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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...
Filing of Form 10CCB to claim deduction u/s 80-IC is directory in nature and not mandatory. It’s sufficient if same is filed before passing assessment order
ITAT held that no tax is required to be deducted at source on amount reimbursed to the director of the company. Further, when tax has been deducted at source by the assessee while receiving software consultancy services, disallowance cannot be done by the Revenue Department.
ITAT held that, principles of estoppel do not apply to Income Tax proceedings and the Revenue Department must keep in mind that the correct income of assessee must be taxed in proper Assessment Year and within limitation prescribed by Income Tax Act, 1961
Rupesh Vyas Vs ACIT (ITAT Indore) Feeling aggrieved by appeal-order dated 20.09.2018 passed by learned Commissioner of Income-Tax (Appeals)-1, Indore [“Ld. CIT(A)”], which in turn arises out of assessment-order dated 15.12.2016 passed by the learned ACIT-3(1), Indore [“Ld. AO”] u/s 143(3) of the Income-tax Act, 1961 [the Act] for Assessment-Year 2014-15, the assessee has filed […]
Stay informed about the proposed 66 tax amendments in India through the Finance Bill (Budget) 2023. Explore changes in income tax, education cesses, surcharge rates, and amendments impacting taxable and tax-free incomes for individuals. Get a detailed breakdown of proposed amendments for various entities, from individuals and corporations to partnership firms, LLPs, and co-operative societies.
Budget 2023: New Tax Regime vs Old Tax Regime – Tax Computation for Salaried in Excel Current Budget 2023 proposed certain amendments in New tax regime for Individuals by amending the tax Slab and extending certain deductions to New tax regime to make it more attractive and successful. Also as mentioned by Hon’ble Finance Minister […]
ITAT Mumbai held that payments made under Sales or Return agreements not covered under section 194C of the Income Tax Act. Hence, TDS not deductible.
ITAT Delhi held that a reasonable amount of expenditure towards distribution of gifts amongst the dealers is allowable expenditure.
ITAT Pune held that addition of unexplained cash credit sustained as mere filing of documentary evidence doesnt absolve proving of genuineness and creditworthiness of the unsecured loans.
ITAT Bangalore held that deduction under section 10A/ 10B of the Income Tax Act allowable as the assessee has obtained post facto approval from RBI coupled with the fact that it has also realized the said amounts.
