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Income Tax : In this article author analyses main changes made in Finance Bill 2025 as passed by Lok Sabha, along with it’s analysis....
Income Tax : Discover the highlights of the Form 3CD amendments effective April 1, 2025, including new clauses for cruise ships and MSMEs....
Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Receiving an income tax notice can be disconcerting, particularly for individuals who are not well-versed with tax laws and compli...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Mumbai sends Anjuman E Farogh E Islam Trust's appeal back to CIT(A) for fresh hearing, citing insufficient opportunity to pr...
Income Tax : ITAT Delhi orders deletion of ₹26.35 lakh addition on cash deposits during demonetization but upholds ₹7.52 lakh addition for ...
Income Tax : Orissa HC upholds faceless assessment, ruling that notice sequence under Sections 142(1) & 143(2) is immaterial. Petition dismisse...
Income Tax : ITAT Raipur rules that rejection of 80G registration for Bhagwan Mahaveer Jain Relief Trust without a show-cause notice violates n...
Income Tax : No Section 56(2)(x) addition for reduction in agreement value due to increase in Goods and Services Tax (GST) rates effective from...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
In exercise of the powers conferred by sub-section (6) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Sri Nataraja Temple, Chidambaram, Madras State, to be of historic, archaeological and artistic importance for the purpose of the said section
It has been represented to the Board that in view of the difficulties faced by persons migrating from Burma to India, it may not be possible for a migrant from that country to lead the evidence necessary to prove his claim that a particular sum of money has been brought over by him from that country. 2. The Board consider that the case of bona fide migrants from Burma should be dealt with in a sympathetic manner. In their cases production of direct or documentary evidence in the shape of transfer through banks, hundies, etc., in support of remittance from Burma need not be insisted upon. However, with a view to ensure that unscrupulous persons do not abuse the concessions, the ITOs should ensure the satisfaction of the following conditions before accepting a claim of remittance from
On a representation made by the Gujarat Chamber of Commerce, the matter has been reconsidered by the Board in consultation with the Ministry of Law. Under section 271(1)(i) the penalty is to be 2 per cent of the tax, if any, payable by the assessee
On a representation made by the Gujarat Chamber of Commerce, the matter has been reconsidered by the Board in consultation with the Ministry of Law. Under s. 271(l)(a) of the IT Act, 1961, the penalty is to be 2 per cent of the tax, if any, payable by the assessee.
The decision of the Supreme Court was that where the sale was of the concern as a whole and a slump price was paid, no portion of this price was attributable to the stock-in-trade and, therefore, it was not possible to hold that there was a profit other than what resulted from the appreciation of capital. It follows, therefore, that where a business is sold as a going concern, the excess may not be a business profit, but will be capital gain chargeable to tax
All salaried persons having taxable income as per annual returns under section 206 should be taken on the G.I.R. However notices under section 139(2) or 147 are to be issued only to those persons who have not paid the tax correctly or who are believed to be having some source of income besides salary
In Board Circular No. 55 of 1941, it was stated that interest charged to a partner on his overdrawn account should not be included in the total income of the firm. It was further stated that where it appears that the capital borrowed for the purpose of business was partly diverted towards over-drawn account, the correct procedure would be to disallow the proportionate share of the interest payable on this capital in computing the income of the firm.
The decision of the Supreme Court was that where the sale was of the concern as a whole and a lump price was paid, no portion of this price was attributable to the stock-in-trade and therefore it was not possible to hold that there was a profit other than what resulted from the appreciation of capital.
In exercise of the powers conferred by sub-section (6) of section 38 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies St. Andrew’s Church, Calcutta, to
In pursuance of clause (i) of the proviso to sub-section (2) of section 280ZB and of clause (i) of the proviso to sub-section (5) of section 280ZD of the Income-tax Act, 1961 (43 of 1961), the C
