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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 : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
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 : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
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...
ACIT Vs Dr. P. S. Prasad (ITAT Hyderabad) Learned CIT-DR vehemently reiterated the Revenue’s foregoing pleadings that the issuance of Section 143(2) notice is nowhere mandatory in Section 153A proceedings initiated in furtherance to a search in light of the various case law cited therein. We find no merit in the Revenue’s instant grievance since […]
Mohd Zaheeruddin Zeeshan Ayub Vs ITO (ITAT Hyderabad) Learned Counsel contended during the course of hearing that this assessee is drawing salary income on regular basis and it was only in the impugned assessment year that he had carried out corresponding transactions requiring audit report u/s.44AB of the Act. He therefore pleaded assessee’s ignorance only […]
Mahendra Kumar Agarwal Vs ACIT (ITAT Hyderabad) It is an admitted factual position that this assessee is assessed and lives in Hyderabad whereas all the corresponding loan creditors parties are from Kolkata only. And that too, there is not even a single loan agreement between the assessee and the said parties, reflecting the terms of […]
ACIT Vs S. Mohan Kumar (ITAT Chennai) Conclusion: Assessee failed to file necessary evidence to establish credits appearing in the names of above two persons in the books of account of the assessee as genuine transactions, therefore, addition of unexplained credits was rightly justified. Held: AO made additions towards credits on the ground that the […]
The new financial year (FY) 2022-23 (i.e., April 1, 2022 to March 31, 2023) is finally here. Most of us leave our income-tax planning till the last minute. But it’s always better to start planning your taxes at the start of the year. Here’s a list of different tax provisions which would help in planning […]
शेयर खरीद फरोख्त पर आजकल टैक्स बचाने का तरीका जो कि टैक्स लास हारवेस्टिंग के नाम से प्रचलित है, विभिन्न बड़े बड़े ब्रोकिंग फर्मों द्वारा सुझाया जा रहा है और निवेशक बिना सोचे समझे इस तरह के बेतरतीब तरीकों में उलझ रहा है. टैक्स लास हारवेस्टिंग का तरीका बेवकूफी है या समझदारी, पहले इसे समझते […]
What cannot be done u/s. 154 of the Act on the ground of debatability ,cannot be done u/s. 143(1) of the Act to the assessee’s claim on which two views are possible A debatable issue cannot be a subject matter of adjustment u/s. 143(1) of the Act.
Office Order No. 61 of 2022 The following transfer/postings of the officers in the grade of Deputy Commissioner/ Assistant Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:
CBDT notifies Form ITR-7 for Assessment Year 2022-13 / Financial Year 2021-22 vide Notification No. 23/2022-Income Tax Dated: 1st April, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st April, 2022 Notification No. 23/2022-Income Tax G.S.R. 252(E).—In exercise of the powers conferred by section 139 read with […]
M/S J.B. Boda & Co. Pvt. Ltd vs Central Board Of Direct Taxes (Supreme Court); DATE OF JUDGMENT: 30/10/1996 BRIEF FACTS 1. The petitioner in Writ Petition No. 3086 of 1987 in the High Court of Delhi, has filed this appeal against the judgment of the High Court dated 29.10.1987. 2. The short matter that […]
