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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 : 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 : 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 : 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 Central Board of Excise and Customs has already amended its Service Tax Act to enable TRPs to prepare and furnish service tax returns on behalf of the tax payers. The training programme for TRPs will be started by the Central Board of Direct Taxes, CBDT said in a release. While the first batch of income tax and TDS training module for the TRPs will be conducted from March 4 to 9 and the second batch from March 13 to 18, training for TRPs on Service Tax will be completed by April 10, it said. After the training completed by April 10, TRPs can prepare and file Service Tax returns due on April 25 this year, it added.
An ‘NRI’ is a citizen of India or a person of Indian origin* who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India. There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular tax year. Second when the stay exceeds 60 days but is less than 182 days and the cumulative stay in the four years preceding the year in question is less than 365. Finally, when an individual leaves India for taking up an employment outside India and his/her stay is less than182 days in the year of departure.
Pension plans offered by insurance companies have gained tremendous popularity in recent years, though whether they really help the person retiring remains debatable. Also, this is that time of the year when investors are looking to save on income tax by making investments to that effect. Here are things you should keep in mind before […]
Nicholas Applegate South East Asia Fund Limited Vs Assistant Director of Income Tax (ITAT Mumbai) – The question of application of section 292B cannot be prejudged by finding that return, notice, etc. is not as per the requirement of the statute and is/are invalid; the finding that the return or notice etc. is invalid or to what extent it is invalid is unnecessary and counter productive; if in substance and in effect return, notice or assessment is in conformity with or according to intent and purpose of the Act, the mistake defect or omission is to be ignored as per the underlining philosophy of section 292B.
The income-tax department has launched a campaign against those assessees who deduct tax from various payments they make but don’t remit the same into the government treasury, Pradeep Sharma, commissioner of income-tax for tax deducted at source (TDS) said on Monday. Sharma said the department has begun checking the records of assessees to find out […]
9.1 From plain reading of sub-section (1) of section 263, it is clear that the power of suo motu revision can be exercised by the Commissioner only if, on examination of the records of any proceedings under this Act, he considers that any order passed therein by the Income-tax Officer is ` erroneous in so far as it is prejudicial to the interests of the Revenue’. It is not an arbitrary or unchartered power.
Rival submissions of the parties have been considered carefully in the light of the materials and the case laws referred to. The question for our consideration is whether the assessee is entitled to deduction in respect of payment made by the assessee to its parent company by way of reimbursement of expenses incurred by the. parent company in connection with the activities carried on by the assessee.
INTRODUCTION The proviso to section 17(2)(iii) has been omitted. So far the value of any benefit provided by the company free of cost or at a concessional rate to its employees by way of allotment of shares, debentures or warrants, directly or indirectly under any Employees Stock Option Plan or Scheme of the Company offered to […]
There is a difference between dismissal of a Special Leave Petition and dismissal of an Appeal. While the dismissal of a SLP does not result in merger of the judgment of the High Court with that of the Supreme Court and there is no affirmation, the dismissal of an Appeal results in an affirmation and merger of the order of the High Court into that of the Supreme Court.
Where the assessee had its own funds as well as borrowed funds and it advanced funds to its sister concerns for allegedly non-business purposes and the question arose whether the AO was justified in disallowing the interest on the borrowed funds on the ground that they had been used for non-business purposes, HELD: Where an assessee has his own funds as well as borrowed funds, a presumption can be made that t
