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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 Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
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 : 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...
ITAT Ahmedabad held that imposition of penalty under section 271(1)(c) of the Income Tax Act unjustified as denial of claim of deduction u/s 80HH/ 80IA doesn’t tantamount to concealment of income and/or furnishing of inaccurate particulars of income.
ITAT Surat held that addition towards cash deposited during demonetization period unwarranted as booking of railway tickets were allowed by way of old currency notes. Here, cash were received from various travelers for booking of railway tickets.
ITAT Delhi held that addition under section 68 of the Income Tax Act confirmed as assessee grossly failed to discharge initial burden of explaining and proving credit entries in the books of account.
ITAT Mumbai held that assessing officer passed final assessment order u/s 144C(13) r.w.s 143(3) without passing a draft assessment order u/s 144C(1), said order being violative of provisions of Sec. 144C(1) deserved to be set aside.
Delhi High Court held that the reasons disclosed for re-opening do not allude to the material that was available to the AO which persuaded him to form a belief that income had escaped assessment. Hence, prerequisite before entering the realm of reassessment/assessment proceedings not met. Accordingly, addition not sustainable.
Read the full text of the order of ITAT Kolkata in the case of Anirudh Bhuwalka vs DCIT. The ITAT upheld the non-granting of TDS benefits due to non-deposition of TDS in the assessees income.
इकहरा लेखा प्रणाली में निम्न प्रकार की रिकॉर्डिंग शामिल हो सकती हैं (एकल प्रविष्टि पुस्तकों के प्रकार): ए. कुछ लेन-देन के संबंध में दोहरी प्रविष्टि, उदाहरण देनदार और लेनदार (केवल व्यक्तिगत खाते) आदि और शेष सभी लेनदेन के लिए एकल प्रविष्टि।, बी. लगभग सभी लेनदेन के संबंध में दोहरी प्रविष्टि और कुछ लेनदेन के संबंध […]
The All India Cost & Management Accountants Association urges the Finance Minister to permanently extend the ITR filing due-date from July 31st to August 31st for better taxpayer convenience.
Explore the admissibility of House Rent Allowance (HRA) paid to parents or spouse under Section 10(13A) of the Income Tax Act. Analysis of judicial rulings and essential evidence for successful exemption claims.
ITAT Delhi held that presumption u/s. 132(4A) of the Income Tax Act is only against the person in whose possession the search material is found and not against any other person. Addition based on dumb documents without corroborative evidence is unsustainable in law.
