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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...
The company sold unlisted shares of an Indian private limited company and filed its return with NIL income and declared long-term capital losses after applying proviso 1 to section 48 of the Income Tax Act (Act).
Circular No. 5 of 2023, issued by CBDT, provides guidelines for the implementation of section 194BA of Income-tax Act, 1961. This section pertains to the deduction of income tax on winnings from online games.
By examining the intricacies of Section 115JH and its impact on the residential status of foreign companies in India, this article aims to provide valuable insights for companies navigating the complexities of the Indian taxation system.
ITAT Jaipur held that being a debatable issue there was a reasonable cause for non-deduction of TDS on specified transactions and accordingly penalty under section 271C of the Income Tax Act not justified.
ITAT Delhi held that NAV method adopted by the assessee is one of the recognized methods provided in rule 11UA of the Rules. Accordingly, the addition made u/s. 56(2)(viib) of the Act, is hereby directed to be deleted.
ITAT Bangalore held that as professional and consultation charges & purchase of fixed assets are capitalized in the books of accounts, it should not be considered for computation of proportionate TP adjustment.
ITAT Pune held that the conclusion arrived by AO on his satisfaction of details furnished by the assessee, cannot be found to be erroneous simply because Pr. CIT does not feel satisfied with the said conclusion. Accordingly, invocation of revisionary jurisdiction u/s 263 unjustified.
Explore Section 49(1) of the Income Tax Act, determining cost of acquisition for capital gains in non-transfer cases. Understand provisions, examples, and computation, ensuring accurate tax compliance. Reach out for further inquiries.
ITAT Bangalore held that employees contribution has to be deposited within the due date under the relevant employee welfare legislation like PF Act, ESI Act etc. Accordingly, disallowance u/s. 36(1)(va) sustained because of non-deposit within relevant due date.
ITAT Chennai held that written off of irrecoverable advances given to company partakes the nature of business loss which can be allowed as deduction. Accordingly, delete additions made towards disallowance of written off of advances.
