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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 : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
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 : 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 : 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 : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
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...
Discover 9 situations making Income Tax Return (ITR) filing mandatory, including conditions like turnover exceeding Rs. 60 lakhs, gross receipts over Rs. 10 lakhs in profession, foreign travel expenses exceeding Rs. 2 lakhs, and more. Stay informed about recent amendments by CBDT through Notification No. 37/2022, dated 21-04-2022. Ensure compliance with tax regulations.
Urgent appeal to Honble Finance Minister: Cancel or withdraw notices under Section 143(1) creating unnecessary hardship and levying double tax on taxpayers. Request for rectified intimations and clarification to prevent further inconvenience.
Held that as identity and creditworthiness of the investors is established, merely because of delay in transferring of the shares to the prospective investors, the amount cannot be treated as unexplained investment u/s 68.
Held that a residential house for the purpose of section 54F(1) deduction can indeed cover multiple units in same or different towers or residential blocks
Held that no part consideration of acquisition of asset/property was paid on alleged execution of possession-cum-Satakat and there is no other corroborative evidence to substantiate the claim of assessee. Capital gain treated as STCG instead of LTCG.
It is settled position of law that AO cannot levy penalty on charges different from the charges for which penalty proceedings were initiated
Important update for taxpayers: CBDT allows condonation of delay in filing Form 9A, Form 10, Form No. 10B & 10BB for AY 2018-19 and subsequent years. Circulars No. 15, 16, and No. 17 dated 19th July 2022 provide details and conditions. Stay informed for smooth compliance.
With the advent of Insolvency and Bankruptcy Code, 2016 (IBC), there has been a transformative turnaround in the corporate insolvency resolution framework in India. However, the IBC does not accommodate and provide for specific arrangements or contains any provision for group insolvency as the legislation itself is still evolving and is designed for a single economic entity.
Explore ITR-U for corrections and updates in cases like unfiled returns, incorrect reporting, and more. Be aware of conditions where ITR-U cannot be filed. Pay attention to additional taxes and interest for timely compliance.
Order of cancellation of registration was set aside by Tribunal and, therefore, direction was issued to assessing officer to assess assessee as a trust and not as AOP
