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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 Kolkata’s decision, invalidating reassessment for Vansa Properties Pvt. Ltd. vs ITO due to non-issuance of notice under Section 143(2) within stipulated timeframe.
ITAT Kolkata deletes the penalty imposed on Devnadi Advisory Pvt. Ltd. due to alleged non-compliance of notice under section 271B of the Income Tax Act
ITAT Hyderabad case Narasimha Rao Venkata Lakshmi Nandury Vs ITO, emphasizing that a meritorious case should not be dismissed when proper documents are produced
Balwant Baburao Vitekar (Late) vs ITO (ITAT Pune) where the imposition of penalty under section 271(1)(c) was challenged. The appeal was allowed on the grounds that the assessee was not given the opportunity to assist in the penalty proceedings.
Explore ITAT Pune’s decision in Americhem Polymers vs ACIT. Key issue: Weighted deduction u/s 35(2AB) disallowance for non-submission of DSIR report.
In the case of Navneet Dutta Vs ACIT, ITAT Delhi allowed rectification in the revised return, even though the original return was filed late. ITAT remitted the issue to the Assessing Officer to consider the revised return and make an order in accordance with the law.
In the case of Srimathi Pichara Vs ITO, ITAT Hyderabad set aside ex-parte addition of cash deposits made during demonetization period under Section 69A of Income Tax Act. ITAT directed Assessing Officer to readjudicate the matter after providing an opportunity to assessee to produce relevant documents for fact verification
ITAT Delhi held that if a matter is restored to AO for passing a rectification order, the penalty imposed under Section 271(1)(c) of Income Tax Act does not survive. The appeal was filed by the assessee against the penalty order.
In the case of Amrita Jhaveri Vs DCIT, ITAT Mumbai ruled that non-resident individuals are not required to disclose assets held outside India in their Indian income tax returns. The ITAT quashed the re-assessment order based on vague and general reasons, stating that income chargeable to tax had escaped assessment.
ITAT Delhi has ruled that additions made under Section 153C of Income Tax Act cannot be sustained without any incriminating material found during a search and seizure operation.
