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Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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 : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
CBDT notifies that Assessment Orders in cases where pendency could not be created on ITBA because of technical reasons or cases not having a PAN, as the case may be shall not be passed by the National Faceless Assessment Centre (NaFAC) u/s 144B of Income Tax Act, 1961.
The deferment of application of old provisions of section 148 was done by the CBDT, Ministry of Finance by way of conditional legislation in the peculiar circumstances which arose during the pandemic and lock down. Hence, there being no full delegation of powers in the scenario, the Central Government cannot be said to have encroached upon turf of Parliament.
In order to provide big relief, to the senior citizens aged 75 or above from IT filing, Ministry has introduced Section 194P in the Income-Tax Act, 1961 via the Finance Act 2021. New Section 194P is applicable from 1st day of April 2021. They can give a simple declaration to his/her bank to get exemption […]
Jaidayal Prannath Kapur Vs CIT (Madras High Court) The assessment for the Assessment Year under consideration, AY 2002-03, was reopened and notice under Section 148 of the Act was issued. From the findings recorded by the Assessing Officer in the Assessment Order, dated 19.12.2007, we find that, initially, the assessee did not extend full cooperation […]
Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs laid foundation stone today for office building of Income Tax Department Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs laid foundation stone on 5th September, 2021 for office building of Income Tax Department at plot No. 4, 5 and 6, Infantry […]
The Music Academy Madras Vs DDIT (Exemptions) (Madras High Court) It is not in dispute that the substantial questions of law framed for consideration have been answered in favour of the assessee by the Hon’ble Supreme Court in the case of CIT vs. Rajasthan and Gujarati Charitable Foundation Poona reported in (2018) 402 ITR 0441 […]
Government of India is implementing digitization at a rapid pace in the field of Direct Taxes. In the process a new Income Tax Portal was launched on 6th of June, 2021 with an intention to improve the functioning of income tax portal and to facilitate and ease the filing of Income Tax Returns and various […]
In this article, we shall discuss the important points to consider while filing the Income Tax Return for Non resident Indians (‘NRI’). Following points shall be discussed in the article: I. CRITERIA FOR FILING INCOME TAX RETURN II. INCOME CHARGEABLE TO TAX IN INDIA FOR NRI III. TREATMENT OF EXEMPT INCOME FOR SLAB CALCULATION IV. […]
The decision of the Hon’ble Supreme Court in Bajaj Tempo Ltd. (supra), was followed in CIT vs.Nayyars Minerals Export (P.) Ltd. reported in (1998) 231 ITR 864 (HP), wherein it was held that hiring of certain machineries from sister concern would not amount to transfer as provided under Section 80J(4)(ii) of the Act.
CIT Vs Indian Overseas Bank (Madras High Court) The question as to whether the date, on which the order under Section 147 of the Act was passed should be reckoned as the starting point of limitation, considering the facts and circumstances of the case, has been dealt with by several decisions of the Hon’ble Supreme […]
