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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...
Annual Information System is Government New Experience introduction replacing in future Form 26 AS. Form 26 AS is Xray of Tax payers and ASI can be called MRI of Tax Payers. Many Pros and Cons are regularly being reported by the Tax Payers So Government of India in a Press Release declared that the AIS […]
Mamatha Divakar Shetty Vs ITO (ITAT Hyderabad) In the statement of LTCG, the assessee had not adopted the market value/SRO value as sale consideration as per section 50C of the Act. In AY 2012-13, the assessee computed LTCG by adopting market value of Rs. 9,44,98,000/- and the assessee being 1/4th share beneficiary of Rs. 2,09,62,515/-, […]
Let me wish you ‘Akemashite omedetou gozaimasu. (formal): あけましておめでとうございます’ a Happy New Year in Japanese. Let us proceed with our learning of the latest developments in Japanese taxation. Due to initiation of Japanese taxation in our earlier articles in an exhaustive manner, let me narrate the steps taken by Jetro, Japan external trade organization (web […]
Hermes I Tickets P Ltd Vs DCIT (Madras High Court) In this case The petitioner has made out a case for interference as the impugned order has been passed based on the assumption that the amount urging in the petitioner’s account during the period were ‘an unexplained income’ of the petitioner. The fact remains that […]
National Pension System (NPS) is still not very popular amongst individual assessees for the simple reason that people are not familiar with the advantages of NPS. It is one of the best way of saving, steady returns & Income Tax benefits.
It is not a question whether it is Section 23(2) of the Income Tax Act or Section 7(4) of the Wealth Tax Act, the provisions being similar, the interpretation will be the same. The Division Bench of this Court having held that similar benefit is available to HUF, irrespective of decision of other High Court with regard to partnership firm, it was open to the Division Bench to follow its earlier decision even without referring the matter to a Larger Bench. The question referred to this Court is, therefore, answered in the affirmative i.e., in favour of the assessee, but against the revenue.
DCIT Vs Pfizer Ltd (ITAT Mumbai) AO treated the rental income of Rs. 5,47,89,000/- received by the assessee from subleasing of commercial properties as income from business as against claim of the assessee being income from house property on the ground that renting out of premises amounts to commercial exploitation for business purpose by the […]
Assessing Officer has assumed jurisdiction to straight away pass the final order without following the mandatory procedure prescribed under Section 144C of the Act. It is held in SHL (India) Private Limited (supra) that this is not a mere irregularity but an incurable irregularity.
सरकार के लिए बजट 2022 इस दशक का सबसे चुनौतिपूर्ण होने जा रहा है क्योंकि सरकार की गिरेबान इस बार चारों तरफ से जकड़ी हुई है. आइए समझे: 1. महामारी को नियंत्रित करने पर जोर लगाना और पैसे का जुगाड़ करना महामारी को नियत्रंण करने के लिए स्वास्थ्य सेवाओं, सुविधाओं और वेक्सीनेशश की उपलब्धता के […]
हाल में ही मुंबई हाईकोर्ट ने आयकर संबंधित एक मामले में आयकर विभाग और उसको चलाने वाली संस्था सेंट्रल बोर्ड आफ डायरेक्ट टैक्सेस ( सीबीडीटी) को काफी खरी खरी सुनाई. कोर्ट ने इतना तक कह दिया कि सीबीडीटी अपने अधिकारियों को कम से कम इतनी ट्रेनिंग तो दें ताकि कोई केस निर्धारण करते समय अपने […]
