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Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : 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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
TPO/AO cannot apply wrong method in the absence of material ie: audited financials of AE. More so, TPO/AO cannot even give the benefit as well to assessee for non cooperation for providing the audited financials of AE.
Unravel the intricacies of CBDT Instruction No. 01/2022 on SC Judgment Union of India vs Ashish Agarwal. Dive into the curious case of missing provisos in Section 149 and a miscounting of 3 years, exposing potential flaws and implications in reassessment notices. Stay informed on the evolving landscape of tax regulations.
ITBA Step–by–Step Document No. 1 w.r.t. CBDT Instruction No. 1 of 2022Dated 12.05.2022 Steps to be followed in ITBA for the cases impacted by Hon’ble Supreme Court decision dated 04.05.2022 in the case of Union of India vs. Ashish Agarwal Dated 12.05.2022 NOTE: The AOs/ITBA users should refer to Instruction No. 1 of 2022 dated […]
Demystify TDS on payments by E-Commerce Operators to participants with Section 194-O. Understand the nature, deductor responsibilities, time of deduction, rates, and exemptions. Stay compliant and navigate the complexities of E-Commerce transactions
Understanding the reassessment procedure for Section 148 notices after the Supreme Court’s verdict in Union of India Vs. Ashish Agrawal.
Income Tax Gazetted Officers’ Association requested CBDT to issue Clarification in respect of the judgement of Hon’ble Supreme Court in the case of Union of India Vs Ashish Agarwal ,Civil Appeal No. 3005/2022, Dated: 04/05/2022 in the matter of notices u/s 148 issued between 01-04-2021 to 30-06-2021 under the pre amended provisions Income Tax Gazetted Officers’ […]
New Income Tax rules: PAN, Aadhaar mandatory for cash deposits or withdrawals above Rs 20 lakh. Stay compliant with the latest regulations.
In India, the underlying idea behind the scheme of APA is to make tax administration better and efficient by encouraging taxpayers to provide all the data essential for a comprehensive transfer pricing analysis and to motivate them towards engaging a mutual agreement.
Finance Act, 2022 has brought new Income Tax return filing facility to be known as ‘Updated Return’. For this purpose a new sub section 8(A) has been added to section 139 of the Income Tax Act (w.e.f. 01.04.2022). Simultaneously, a new Rule 12AC has also been inserted in the Income Tax Rules, wherein form and manner of filing updated return has been prescribed.
Revenue cannot make the additions under Section 69A for the reason that assessee has not cooperated with the department.
