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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Om Parkash Nahar Vs. ITO ( ITAT-Delhi) The amount deposited during demonetization period was relate to out of withdrawals from the same account from 2014,2015 & 2016 is not treated as income from undisclosed source The assessee’s explanation is that looking to his old age and suffering from various ailments as he had suffered a […]
It is highly essential for multinational enterprises to come up with different workable business strategies to compete in today’s economy. One such strategy is business restructuring. Business restructuring is an activity wherein companies significantly modify their financial and operational aspects of a company.
Discover seven smart income tax planning tips to reduce your tax liabilities legally and effectively.
The issue of validity of notices issued between April 01, 2021 and June 30, 2021 has been a subject matter of major litigation in the past year. Large number of writ petitions were filed across the country, challenging the constitutional validity of the notices issued under section 148 of the Act.
Uphill Farms Private Limited Vs Union of India (Allahabad High Court) HC explains principles, powers and limitations on exercise of powers under Section 147/148 by Income Tax Officers/ Authorities under the Income tax Act, 1961, as under:- (a) The assessing officer under Section 147 of the Act, 1961 has the power to re-assess any income which […]
Article contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful for the salaried employees of government and private sector. “Let everyone be subject to the governing authorities, for there is no authority except that which God has established. Give to […]
CBDT amended rule Rule 44E of the Income Tax Rules, 1962 related to Application for obtaining an advance ruling and introduces amended FORM No. 34C , 34D, 34DA, 34E and 34EA vide Notification No. 49/2022-Income Tax| Dated: 5th May, 2022. Details of Forms are as follows:- FORM No. 34C – Form of application by a […]
Discover the benefits of filing the Updated Return u/s 139(8A) under the Income Tax Act. Learn about the eligibility and conditions for submitting the Updated Return and avoid tax uncertainties.
Learn how to save taxes under Section 80C of the Income Tax Act 1961. Discover the deductions available and maximize your tax savings.
Union of India Vs Ashish Agarwal (Supreme Court) Hon. Supreme Court Validates Section 148 Notices issued after 31st March 2021- Surprising Turn of Events Introduction: – Various High Courts had quashed reassessment notices issued u/s 148 of the act, on the ground that the same are bad in law in view of the new reassessment […]
