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Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Sri Laxmi Narayan Agency Vs ITO (Orissa High Court) On writ the assessee contended that the documents on the basis of which the Assessing Officer had formed the reason to believe that income had escaped assessment were not supplied to the assessee, and that the request for opportunity of cross-examination of the persons on the […]
CIT Vs Laxman Dass Khandelwal (Supreme Court of India) After filing a return of income u/s 139(1), 139(4), 139(5), 142(1) if income tax authority considers, it is necessary or expedient to ensure that assessee has not understated the income or has not computed excessive loss or has not under-paid the taxes in any manner, shall […]
Bombay High Court held that initiation of re-assessment proceedings in violation of the procedure prescribed under section 148A(b) of the Income Tax Act i.e. without supplying requisite material is bad in law and liable to be set aside.
Stay updated on the recent amendment in 206C(1G) of the Income Tax Act, 1961, impacting TCS on overseas tour packages. Explore the proposed rates and changes.
Grievance of petitioner is that benefit of Section 11 of Income Tax Act has not been extended to petitioner, which is a Charitable Society. The reason stated is that they failed to submit audit reports in time.
ITAT Hyderabad held that payments made for making use of shrink wrap computer software wherein there is no transfer of any copyright nor grant of any commercial right to exploit it doesn’t fall within the definition of royalty and hence TDS not deductible.
Understand the taxation of trusts in India, covering registered and unregistered trusts. Learn about relevant sections, exemptions, and tax implications for trusts and associations of persons (AOPs).
As per the provisions of Section 148A(b) 07 days time is required to be given for giving reply to this notice and this provision is mandatory
Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023. These cooperative Banks have been found to be engaged in routing of funds of various business entities of their customers, in a manner, so as to abet them to evade their tax […]
Salil Gulati Vs ACIT (Supreme Court of India) Hon’ble Supreme Court today in SLP No. 7466/2023 in Salil Gulati v. Assistant Commissioner of Income Tax has dismissed the SLP. The SLP had challenged the fresh reassessment notices for AY 2014-15 under 148A(b) issued after the Hon’ble SC judgment in Ashish Aggarwal case, on the ground […]
