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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
Held that assessee incurs monthly recurring charges for telecommunication lines and since such expenditure doesnt bring any benefit of enduring nature the same are revenue in nature.
Pankaj Sharma Vs ITO (ITAT Delhi) I find that the present appeal is defective for want of payment of proper Court fee and the assessee has not removed the defect despite having given ample opportunities. I therefore, dismiss the appeal in limine on account of appeal being defective. However, it is clarified that if the […]
P.S.K. Engineering –Construction & Co. Vs ADIT (ITAT Chennai) ITAT have perused the entire order but could not understand from the order whether opportunity was granted to the assessee before denying the deduction u/s.80IA of the Act. The ld.DR could not answer whether opportunity was granted or not. Every quasi-judicial order has to be a […]
ITAT held that no disallowance of expenses can be made in respect of exempt income by invoking the provisions of s. 14A of the Act r/w Rule 8D of the Rules while computing book profit u/s. 115JB of the Act.
Assessee is facilitating the poor people to access to housing credit, which otherwise would not be available to them due to mortgage requirements etc. The only source of funding for the assessee is borrowings and the donations are almost negligible. In such a case, the activity is nothing but a mere-lending activity.
Transfer pricing involves determination of arm length price of transaction between two associated enterprises
CBDT vide Notification No. 96/2022-Income Tax | Dated: 17th August, 2022 amends Income Tax Rule 17. Exercise of option etc. under Explanation 3 to the third proviso to clause (23C) of section 10 or section 11 and amends FORM No.10 – Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Explanation […]
Get a comprehensive guide to Securities Transaction Tax (STT). Learn about its history, applicability, charges, and more.
Held that estimating past savings as Rs. 6,00,000, without any basis, instead of Rs. 9,03,900 and also ignoring the evidences produced for the same. Addition of the same deleted.
Held that payment towards management support services is allowable as business expenditure as the same is paid for smooth and effective running of the business.
