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Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
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 : 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 : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : ITAT Pune remands appeal for reconsideration, citing leniency for a senior citizen taxpayer's advance tax shortfall. Case to be de...
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...
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...
ITAT Chennai held that before concluding with regard to applicability of provisions of section 195 of the Income Tax Act, all necessary and relevant documents like cost sharing agreement/ auditor’s report/ other evidences need to be examined thoroughly. Accordingly, matter set aside with direction to AO to re-examine the claim.
How to Calculate Futures and Options Turnove ? It is important to determine turnover in order to determine the applicability of tax audit as per Section 44AB of the Income Tax Act, 1961 or declaring income u/s 44AD.
1. Income Tax Department brings reforms for Cooperatives! Alternate Minimum Tax for cooperative societies reduced to 15% to bring them at par with companies. Reduction of Alternate Minimum tax rate for cooperatives Announcement Currently, cooperative societies are required to pay Alternate Minimum Tax at the rate of eighteen and one half per cent. However, companies […]
Calcutta High Court held that passing of an order without allowing the assessee an opportunity of cross-examination of the concerned person is against the principle of natural justice and liable to be set aside.
ITAT Pune held that customs duty drawback relating to preceding assessment years can be written-off ‘as prior period item’.
Rifle Factory Co-operative Society Ltd Vs ACIT (Calcutta High Court) Whether demand in pursuance of order of assessment can be pursued without disposing off the petition for stay of demand. The Single Bench of Calcutta High Court in this case was dealing with a situation where without disposing off the petition for stay of demand, […]
Addendum to Notification 2 of 2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5,000/-).
Whether ITAT has the power to entertain additional ground without recording reasons and without following Rule 46A of the Income-tax rules, 1962 and whether jurisdictional issue relating to non issuance of notice u/s 143(2) can be raised at any time?
A home loan is a secured loan that is acquired from a bank or financial organization for the purpose of buying a property by pledging the asset as security. Home loans provide high-value financing with reasonable interest rates and lengthy terms. The borrower receives the title to the property back after repayment through EMIs.
ITAT Mumbai set aside the matter for fresh adjudication as none of the aspects and the relevant facts have been properly looked into and examined by the lower authorities
