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Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
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 : Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Tr...
Income Tax : ITAT Jaipur quashes tax addition and penalty against 82-year-old senior citizen, finding no fault in her investment claims and sup...
Income Tax : Kerala High Court rules a Section 263 order is not a closed remand, allowing challenge to subsequent assessments without separate ...
Income Tax : ITAT Surat condones appeal delay due to non-service of assessment order, remands case for fresh adjudication, ensuring fair hearin...
Income Tax : ITAT Cochin mandates disclosure of 3rd party evidence to assessee for valid assessment, remanding cases for fresh adjudication....
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
