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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...
Raghunandan Enterprise Vs ACIT (Gujarat High Court) The plain reading of Section-281B of the Act would make it clear that the same provides for the provisional attachment of the property belonging to the assessee for a period of six months from the date of such attachment unless extended, but excluding the period of stay of […]
DCIT Vs J. P. Iscon Ltd. (ITAT Ahmedabad) The brief facts leading to the case is this that the assessee had given inter-corporate deposit to six subsidiaries companies namely Dhanlaxmi Infrastructure Pvt. Ltd., Amit Intertrade Pvt. Ltd., Dhwani Infrastructure Pvt. Ltd., Rich Infrastructure Pvt. Ltd., Gujarat Mall Management Co. Pvt. Ltd. & Palitana Sugars Mills […]
It is the season of festivals and gifting to our near and dear ones is customary. Gifting is a way to show that you care about someone. Gifts can be in the form of money, immovable property, movable property such as Gold, shares, etc. Suppose, you want to gift your sister a perfect wedding gift. […]
SBW Udyog Limited Vs DCIT (ITAT Allahabad) Deduction allowed for belated payment of employee contribution to PF/ESI, which is deposited beyond the due date stipulated under the relevant statutes governing PF/ESI, but the same stood deposited before the due date for filing of return of income. Facts- The assessee filed its return of income u/s. […]
Ravindra Singh Vs State of Chhattisgarh (Chhattisgarh high Court) The general rule of criminal justice is that ‘a crime never dies’. The principle is reflected in the well-known maxim nullum tempus aut locus occurrit regi (lapse of time is no bar to Crown in proceeding against offenders). The Limitation Act, 1963 does not apply to […]
Once bogus purchases had gone into profit and loss account, and sales were not doubted, only option left with AO was to make addition of gross profit embedded in bogus purchases. Accordingly, AO was directed to restrict addition to the extent of 9.25% of impugned purchases as assessee had shown gross profit ratio of 9.25% in the year ending March, 2012.
This section 194R requires deduction of tax at source @ 10%, by any person, providing any benefit or perquisite, exceeding Rs. 20,000 in value, in a year, to a resident, and such benefit or perquisite arise from the business or profession of such resident.
CITATIONS & ABBREVIATIONS IN DRAFTING This tip clarifies strives to give clarity on: A) How to read or quote citations; B) How to use abbreviations in the text of a legal document. 1. Citations: A legal citation is the practice of referring to the authoritative documents & sources. It is used for citing a reference […]
Introduction Charitable organisations or non- profit organisations (NPOs) play an important role in society as the intent of these organisations is not to work with any profit motive. Income of these organisations is fully exempt from taxation subject to the fulfilment of certain conditions. One of such conditions is that such organisations are required to […]
Rajdeep Marketing Private Limited Vs Income Tax Officer (Bombay High Court) HC observed that, If on identical reasons raised for Assessment Year 2012-13 petitioner’s explanation has been accepted and no addition made, certainly on the same ground, we wonder how an allegation of escapement of income can be made for the subsequent Assessment Years. In […]
