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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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 Mumbai held that as service tax doesn’t partake the character of income, the same cannot be included in the gross receipt of the assessee for the purpose of computing the presumptive taxation u/s 44AD of the Income Tax Act.
ITAT Mumbai held that once the transaction is duly recorded in the books of accounts and due explanation with regard to source of loan transaction is provided, addition u/s 69A towards unexplained money unsustainable.
ITAT Delhi held that addition towards payment of stamp duty in cash is not sustainable as source of income such as tuition income, interest income and rental income which is converting to in cash since 20 to 25 years and she is continuously filing her return of income with the department.
ITAT Mumbai held that expenditure incurred on community development/CSR are allowable under section 37(1) of the Income Tax Act.
ITAT Kolkata held that in respect of any adjustment proposed to be made u/s 143(1)(a), a prior intimation is required to be served on the assesse. Failure to issue such prior intimation to the assessee before making an adjustment by way of disallowing the claim of exemption u/s. 11 of the Act is unjustified.
Master the nuances of lease rent taxation with our comprehensive guide. Learn how courts, including the Supreme Court, determine if lease rent is business income or income from house property. Uncover the impact on tax liabilities and deductions, with insights into claiming benefits like a 30% standard deduction or business expenses.
ITAT Indore held that in the absence of any major discrepancies or defects in the books of accounts, the rejection of the books of account only for want of tax audit report is not justified.
Bombay High Court held that it is settled principle that for the mistake on the part of the professionals, the litigant should not suffer. Accordingly, condonation of delay of 36 days in filing of return of income granted.
Jharkhand High Court held that ‘Provision for Warranty Expenses’ is allowable as business expense as large number of sophisticated goods were manufactured in past and if facts established show that defects existing in some of items manufactured and sold then provision for warranty is entitled to deduction.
ITAT Pune held that revisionary jurisdiction under section 263 of the Income Tax Act unjustified in absence of satisfying twin conditions which is mandatory preceded the invocation of revisionary jurisdiction.
