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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...
Enterprise companies have continuously been challenged to keep pace with the ever increasing statutory requirements. TDS & TCS is one such set of compliances mandated by the Income Tax Department. Based on a couple of recent surveys, the key challenges faced by Enterprises in order of relevance are listed below: Robust Centralized Compliance Management for […]
Office Order No. 138 of 2022 The President is pleased to extend the ad-hoc appointments in respect of the following officers to the grade of Joint Commissioner of Income Tax (JCIT) for a period of six months w.e.f. 01.01.2022 till 30.06.2022 or till their joining to the grade of JCIT on regular basis or till the date of their retirement, whichever is the earliest: –
The assessee can file a revised return in a case where there is an omission or a wrong statement. But a revised return of income, under Section 139(5) cannot be filed, to withdraw the claim and subsequently claiming the carried forward or setoff of any loss.
Sukhdev Singh Kang Vs ITO (ITAT Amritsar) it is the claim of the ld A.R, that as the jurisdiction over the case of the assessee was undeniably vested with the Income Tax Officer, Nakodar, therefore, the Income Tax Officer, Ward-4, Phagwara who had no jurisdiction over his case had clearly traversed beyond his jurisdiction and […]
Sanjeevkumar S/o Biharilal Kabra Vs Union of India (Bombay High Court) 1. The matter is placed on board for speaking to minutes in respect of order dated 22.04.2022 passed by this Court. 2. The learned counsel for the petitioners seeks clarification of the order, more particularly in so far as directions issued in paragraph no.43 […]
DCIT Vs Sidhanath Enterprise (ITAT Rajkot) The ld. CIT(A) has deleted the addition on account of cash deposits of Rs. 224.53,23,993/-. in the bank account of the assessee, noting that identical issue had come up before the Hon’ble Gujarat High Court in the case of the assessee itself in a writ petition filed by the […]
कौन बनेगा करोड़पति गेम शो शुरू होने वाला है और इसी तरह के अनगिनत गेम शो, एप, आनलाइन गेम, आदि सोशल मीडिया पर धडल्ले से चल रहे हैं. सरकार इनसे बचने की जरूर सलाह देती है लेकिन इनकी कानूनी वैधता पर चुप रहती है. लेकिन हां इस पर टैक्स लगाकर राजस्व वसूलने में सरकार को […]
Heera Kerala Developers Pvt. Ltd. Vs ACIT (ITAT Cochin) After hearing the rival submissions we observe from the assessment order passed under Section 143(3) of the Act that there was an addition made by the AO under Section 68 of the Act to the tune of Rs.71,66,000/-which has been set off from the returned loss […]
ITAT held that by acquiring business rights along with tangible assets, the assessee got an up and running business and the specified intangible assets acquired under slump sale agreement are in the nature of any other business or commercial rights of a similar nature on which depreciation is allowable.
CBDT notifies Income Tax Rule 16. Application under section 158AB to defer filing of appeal before the Appellate Tribunal or the jurisdictional High Court and inserts new Form No. 8A vide Notification No. 83/2022- Income Tax Dated 12th July, 2022- Income-tax (Twenty Second Amendment) Rules, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT […]
