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Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Since the status of assessee changed from society to Section 8 Company, it had filed an application in Form no.56D, on 11/04/2008,...
Income Tax : ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates ...
Income Tax : ITAT Delhi held that re-assessment notice issued under section 148 of the Income Tax Act and sent to unrelated e-mail address is r...
Income Tax : ITAT Mumbai held that assessee is permitted to set off unabsorbed depreciation pertaining to AY 1997-98 to 2001-02 against short t...
Income Tax : On appeal. It was held that application for refund was rightly rejected, as it was filed beyond the prescribed limitation period o...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Assessee has assigned reasons for condoning delay is that, Assessment order been misplaced by Advocate & not handed over the same to assessee
DCIT Vs Shree Swaminarayan Infrastructure Private Limited (ITAT Rajkot) In this case, assessee company has issued shares of Rs.2,92,00,000/-being 7300 equity shares of Rs.10/- each at a premium of Rs.3990/- per share and thus there is increase in share capital of Rs.73,000/-. Over and above that the company has collected premium of Rs.2,91,27,000/-. Before the […]
Due date for filing Income Tax Return u/s 139(1) for the assessee not required to get the books of accounts audited for the Assessment Year 2022-23 should be extended at least up to 31st August, 2022 at earliest.
Whether tax audit is compulsory for a specified professional whose gross receipts from the profession do not exceed Rs. 50 Lakhs but the net profit declared is less than 50% of such gross receipts?
Humble Representation for modification of Section 151 of the Income Tax Act relating to Sanction for issue of Notice under sec. 148/148A w.e.f. 1st April, 2021 DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, Kolkata 700001 Ph – 033-22420638 URGENT Ref. No. DTPA/Rep/22-23/ | Dated: 25th July, 2022 To, Smt. […]
Income Tax Calculator in excel for F.Y. 2021-2022 A.Y. 2022-2023 select better option from Old regime vs new regime of taxation u/s 115BAC for Individual & HUF Individual and HUF has to choose any one option out of two options for paying income tax for F.Y. 2021-2022 A.Y. 2022-2023 in India. Option 1 old regime […]
Home Developers Vs DCIT (ITAT Pune) On perusal of the agreement, it was observed that the assessee paid Rs.36,09,000/- being compensation paid to land-owners, for allotting less than agreed constructed area, as per development agreement. The AO asked the assessee to submit the supporting documentary evidences viz., confirmation from the parties, books of accounts of their parties […]
P C Financial Services Private Limited Vs Deputy Director of Income Tax (Delhi High Court) 1. Present application has been filed on behalf of the Petitioner seeking modification of the order dated 31st May, 2022 passed by this Court by relying on the order dated 31st May, 2022 passed by a learned Single Judge of […]
Urmila Vs Income Tax Officer (Rajasthan High Court) the very substantial point which has been raised by the petitioners that one single cash deposit of Rs.34,01,000/- has been taken as two different transactions, which according to the petitioners is factually incorrect and not borne out from any of the record including transactions made as entered […]
Unlock the potential of tax planning for house property with insights into Income Tax Act, 1961. Learn about deductions and exemptions for property owners, including municipal tax, standard deduction, and interest on loans. Explore benefits under different income heads, such as Capital Gains, and exemptions like Section 54 and 80C. Maximize your tax savings with expert guidance on legal aspects. Stay informed and reduce your tax burden effectively.
