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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...
CIT Vs Shankar Krishnan (Bombay High Court) Whether Notional Interest on Security Deposit paid by employer for accommodation of its employee will also be included while calculating perquisites. BRIEF FACTS: 1. The Assessee is a salaried employee with McKinley & Company Inc., India. The Assessee was provided with rent free accommodation in Cuffe Parade, Mumbai […]
Finance Bill, 2022 (the Bill) has proposed to insert section 115BBH to the Income-tax Act,1961 (the Act) to provide for taxation of income from transfer of virtual digital assets (VDA).
Garrison Engineer (E/M) Vs JCIT (TDS) (ITAT Agra) The common issue involved in these appeals is that the AO imposed late fees u/s 234E of the Act., where the enabling clause (c) was inserted in the section 200A w.e.f. 01.06.2015. Which has been confirmed by the Ld. CIT(A) relying on the of Hon’ble Gujarat High […]
DCIT Vs Quippo Oil And Gas Infrastructure Ltd (ITAT Delhi) The assessee-company is engaged in providing plants and machinery, mobile drilling rigs, equipment and other related services to oil and gas industry. The assessee during the year has entered into contract with Jubilant Oil and Gas Pvt. Ltd. On perusal of the terms of the […]
OVID Technologies Inc. Vs DCIT (ITAT Delhi) In the case in hand, the revenue derived by the assessee from granting limited access to its data base is akin to sale of book, wherein purchaser does not acquire any right to exploit the underlying copyright. When the purchaser reads the book, he only enjoys the content. […]
DCIT Vs Global Softech Ltd. (ITAT Mumbai) As per the provisions of section 14 of the IBC Code institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority shall be prohibited during […]
In the following paragraphs, I have discussed some of the recent developments in direct tax laws. The discussion is kept simple enough, so that a layman can also understand the very technical topic of income tax. Recent Developments in Income Tax Faceless Assessments and appeals The government launched the faceless scheme on the 13th of […]
Learn about the recent amendment to the Income Tax Act and how it affects domestic companies. Discover the benefits of filing Form-10 IC before the due date.
Everyone knows that Income from salary, rental income and business income is taxable under their respective heads. But what about income from sale or purchase of securities? Many stakeholders which includes homemakers, retired people, youth, working professionals spend their time gainfully buying and selling securities but are unsure of how this income is taxed. The […]
Vandana Maruti Pathare Vs ITO (ITAT Pune) Succinctly, the factual panorama of the case is that the assessee transferred certain agricultural lands and claimed exemption u/s 54B of the Act amounting to Rs.18 lakhs. During the course of assessment proceedings, the assessee submitted that she purchased new agricultural land in the name of her sons, […]
