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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 : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
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 : 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 : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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...
. The settled legal position is that while granting registration to a charitable institutions/Trust if it is at the commencement state the powers of the [CIT(E)] before whom the application is filed is limited to the aspect of examining whether or not the objects of the trust are charitable in nature.
Janata Urban Co-op. Bank Ltd. Vs ACIT (ITAT Pune) The impugned order was passed in 2017, the appeal was filed in 2021. The assessee has filed return of income which clearly shows that the assessee is supported by professionals having expertise in Income Tax procedures. The delay of 685 days cannot be accepted as the […]
As per the provision contained in Income Tax Act, a resident payer is required to deduct TDS on sum paid to Non Resident payee, if income is chargeable to tax in India. Section 195 of Income Tax provides that payer is required to deduct TDS as per rates in force.
Revision of interest rates for Small Savings Schemes for Q4 of 2022-23 (i.e. from 1st January, 2023 to 31st March, 2023) Interest rates of small saving schemes for the Fourth quarter of financial year 2022-23 starting from 1st January, 2023 and ending on 31st March, 2023. Small saving schemes includes PPF, NSC, Senior Citizen Savings Schemes, Sukanya Samriddhi Account […]
Cash receipt by ‘Co-op. Society’ from dealer across multiple days not to be aggregated for Sec. 269ST purpose: CBDT Reference was received by the CBDT as to whether receipt of cash by Co-operative Societies from a distributor for the sale of milk on a bank holiday or a day when the bank is closed should […]
Learn how the Updated Return under Income Tax Act, 1961 Section 139(8A) is helping taxpayers promote voluntary tax compliance and reduce litigation.
HC that where an investment is made in new residential property, prior to the sale of the original residential property, any gain on the sale of the original property is eligible for long-term capital gains (LTCG) tax exemption under section 54 of the Income-tax Act, 1961
Mumbai ITAT has quashed reopening of assessment under section 147 made by AO only on the basis of information received from report of investigation wing.
ITAT Pune held that payment of Education Cess (including secondary and higher secondary education), is an additional surcharge levied on income-tax and hence it partakes the character of Income-tax, and accordingly is not allowable deduction.
Disallowance under section 36(1)(va) on account to late deposit of employees contribution of provident fund was justified as employees contribution retained its character as income by virtue of section 2(24)(x) unless the conditions spelt by Explanation to section 36(1)(va) were satisfied i.e. depositing such amount received or deducted from the employee on or before the due date.
