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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : 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...
Workflow in ITBA for Withholding of Refund under Sec. 241A of the I. T. Act’ 1961 or Release of Refund determined while Processing of Returns of Income for the cases selected for Scrutiny — Regarding
In peak, the withdrawal of cash, if not utilized elsewhere, is considered as available for making deposits. The highest unexplained cash deposit is considered as peak. The determination of peak reduces the taxable income. However, where withdrawals are through cheques and it is not proved that such withdrawals have come back to the pocket of the assessee, then benefit of those withdrawals will not be available to explain the deposits.
Income Tax Rates: Tax rates remain same as last year. Tax Rates for Individuals. Income Tax Slab Income Tax Rate (Old Rate) * Income Tax Rate (New Rate 115BAC) ₹0 – ₹2,50,000 Nil Nil ₹2,50,001 – ₹ 5,00,000 5% 5% ₹5,00,001 – ₹ 7,50,000 20% 10% ₹7,50,001 – ₹ 10,00,000 20% 15% ₹10,00,001 – ₹12,50,000 […]
Cryptocurrency, Nonfungible tokens (NFT) or legally known as Digital Assets are the new and the fastest upcoming modes of investment which have taken the world by storm. During the past few years there are multiple platforms from which one can invest in such digital assets in India and everyone is attracted towards this new form […]
There remains confusion among the people that this income is agriculture income or not. Professionals are also confused. But there are certain judgments and on reading them in detail we can remove our confusion for Agriculture Income. [CIT v. Rana Gurjit Singh (2012) 340 ITR 108 75 DTR 376 (P&H)] Seeds – Conversion of raw […]
Provisions under section 194R of Income Tax Act, 1961 The new TDS u/s 194R on Business Promotion Expenses shall be applicable as follows – In the recent budget 2022 in Income Tax, it is proposed to impose a TDS on business promotion expenditure expended by an organisation. It has far reaching implications even in the […]
Recent change in Finance Act 2021 in Section 45(4) and Section 9B will have far reaching impact on taxability of firm and other specified entities. We through, a series of articles, wish to discuss various issues. Reconstitution of Specified Entity – Firm, AOP, BOI- Liable for tax u/s 45(4) and 9B of ITA -Will impact […]
It is not a secret anymore that the ever increasing digitalization of businesses has rendered the tax rules developed to serve the needs of the traditional business models, futile. The digital age has encouraged a phenomenal expansion of businesses, in multiple territories without establishing their physical presence in any country.
Scheme for taxation of virtual digital assets Virtual Digital Assets, especially cryptocurrencies & Non-Fungible Tokens (NFTs), have gained tremendous popularity in recent times and the volumes of cryptocurrency trading has increased substantially. With a view to bring clarity for taxation of such assets, provisions to define such assets, provide for the taxation from income arising […]
Advance Ruling was a concept roughed on in early 1970s recommended by Wanchoo committee introduced through Chapter XIXB Income Tax act via finance act,199 and from sections 245N to section 245V. The concept of advance ruling is a common institution in Europe and western countries, and the primary objectives for AAR was firstly to reduce […]
