...
Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
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...
Notification No. 117 /2009 – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 117 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby appoints the officer specified in column (2) of the Schedule below to be the Income tax authority as specified in column (3) having his headquarters at the place specified in column (4) of the said Schedule for such jurisdiction as may
The assessee, a statutory Board, was set up for prevention of pollution of streams and wells in the State and other allied activities. It derived income from various testing charges etc. The CIT granted registration u/s 12AA of the Act on the basis that the activities of the assessee constituted a “charitable purpose” u/s 2 (15) and that its’ income was eligible
A landmark decision recently delivered by the Delhi High Court in the case of CIT v. INDIAN VISIT. COM (P.) LTD. is sure to cheer the hearts of several business entities that spend large amounts in developing their websites.
Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011. The draft code, circulated for public comments, had suggested that life insurance policies should be taxed at the time of maturity. So, the […]
The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family […]
Notification No. 72/2009 – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 117 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby appoints the officer specified in column (2) of the Schedule below to be the Income tax authority as specified in column (3) having his headquarters at the place specified in column (4) of the said Schedule for such jurisdiction as
Notification No. 74/2009 & Notification No. 75/2009 – Income Tax Section 120(1) and (2) of the Income-tax Act, 1961 – Jurisdiction of income-tax authorities In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 196I (43 of 1961), the Central Board of Direct Taxes hereby directs that Chief Commissioner specified in column (2) of the Schedule below, having his headquarters at the place specified in the corresponding entries in column (3) of the said Schedule, shall exercise the powers and perform the functions in respect of such territorial area
S. 260A permits the filing of an appeal to the High Court within 120 days. In CIT vs. Velingkar Brothers 289 ITR 382 (Bom) (FB), The Full Bench held that the Court had power to condone delay u/s 260A. However, in Hongo India 236 E.L.T. 417 and Chaudharana Steels 238 E.L.T. 705, the Supreme Court held in the context of sections 35H & 35G
ACIT Vs M.K. Agrotech Pvt. Ltd. (ITAT Bangalore) Per A. Mohan Alankamony, Accountant Member These two appeals preferred – (i) by the assessee and (ii) another by the Revenue– are directed against the order of the CIT (A), Mysore, for the assessment year 2005-06. ITA NO.401 (By the assessee): 2. The assessee company has raised […]
There are no two opinions that but for the addition of sub-section [4] in section 115JA of the Act and which was conspicuously absent in section 115J of the Act, the ruling of this court and the reasoning and ratio mentioned in KWALITY BISCUITS* case (supraj would conclusively govern the question as the Judgment of this court had come to be affirmed by the Supreme Court in an appeal preferred by the revenue, though by simply dismissing the appeal without any reasons but granting leave and converting the special leave petition into an appeal.
