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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
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 : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Exploring Siemens Financial Services vs DCIT Bombay High Court case that clarified role of specified authority in reassessment approvals and impermissibility of changes in opinion.
updated income tax rates for individuals, HUFs, partnerships, and companies for AY 2023-24 & 2024-25 ie. FY 2022-23 & 2023-24
Learn about taxability of ‘Keyman Insurance Policies’ in light of 2013 Finance Act amendment. Understand how law has evolved and what it means for your business.
High Court held that Show cause proceeding cannot be scuttled by filing a writ petition, as it is not without jurisdiction. It is open for the petitioner to reply to the SCN for violation of Sec 269SS.
ITAT held that income for purpose of ascertaining ceiling on the basis of book profit, the profit shall be as appearing in the P & L a/c. The interest income, thus, cannot notionally be excluded while determining allowable of deduction of remuneration to partners u/s 40(b)(v) .
Uncover the game-changing impact of Income Tax Act sections 133(6) and 139(8A) in India’s revenue surge. Explore how digital data, artificial intelligence, and notices under Section 133(6) are transforming scrutiny assessments. Learn about Section 139(8A)’s role, offering an opportunity for rectification and updated returns, contributing to increased revenue and efficient governance.
Learn how the new Income Tax Rule 134 and Form 71 offer relief for taxpayers facing TDS credit mismatch. Discover the procedure, benefits, and limitations of Form 71, allowing you to claim TDS credit for income declared in previous assessment years, even if the TDS was deducted in subsequent financial years. Stay informed to avoid missing the window for claiming TDS credits.
ITAT Chandigarh held that mere non-accounting of the expired stock as part of the opening stock would not have any impact on the profitability. Accordingly, addition thereof is liable to be deleted.
ITAT Raipur held penalty imposed u/s. 270A of the Income Tax Act clearly falls within the realm of orders appealable before the CIT(Appeals) u/s. 246A of the Income Tax Act.
Unlock the intricacies of Section 68 of the Income Tax Act, unraveling the nuances of unexplained cash credits. Delve into its amendments, practical implications, and the onus it places on individuals, firms, and closely-held companies. Gain a comprehensive understanding to navigate the complexities of this crucial taxation aspect effectively.
