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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...
. Expenses such as reflooring, painting of walls, false ceiling, temporary wooden structures were incurred to produce the right ambience to attract customers
DCIT (E) Vs Electronics & Quality Development Centre (ITAT Ahmedabad) Insofar as the grant of Rs.6,18,22,000/- received by the assessee-trust from the Government of Gujarat is concerned, it is observed that the said grants were directly taken by the assessee-trust to the corpus funds in the balance-sheet. The Assessing Officer, however, did not accept this […]
ACIT Vs Ankur Foundation P. Ltd (ITAT Chennai) The assessee claimed bad-debt of Rs.20 Lacs written-off against Mr. K.M.Pitchai. The same was held to be not allowable under any of the provisions. During appellate proceedings, it was explained that the assessee paid land advance of Rs.25 Lacs to Mr. Pitchaiin AY 2006-07. Since Mr. Pitchai […]
Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendments to Finance Bill, 2022 vide a Notice of Amendments dated 23.03.2022 introduced in Lok Sabha. Full text of the Notice of Amendments is as follows:- *List No. 1 LOK SABHA FINANCE BILL, 2022 [As introduced in […]
Whether Central Processing Centre (CPC) Bangalore processes the Income Tax returns without applying the provisions of Section 5A in several cases resulting in hardships and harassments to the tax payers of Goa;
India has progressive direct taxation system wherein an individual or Hindu undivided family (HUF) or an association of person or body of individuals is required to pay tax at a higher rate with an increase in income levels.
In absence of a written sub-contract: whether contractors liable to deduct TDS? In general practice the person who generates income is under an obligation to file its return and/or to pay tax under Income Tax Act, 1961 (for brevity hereinafter referred to as “IT Act”). But in certain enumerated situations, the payer of such consideration […]
Income Tax Department carried out a search and seizure operation on 14.03.2022 on a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad. The search operation covered more than 25 premises spread over locations in Maharashtra, Karnataka and Tamil Nadu.
Rishipal Investments and Finance (P) Ltd. Vs ITO (ITAT Delhi) We find, the AO, in the instant case, reopened the assessment on the basis of the report of the Investigation Wing that the assessee has received accommodation entry of Rs.23,50,000/- from four companies, the details of which are given in the reasons recorded. We find, […]
The UK today (Thursday 17 March) announced it is suspending the exchange and sharing of tax information with Russia and Belarus as part of continued efforts to inflict economic pain on President Putin’s regime. -The UK has suspended all exchange of tax information with Russia and Belarus under the UK’s exchange of information agreements -Move […]
