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Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
Income Tax : Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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 : Delhi High Court sets aside ₹14.63 crore penalty on Property Plus Realtors, ruling the order was issued beyond the statutory lim...
Income Tax : Delhi High Court dismisses appeal in PCIT vs Thapar Homes Ltd, ruling penalty under Section 271E was time-barred under Section 275...
Income Tax : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
Income Tax : ITAT Pune ruled on capital gains in Smt. Vimal Baburao Jadhav Vs ITO. The Tribunal held Section 50C inapplicable, recalculating LT...
Income Tax : ITAT Pune allows Foreign Tax Credit for Kasper Pieter Tideman, ruling that Form 67 filing is procedural, not mandatory. Read the c...
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 government will soon introduce biometric permanent account numbers (PAN) for income tax payers, though initially only new applicants would be brought under its net, Finance Minister P Chidambaram said on Monday.
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The CBDT, as a measure to reduce litigation, revised the monetary limits for filing appeals by the Department before Income Tax Appellate Tribunals, High Courts and Supreme Court. Accordingly, appeals would henceforth be filed in the ITAT only if the tax effect exceeded Rs.2,00,000, in the high court only if the tax effect exceeded Rs.4,00,000 and in the Supreme Court only if the tax effect exceeded Rs.10,00,000. However, it clarified that these monetary limits would not apply to writ matters.
Notification No. 66-Income Tax In exercise of the powers conferred by clause (ii) of the third proviso to sub-section (9) of section 80-IB of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the following undertakings, being mineral oil refinery projects, for the purposes of the said sub-section
Foreign nationals working in India will be exempt from fringe benefit tax (FBT) on the cost of transportation from their residence to the workplace, according to a Supreme Court ruling. Responding to a petition filed by an Australian firm, R&D Falcon (A) PTY, the apex court overruled an earlier decision by the Authority for Advance Ruling (AAR), a quasi judicial body for resolving tax disputes involving foreigners.
CIT vs. Divine Leasing & Finance (SC) – The amount of share application money received by a Company from alleged bogus shareholders cannot be regarded as undisclosed income under S. 68 of I. T. Act for the simple reason that if the names of the alleged bogus shareholders are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law.
20. On examination of the license agreement and schedule attached with the same, we find that entire factory building along with plant & machinery have been given under the agreement by M/s. Ramco Ind. Ltd. to the assessee for taking over the production facilities. The agreement as a whole has to be considered. As per the agreement between licensee and licensor
This appeal has been filed by the assessee, against the judgment of the learned Tribunal, partly allowing the cross objections of the assessee, and remanding the matter to the Commissioner. The remand has been made on the aspect of gross profit rate. However, the learned Commissioner, and the learned Tribunal, upheld the rejection of books of accounts,
Instruction/ Circular E.N.285/90/2008-IT(Inv.)/12 Short Title:- These guidelines would be called “The Guidelines for compounding of offences, 2008.” 1.2 Commencement and Application:- Subject to the conditions laid down in para 11 these guidelines will regulate the compounding of offences under Direct Tax laws with effect from 01st June 2008. 2. The offence under Chapter XXII of IT Act 1961 shall be classified as technical and non technical offences for the limited purpose of compounding of the offences.
The circular, dated August 1, 2006, aforementioned, is binding on the department and this circular makes it more than abundantly clear that when a builder, promoter or developer undertakes construction activity for its own self, then, in such cases, in the absence of relationship of ‘service provider’ and ‘service recipient’, the question of providing ‘taxable service’ to any person by any other person does not arise at all.
