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Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
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 : 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...
Vide Notification No. 142/2021-Income Tax | Dated: 31st December, 2021 CBDT notifies Tax Exemption to Bureau of Indian Standards (BIS), set up by the Bureau of Indian Standards Act, 1986, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) […]
Reliance Industries Limited Vs CCIT (Bombay High Court) Respondent no.1, by letter dated 21st October 2020, replied to petitioner’s application dated 15th April 2020 that petitioner was eligible / entitled to avail the benefit of DTVSV (Direct Tax Vivad Se Vishwas) Act in accordance with law. Following the said communication, petitioner filed 27 applications for […]
HC held that the IT Department is not entitled to issue notice against the Corporate Debtor for unpaid tax claims after the approval of the resolution plan by the adjudicating authority.
It is also pertinent to note that not only the ITR of Companies, Firms, Business Income, TAR etc. are facing issues but also returns of Individuals, HUF and Executor to the Estate are not being able to be filed due to some reason or the other which is also consuming considerable time and effort of the tax professionals.
Commonly occurring procedural lapses in Assessment Proceedings as observed while analysing Writ petitions filed between 01/04/21 to 21/12/21- Assessment order has been passed even before the due date for reply allowed in the SCN/ DAO.
District Taxation Bar Association (Direct Taxes), Ludhiana has made a representation to FM Smt. Nirmala Sitharaman Ji and requested for extension of time for filing income tax returns in the light of the issues and problems being faced by the Members & the Assessees. District Taxation Bar Association (Direct Taxes), Ludhiana Dated: 27.12.2021 To Smt. […]
The Income Tax Department has recently come up with the new ‘Annual Information Statement’. By providing a comprehensive view of all the financial transactions of the taxpayer, ‘Annual Information Statement’ aims to make the income tax return filing quite easy. Out of various information categories covered under ‘Annual Information Statement’, in the present article, we […]
Bennett Coleman & Co. Ltd. Vs DCIT (Bombay High Court) Section 215 of the Act makes it clear that the Assessee is required to pay interest where he has paid advance tax less than 75% of the assessed tax, the Assessee is required to pay simple interest @ 15% p.a. from the first day of […]
देश में पिछले साल 7.50 करोड़ रिटर्न फाइल हुई, इसमें से 6 करोड़ रिटर्न नान टैक्सेबेल थी यानि ज्यादातर सिंपल रिटर्न फार्म सहज और सुगम में फाइल होती है. बड़ी रिटर्न यानि फार्म 3,5 और 6 उन 1.50 करोड़ रिटर्न में आती है जो 90% कुल टैक्स का योगदान देते हैं. आयकर विभाग रोज आंकड़े […]
President is pleased to appoint 143 officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax (JCIT) purely on ad-hoc basis in Level-12 in the pay matrix Rs.78 ,800-2,09,200/-, w.e.f. 01.01.2022
