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Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
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 : 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...
In the Bank of India case, the Authority for Advance Ruling pointed out that the section levying MAT should be considered a self-contained code. It should prevail over the other provisions of the I-T Act. The Minimum Alternate Tax (MAT) has been in vogue intermittently for nearly 20 years. It has undergone several changes in structure. But the basic principle remains the same. The idea is that every company with ability to pay should contribute to the exchequer even though it may not show taxable income because of tax concessions and incentives utilised.
If the assessing officer is going to make good an omission on the part of the assessee, he must be expressly authorised by law to do so lest he is hauled over coals for cosying up to the assessee. The recent Supreme Court verdict in Goetz (India) Ltd vs CIT (284 ITR 323), tersely dismissing the appeal of the assessee against the order of the assessing officer (AO) not allowing a deduction which it was admittedly entitled to under Chapter VI-A of the Income-tax Act, 1961 but which it had not claimed by even filing the revised return, is unexceptionable though it has come in for criticism from some quarters.
The IT Department acquired a property at Gandhi Nagar in Chennai when the agreement for sale relating to the property was submitted for getting the ‘No Objection’ certificate. This was done on the ground that the apparent consideration was less than the market value. The department made an assessment and found that the difference between the market value and the registered value was more than 15 per cent.
HC asks Britannia to return pension money Firm had challenged an Income Tax dept show cause notice on why it withdrew such a huge amount from the employees’ fund.Britannia Industries (BIL) has been asked by the Calcutta High Court to pay back the Rs 12 crore it allegedly withdrew from the company’s pension fund. BIL had recieved a showcause notice from the income tax department to explain the withdrawal in 2003.
A Special Bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and, therefore, exempt from tax. The Tribunal’s ruling will benefit multinational companies operating through liaison and sales offices and unregistered Indian companies, some of which are known to bear the tax costs for their employees.
Deferred tax liability is a provision for tax effect of difference between taxable and accounting income – Not a provision for I -T paid or payable – it is also not reserve as same cannot be transferred to P&L a/c, unlike a regular reserve – ITAT
Notification No. 1-Income Tax It is hereby notified for general information that the organization Kripa Foundation, Mumbai has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) with effect from 1-4-2002 in the category of ‘other Institution’ partly
The transfer pricing concept is new to the Indian tax system. These provisions are intended to curb the mischief of avoidance of payment of tax in India either by understating the receipt or by overstating the expenses in respect of international transaction with Associates Enterprises. As observed by the Honourable Supreme Court in Morgan Stanley’s case (292 ITR 416) The object behind enactment of transfer pricing regulations is to prevent shifting of profits outside India.
The finance ministry is expected to announce the abolition of tax deducted at source (TDS) on corporate bonds in Budget 2008-09, official sources told media. The move is expected to stoke the near-dormant secondary market in corporate bonds by bringing them on a par with government securities (G-Secs). TDS on G-Secs was abolished in 2000, a move that had a positive impact on secondary trading in these bonds.
The Budget 2008-09 could bring some cheer to a host of self-employed professionals, like engineers and architects, with the likely increase in the threshold for tax deducted at source (TDS) for these professionals. The existing ceiling for deduction of tax at source is Rs 20,000. As per section 194J of the Income Tax Act, 1961, if the fee for professional or technical service contract undertaken by any of these professionals is more than Rs 20,000, the contract awardee has to deduct tax at the rate of 10%. The government had hiked the rate of TDS from 5% to 10%.
