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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...
DCIT Vs Macrotech Developers Ltd. (successor to M/s. Bellissimo Crown Buildmart Pvt. Ltd. (ITAT Mumbai) The ld. CIT(A) gave a categorical finding that the transactions carried out with the aforesaid three parties i.e. Jawala Real Estate Pvt. Ltd., Shreeniwas Cotton Mills Limited & Lodha Developers Private Limited, which are subject matter of levy of penalty […]
Chodavaram Vs Asst. Director of Income Tax (ITAT Visakhapatnam) We are of the considered view that as in the instant case, the employees contribution qua ESI & PF for the Asst. Year: 2019-20 has been deposited before the due date of furnishing the return of income u/sec. 139(1) of the Act and therefore cannot be […]
Ridhi Sidhi Mills (India) Pvt. Ltd. Vs DCIT (ITAT Jodhpur) In the present cases, it is not in dispute that the assessees deposited the contribution of PF & ESI belated in terms of section 36(1)(va) of the Act, however, the said deposits were made prior to filing of return of income u/s 139(1) of the […]
Paradise Rubber Industries Vs PCIT (ITAT Amritsar) Admittedly the present case before us is a case of Limited scrutiny selected for particular points reproduced hereinabove confined to 4 issues. The issue for which the PCIT issued the show cause notice was entirely different than the four issues examined under limited scrutiny by the assessing officer. […]
Vinko Auto Industries Limited Vs DCIT (ITAT Amritsar) Now, coming to the second aspect/determination made by the CIT(A) to the effect that the amendment made in Section 36(1)(va) and 43B of the Act by Finance Act 2021 has to be considered as clarificatory in nature and having retrospective effects, therefore would be applicable to the […]
Express Roadway P. Ltd. Vs ACIT (ITAT Delhi) The issue in the present ground is with respect to addition made on account of delayed payment of ESI/EPF. We find that CIT(A) while deciding the issue in favour of the assessee has given a finding that though there was delay in deposit of ESI & EPF […]
The Chamber Of Tax Consultants has made a representation to Smt. Nirmala Sitharaman on Technical glitches in the Income-tax e-fining portal and Requested for Extension of due dates for filing Return of Income. Full text of their representation is as follows:- THE CHAMBER OF TAX CONSULTANTS Date: 27th December, 2021 To, 1. Smt. Nirmala Sitharaman, […]
Delhi Tax Bar Association has made a representation to Hon’ble FM Nirmala Sitharaman Ji and requested for Extension of Due Dates for Submission of Income Tax Returns and various Audit Reports under the Income Tax Act and Companies Act. DELHI TAX BAR ASSOCIATION Formerly Bar Association (Income Tax) (ESTD. 1954-55) G-09, CENTRAL REVENUE BUILDING, INDRAPRASTHA […]
‘Annual Information Statement’ enables the taxpayer to view and verify the information available with the Income Tax Department; in case of discrepancies, provide feedback and also view as well as update the ‘Taxpayer Information Summary’ which is used for pre-filing the Income Tax Return. “Off market credit transactions’ is one of the information categories covered […]
As we know, income tax return (ITR) for the Financial Year 2020-2021 (i.e., Assessment Year 2021-2022) is to be filed by 31st December 2021. Prior to the filing of income tax returns, importantly, the taxpayer is required to educate themselves about the newly introduced ‘Annual Information Statement’. ‘Annual Information Statement’ covers all the financial information […]
