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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...
When applying for a credit card, financial institutions often require applicants to submit their Income Tax Returns (ITRs) as part of the application process. The ITR serves as proof of income and helps the credit card issuer assess the applicant’s financial stability and repayment capacity.
Effective from July 1, 2021, higher TDS/TCS rates apply if the deductee hasnt filed their ITR. Check for compliance and use the CBDT’s reporting portal for verification.
ITAT Bangalore held that when the proviso to section 36(1)(vii) applies to bad debts written off relating to rural advances, the same cannot be applied for disallowing deduction claimed on account of write off of bad and doubtful debts relating to nonrural/urban advances.
ITAT Delhi held that violation of section 40A(3) sustained as the reply provided by the assessee is hypothetical and non-satisfying.
ITAT Bangalore held that bad debts relating to non-rural branches are allowable under section 36(1)(vii) of the Income Tax Act.
Explore Section 44AD and Section 44ADA of the Income Tax Act, offering presumptive taxation schemes for businesses and professionals. Learn eligibility, calculation methods, deductions, filing requirements, and examples. Make informed decisions with insights into these tax provisions. Case study included. Consult a tax professional for personalized guidance.
ITAT Hyderabad held that provisions of section 56(2)(viia) of the Income Tax Act are attracted on shares received by the assessee company on account of amalgamation.
Understand the significance of Annual Information System (AIS), Taxpayer Information Summary (TIS), and Form 26AS in income tax. Learn how these tools help taxpayers ensure accurate reporting, avoid discrepancies, and stay compliant with tax laws. Accessing AIS and TIS statements online through the Income Tax Department’s portal is essential for maintaining transparency, resolving discrepancies, and avoiding potential issues with tax authorities. Regular monitoring of AIS and TIS statements is crucial for taxpayers in India.
ITAT Raipur held that mere non-reference by AO about the cash transaction entered into by the assesse doesn’t render the assessment order passed by AO as erroneous and prejudicial to the interest of revenue. Accordingly, revisional proceedings u/s 263 unjustified.
Explore the implications of the Finance Act 2023 amendment under Section 43B of the Income Tax Act, affecting deductions for payments to MSMEs. Learn the impact on tax planning and compliance.
