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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...
Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and the said amendment received assent of the President of India on 15.12.2016 and therefore the amendment shall apply prospectively w.e.f. 15.12.2016 and not retrospectively.
No TDS is required to be deducted on EDC payments made to HUDA, as these payments were made on the directions of DTCP which are deposited with the Consolidated Fund of State,
Link your PAN with Aadhaar to avoid becoming invalid after 31st March 2023. Get your Aadhaar and PAN linking done before the deadline. Last date to link is 31st March 2023.
Understand the new Critical Examination of Section 115BAC – New Tax Regime from the latest Union Budget. Learn about the applicability, rate of tax and more.
ITAT Mumbai held that provisions of Article 24 of DTAA between India and Singapore will be applicable only when condition no. 1, condition no. 2 and condition no. 3 in paragraph 4.2 are satisfied simultaneously. Here as condition no. 1 is not satisfied, DTAA would not be attracted in case of GCC.
Section 80CCD of the Income Tax Act, 1961 deals with the Deduction for Investment in Pension Fund. The main objective of this Section is to provide tax benefits to an employee for making contributions towards provident or pension fund.
The new tax regime for individuals and Hindu undivided families, or HUFs, brought via Section 115BAC of the Income Tax Act was aimed at bringing in a lower rate and a simpler tax system from 1 April 2020.
As per section 160 r/w section 139A of the Income Tax Act’ 1961, even a minor can apply for PAN card in India through a representative assessee.
For individual taxpayers below age of 18 years, 4,861 ITRs filed and paid Rs 6.31 crore gross taxes, before claim of refund, during FY 2022-23 till 31st January 2023 For individual taxpayers between the age of 18 to 35 years, 2,09,06,829 ITRs filed, and Rs 93,318 crore paid in gross taxes, before claim of refund, […]
Understand the new Income Tax Slabs FY 2023-24 (AY 2024-25) and FY 2022-23 (AY 2023-24). Find out the new tax rates for FY 2022-23/ FY 2021-22 and the new income tax regime in the budget 23-24.
