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Income Tax : Compare the old and new tax regimes for FY 2025-26 to find out which one suits your financial situation, with details on exemption...
Income Tax : Notification No. 36/2025-Income Tax dated 22nd April 2025. For the first time, certain luxury goods priced above 10 lakh will attr...
Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : ITAT Surat ruled that reassessment of deceased person is void ab initio, quashing the order and allowing the appeal in Bharat Ranc...
Income Tax : ITAT Cochin grants 12A registration to Naughty's Pet Sanctuary, ruling against CIT(E)'s decision over trustee honorarium clause....
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
ITAT Ahmedabad held that depreciation on goodwill duly available as goodwill has been taken into account while determining the face value of the shares which is treated as consideration in the scheme of amalgamation.
Navigate the complex tax implications of life insurance policies, ULIPs, and Keyman policies. Uncover the latest changes introduced by the Finance Act, 2023. Explore the tax status of normal life insurance policies, ULIPs, and Keyman insurance policies, ensuring you make informed financial decisions. From premium limits to TDS considerations, stay updated on the taxation landscape.
Automatic Calculator in excel format for Financial Year 2022-23 (AY 2023-24) and Financial Year 2023-24 (AY 2024-25) contains All in One Calculator with Salary Statement, Computation Sheets & Form-16. Govt. had introduced a new tax regime of lower tax rates in Budget 2020. Which was continue in FY-2022-23 too. New Tax Regime was optional. But […]
Term Sikkimese defined in section 10(26AAA), is only for the purposes of Income-tax Act, 1961 & not for any other purpose
As per Budget announcement 2023-24, following income tax related benefits are being proposed for the Cooperative Societies: i. The new co-operative society formed on or after 01.04.2023, which commences manufacturing or production by 31.03.2024 and do not avail of any specified incentive or deduction, is proposed to be allowed an option to pay tax at […]
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 3rd April, 2023 PRESS RELEASE Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by ₹2.41 lakh crore i.e. by 16.97% Direct Tax collections (provisional) for the FY 2022-23 exceed Revised Estimates […]
CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee then his default tax regime is new Income Tax regime u/s 115BAC. CBDT […]
ACIT Vs. Armee Infotech (ITAT Ahmedabad) RASHTRIYA KOMI EKTA PARTY IS ONE OF THE ‘23’REGISTERED UNRECOGNISED POLITICAL PARTIES. The grievance of the Revenue in its appeal for the Asstt.Year 2012-13 is that the ld.CIT(A) has erred in deleting disallowance of Rs.55 lakhs in respect of donation to political parties under section 80GGC of the Act. […]
Understand the key Income Tax Amendments from FY 2023-24. Learn about changes in tax regimes, exemptions, and impacts on individuals, businesses, and trusts.
A Salaried Employee’s Tax Proof Certificate Form 16 to Auto Calculate and Auto Preparation Excel Based Master of Form 16 for the F.Y.2022-23 and A.Y.2023-24 Download from the attached file as Auto Calculate and Automatic Preparation Master of Form 16 Part B for the Financial Year 2022-23 and Assessment Year 2023-24(This Excel utility can prepare […]
