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Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
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 : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : ITAT Delhi held that the expenditure incurred on CSR activities may not have direct nexus with the activities of the assessee but ...
Income Tax : ITAT Mumbai held that sale of Dangerous Goods Regulations manuals could not be characterised as ‘royalty’ within the meaning o...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : ITAT Hyderabad rules in favor of Karimnagar DCCB, granting immunity from penalty under Section 270AA. The appeal challenges tax pe...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Section 43B of the Income Tax Act amended: Deductions for payments to micro and small enterprises only if made within MSMED Act’s time limits.
Learn how to apply online for a higher pension under EPS 95 following EPFOs latest guidelines from the 20.02.2023 circular. Step-by-step guide for eligible EPF members.
Orissa High Court held that transfer of jurisdiction from CIT (IT)-1 New Delhi to Bhubaneswar without passing of any order under section 127 of the Income Tax Act transferring jurisdiction is unsustainable and liable to be set aside.
Revenue Department could only re-open an assessment beyond four years, if there was a failure on the part of assessee to disclose material facts fully and truly and not on the basis of reason to believe without satisfying jurisdictional condition required under provisions of Section 147
ITAT delete penalty levied for failure to get accounts audited and for filing tax audit report belatedly, on the grounds that the assessee was prevented by reasonable cause due to its pathetic condition and heavy losses incurred in its business.
Taxpayers opting for presumptive taxation schemes can enjoy relief from accounting and auditing with the Income-tax Act. Learn what sections 44AD, 44ADA, and 44AE have in store for you.
What is Angel Tax? Section 56(2) of the Budget Act of 2012 instituted the Angel Tax (viib). In general, angel tax is the tax that unlisted companies are required to pay on the money they generate via the issuance of shares. Tax is only charged if the investor is an Indian citizen and the share price of issued shares exceeds the company’s fair market value. In this case, the surplus value is seen as income and is thereafter considered to be taxed.
Decode the changes in tax rate with the new Finance Bill (Budget) 2023 – an individual’s guide to the new & old regime.
Explore the Supreme Courts insights on Section 153C of the Income Tax Act, emphasizing due process. Learn key takeaways, including scope, applicability, assessment timelines, and the burden of proof. Ensure proper handling of electronic data in tax authority procedures.
Income which was sought to be taxed in the hands of the assessee had already been taxed as income in the hands of another entity so no penalty leviable
