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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...
Payment of Rs.89 lakhs on account of pension to wholetime Directors on the basis of Board resolution of the assessee company was incurred wholly and exclusively for the purpose of business of the assessee and was allowable as deduction.
Pee Tee Turners Vs Assistant Director of CPC (ITAT Jaipur) In the instant case, admittedly and undisputedly, the employees’ contribution to ESI and PF collected by the assessee from its employees have been deposited well before the due date of filing of return of income u/s 139(1) – D/R has referred to the explanation to […]
Citi Centre Developers Vs CPC (ITAT Chandigarh) Since the facts of the present cases are identical to the facts involved in Raja Ram Vs. ITO, Yamunanagar (ITAT, Chandigarh) therefore respectfully following the earlier orders as referred to herein above of the different Benches of the ITAT, the impugned additions made by the Assessing Officer and […]
Ld. CIT(A) did not consider submission of Assessee and wrongly observed in impugned order that appellant has not given any submissions and evidences regarding the disallowance of deduction u/s.80C
Krishna Mohan Choursiya Vs ITO (ITAT Indore) We find that there is a clear distinction between a municipality and a gram panchayat as also enunciated in the judgment of Hon’ble Madras High Court in the case of CIT v. P.J. Thomas as reported in [1995] 211 ITR 897 (MAD.), therefore, we are of the view […]
Chandigarh Chartered Accountants Taxation Association has made a representation to Finance Minister for Extension of due dates of Income tax returns & Submission of Tax audit reports for FY 2020-21 (AY 2021-22) in view of Practical difficulties faced by taxpayers & tax professionals in filing Income tax returns, tax audit form. Full Text of their […]
AO to consider only the opening and closing value of those investments which actually yielded dividend income to the assessee during the relevant year for the purposes of computing the disallowance under section 14A of the Act read with Rule 8D(2)(iii).
WHAT TO DO WHEN YOU NOT FIND THE ORGANISATION YOU HAVE DONATED FOR CLAIMING DEDUCTION U/S. 80G OF INCOME TAX ACT,1961. The Central Government has mandated registration of Charitable Institutions starting this financial year, with the Income Tax Department, which will in turn assign a unique registration number. The government wants to account for fake […]
PROCEDURE OF FILING DELAYED REFUND CLAIM As you are aware that where an assessee has submitted any return and refund of tax is due , such refund shall be granted by the Assessing Officer of its own. If you have filed your retrun of income in any previous years and paid the taxes accordingly and […]
Parvin Kumar Batta Vs DCIT (Delhi High Court) 1. Allowed, subject to the applicant/petitioner curing the deficiencies referred to in the captioned application within 15 days from today. CM No. 15835/2021 2. Allowed, subject to just exceptions. W.P.(C) 5166/2021 & CM No. 15834/2021 [Application filed on behalf of the petitioner seeking stay on the operation […]
