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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...
Income Tax Department has notified the file format (data structure) for preparation of Annual Information Returns. Filers can prepare the AIR as per the file format using in-house software or any other third party software or the return preparation utility developed by NSDL (AIR RPU) and submit the same to any of the TIN-FCs established by NSDL or directly upload through the NSDL-TIN website.
By virtue of the provision of clause (d) of sub-section (1) section 115 WB, introduced by Finance Act, 2007, an employer is liable to pay Fringe Benefit Tax on any consideration for employment provided by way of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by such employer free of cost or at concessional rate to his employees. The value of the fringe benefit is determined as the fair market value of the specified security or sweat equity share on the date on which the option vests with the employee as reduced by the amount actually paid, by or recovered from the employee in respect of such security or shares.
As against 6000 surveys conducted u/s 133A in 2004-05 the Department has closely followed the data coming from all the scheduled banks and zeroed in on potential cases and organised 7400 surveys in 2005-06 and detected undisclosed income to the tune of Rs 2300 Crore. Last fiscal it was only 6200 Surveys but detected Rs 2600 Cr undisclosed income. With the Board putting additional officers at the disposal of CCITs for monitoring BCTT, the monthly mop-up which used to average about Rs 36 Cr in 2005-06 has gone up to Rs 46 Cr last fiscal. In fact, the current fiscal opened the account with a collection of Rs 60 Cr in April. Last year BCTT collections were Rs 535 Crore.
In the present case, as is evident from admitted facts, the notice was Under Section 16(1). It is a general notice on the assessee as if she made a gift which had escaped assessment. There is no reference or mention to alleged deemed gift made by her mother Smt. Gurcharan Kaur which the G.T.O. wished to assess.
Employing muscle power to recover vehicle loans cannot be permitted in a civilised society where there is effective rule of law – procedure of law may be slow, but that is no excuse for use of force: National Consumer Commission. It is well known that the private banks use muscle power to recover loans. The National Consumer Redressal Commission in a recent order came down heavily on such barbaric methods of collection. What more, the Commission held that even the hire purchase agreement is ab initio void.
In the present case, the dividend income is admittedly taxed in the hands of the assessee/ shareholder. Once the dividend income is assessed in the hands of the assessee / share-holder, the proviso to Section 199 of the Act would have no application and consequently denying the credit of TDS to the assessee / shareholder does not arise at all. The first proviso to Section 199 read with Rule 30A apply inter alia, where the dividend income is to be taxed in the hands of a person other than the shareholder. As the case of the assessee falls in the first part of Section 199, the assessee could not be denied credit of TDS.
It is evident that when the exempted amount of duty was required to be refunded for operationalising the exemption, Education Cess, which was in the nature of piggy back duty on the excise duties under the said three Acts, was also required to be refunded, because it was not at all leviable, in view of the entitlement to exemption worked out under paragraph 2 of the said Notification.
Does the third proviso to Section 254 (2A) of Income Tax Act, have the effect of denuding the Tribunal of its incidental power to grant interim reliefs? Finance Act 2007 substituted sub-section (2A) to Section 254 of the Income Tax Act, 1961 with effect from 1st June, 2007.
The Assessee is not entitled to deduction u/s 80IB on profit from DEPB Scheme and the cross objection filed by the Assessee was dismissed. In regard to Duty Draw Back Scheme, it has held by the division bench of the ITAT, Delhi that the receipt was in lieu of expenses earlier incurred by payment of excise and customs duty. Therefore, the receipt was in the course of the business of the industrial undertaking. Accordingly, it was entitled to exemption u/s 80IB.
As per Income-tax (Ninth Amendment) Rules, 2007 notified vide No.238/2007, Dated 30-08-2007, the following persons are mandatory required to file TDS / TCS returns electronically on quarterly basis: The deductor is an office of Government, or The deductor is a company; or The deductor is a person required to get his accounts audited under section 44AB in the immediately preceding financial year; or
