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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...
CBDT notifies Rajasthan Electricity Regulatory Commission under section 10(46) of Income Tax Act vide Notification No. 30/2022-Income Tax Dated: 11th April, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 30/2022-Income Tax | Dated: 11th April, 2022 S.O. 1769(E).—In exercise of the powers conferred by clause (46) of […]
CBDT notifies Somnath Temple as place of historic importance and a place of public worship of renown under section 80G of Income-tax Act, 1961 vide Notification No. 29/2022-Income Tax Dated: 11th April, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 29/2022-Income Tax | Dated: 11th April, 2022 […]
CAG (Comptroller and Auditor General of India) has prepared a report on Assessments Relating to Agriculture Income which was presented in the 49th report of the Public Accounts Committee which clearly stated that the rich farmers whose agriculture income exceeds Rs 10 lakh per year limit, will face stricter scrutiny of agricultural income.
Discover the key changes in income tax returns (ITRs) for AY 2022-23. Stay updated with the latest amendments and understand the impact on your taxes.
Ingenico International India Pvt. Ltd. Vs JCIT (Delhi High Court) By way of the present petition, Petitioner is seeking a direction to the Respondents to issue interest of Rs.53,92,420/- for the Assessment Year 2018-19 (Rs. 51,11,299/- upto May, 2021 and Rs.2,81,121/- as additional amount). Learned counsel for the Petitioner states that this Court vide order […]
HUF is a creation of law and cannot be created by the act of parties, except in the case of adoption by member of HUF. HUF is a separate legal entity as per section 2(31) of the Income Tax Act and therefore, as long as the HUF is in existence, no individual member can be separately assessed in respect of its income. [ITO vs. Bachu Lal Kapoor (1966) 60 ITR 74 (SC)].
As you are aware that, it is duty of every citizen whether human or corporate to pay applicable taxes levied by Government of India. These taxes are necessary for development and social welfare of the citizens. Government of each country depends on taxes paid by their citizens and formulate its expenditure for welfare, hospitality, social […]
Understanding Section 143(1) intimation for income tax returns. Find out what it means and what actions to take upon receiving it.
The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable. Any interest on contribution made during the FY 2021-22 in excess of amount of Rs. 2.50 Lakhs […]
Land Acquisition Office Vs DCIT (TDS) (ITAT Delhi) The issue for consideration is whether the impugned interest received by the land owners on enhanced compensation is ‘income from other sources’ under section 56 of the Act attracting the TDS provision enshrined under section 194A of the Act. In the assessment proceedings for the assessment year […]
