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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...
Instruction No. 01 of 2023 by Directorate of Income Tax (Systems), exploring implications for income tax payers and their response to intimation u/s 245(1) of Income Tax Act, 1961.
CBDT issued Circular No. 8/2023, dated 31st May 2023, detailing the revision of exceptions to monetary limits for filing appeals deferred under the provisions of Section 158AB. The Circular provides guidelines on monetary limits and exceptions applicable to cases falling under Section 158AB of the Income Tax Act, 1961. This includes clarifications on deferral of […]
CBDT issued Notification No. 35/2023-Income Tax on 31st May, 2023 and introduces Income-tax (Eighth Amendment) Rules, 2023 to further amend rule 11UAC of Income-tax Rules, 1962. Amendment s substitutes clause (4) of rule 11UAC related to movable property, specifically equity shares of a public sector company or a company received through strategic disinvestment from a […]
CBDT revises monetary limits for condonation applications for claiming refund or carry forward of losses and set-off for application filed on or after June 01, 2023 vide Circular No. 07/2023 on 31st May 2023.
ITAT Pune held that penalty u/s 271(1)(c) of the Income Tax Act duly leviable in case the additional income is disclosed in ITR filed u/s 153A and such additional income is originated out of seized material.
ITAT Chandigarh set aside the addition u/s 69 of the Income Tax Act to the file of AO to test the enforceability of agreement to sell as per relevant statue vis-à-vis fresh affidavit.
Yeddula Harsha Vardhan wins appeal against DCIT at ITAT Hyderabad, as Rs. 4 lakhs addition under section 69A is deleted. Read the full verdict here.
ITAT Pune held that excess sugar cane prices over and above the Fair and Remunerative Price (FRP) fixed by the Government is to be determined as per latest statutory amendment in Section 155(19) of the Income Tax Act.
Delhi High Court held that the legislative history of Section 245A of the Income Tax Act indicates that the proceedings for assessment, re-assessment and re-computation u/s. 148, prior to issuance of notice u/s. 148 of the Act, were excluded from the scope of the definition of the term ‘case’. Literal interpretation of language of section 245A is justifiable.
ITAT Delhi held that for invoking revisional jurisdiction u/s 263 it is necessary to satisfy twin conditions i.e. one being that order should be erroneous and second, such order should be prejudicial to the interests of the Revenue. Non-satisfaction of the conditions renders the proceedings unsustainable.
