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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 : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
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 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 : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
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...
3F Industries Limited Vs ACIT (ITAT Visakhapatnam) The ALP is to be determined on an international transaction ie., on the international loan and not for the domestic loan. Therefore, the comparable in respect of foreign currency loan in international market is LIBOR based and which is internationally recognized and adopted. In the assessee’s own case […]
Learn all about the new tax slabs from Union Budget 2023 and understand the computing of individual taxes for FY 2023-24. Budget 2023- Individual Tax Slabs
Pawan Kumar Agrawala Vs Income Tax Officer (Orissa High Court) The Chief Justice bench of Orissa High Court, of late has not been entertaining writ petition against notice u/s 148 in view of the decision of the Supreme Court in the case of Anshul Jain. This is notwithstanding the fact that on 1st February 2023, […]
Discover how the Finance Bill 2023 aims to support the growth of Indias economy in Amrit Kaal with income tax and GST proposals. Find out the highlights of these proposals now.
Section 155(14) provides that if any claim of TDS is left at the time of filing of income tax return and assessee subsequently comes to know of any tax deducted by a party but not informed till the date of filing of income tax return, and subsequently the said TDS is also reflected in Form 26AS, then assessee should file revised income tax return and claim TDS.
HC set aside reassessment order against assessee, for non-supply of information/ material by Revenue Department for reopening of assessment.
An amendment made to Section 43B of the Income Tax Act, 1961, has amended that payments made to Micro, Small and Medium Enterprises (MSMEs) that are not made within the due date i.e 45 days, will not be eligible for a deduction.
Section 87A is amended to give rebate to those who adopt New Tax Regime by allowing the entire tax up to Rs. 25,000 as deduction for those whose income is Rs. 7,00,000 or below, while for those who adopt the Old Tax Regime the existing deduction of the tax is up to Rs.12,500 and the income limit of Rs. 5,00,000 is continued.
Take advantage of Section 54 of the Income Tax Act of India get tax exemptions on capital gains when you invest in a new residential property
The taxpayer is required to pay tax if his income does not exceeds Rs .500000/- in both old and new regime. This limits of 500000/- has been increased to 700000/- to taxpayers who opt new tax regime.
