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Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
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 : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
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...
Summary: Section 194T, introduced by the Finance (No.2) Act 2024, mandates a 10% tax deduction at source (TDS) on payments like salary, remuneration, bonus, commission, or interest exceeding ₹20,000 annually made by firms to their partners. The TDS applies at the earlier of crediting the sum to the partner’s account or making the payment. Firms […]
Learn how Indian taxpayers can claim Foreign Tax Credit to avoid double taxation on overseas income. Steps, eligibility, and documentation requirements explained.
Learn about the income tax exemption on sumptuary allowance for judges and its treatment for other judicial officers under Indian tax law.
Assessee being a real estate developer, allotted 10060 equity shares as per the fair market value (FMV) computed in accordance with Sec.56(2)(viib) read with Rule 11U / 11UA.
Karnataka High Court held that proceedings initiated against deceased person are null and void and the same cannot be continued against his/her legal representative. Accordingly, order of Single Judge not interfered.
ITAT Mumbai held that addition towards bogus purchases unwarranted as GP rate on sale of alleged bogus purchases is more than the GP rate of other purchases. Accordingly, appeal allowed the addition deleted.
Kerala High Court held that revisionary proceedings by PCIT u/s. 263 rightly exercised since claim of provision for bad and doubtful debts was assumed by assessing officer to be correct without adequate enquiry. Accordingly, appeal dismissed.
ITAT Agra held that addition towards interest paid on CC is liable to be deleted since interest free advance given to potato growers (farmers) were out of the business expediency. Accordingly, addition deleted and appeal allowed.
ITAT Kolkata held that expenditure towards sales promotion expenses allowed as deduction under section 37(1) of the Income Tax Act since bills along with other evidences related to the same is duly produced. Accordingly, appeal allowed.
Delhi High Court in CIT vs. Vikas Polymers clarified Section 263 of the Income-tax Act, emphasizing procedural compliance for revisional powers of the CIT.
