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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...
Introduction The Income Tax Department must determine the residential status of tax payers, regardless of whether they are individuals or companies. This information becomes pertinent during tax filing season. This is actually one of the main factors that determine a person’s taxability. Meaning and importance of residential status Taxability of an individual is dependent on his Indian […]
Disallowances u/s.14A could not exceed amount of exempt income, therefore, AO was directed to restrict disallowances u/s.14A to the extent of exempt income earned for the impugned assessment year.
Supertechforgings (India) Pvt. Ltd. Vs DCIT (ITAT Amritsar) Conclusion: Additions made for alleged bogus purchase bills by AO was not justified as AO had not applied his mind to the information received from the Investigating Wing and he had not provided the opportunity to cross examine a person whose statement was recorded by the investigating […]
The order rejected the submissions of the petitioner stating that burden to reconcile the data with the service tax returns was on the petitioner and holding that request for further time to be given for reconciliation is not justifiable.
Gujarat High Court observed that it cannot be said that there is no reason to believe that the income chargeable to tax has escaped assessment. The exercise of reopening has only been made after due inquiries and recording of statements of concerned persons and notice has only been issued after finding prima facie material.
Delhi HC: IT Software should have been tested prior in time on a sufficiently large sample base of assessees before it is launched for public at large In Krishan Agarwal Vs. PCIT [W.P.(C) 3459/2021 & C.M.No.10489/2021, W.P.(C) 8371/2021& C.M.No.25917/2021, W.P.(C) 5513/2021, W.P.(C) 5583/2021 & CM APPL. 17357/2021 dated August 27, 2021], the Hon’ble Delhi High […]
1. Controversy in the past a. Before the amendment in Finance Act 2021, various taxpayers claimed the deduction of employee’s contribution deposited after the due date specified in relevant act but before the due date specified in section 139(1) of the Income-tax Act. b. If tax audit is also applicable on the taxpayer, then the […]
Southern Hills Developers Pvt. Ltd. Vs DCIT (Karnataka High Court) Facts- The Assessing Officer during assessment proceedings noted that the assessee has shown sales on the basis of the recognition of revenue from a project which was jointly executed with a partner. The Assessing Officer opined that finance charges claimed by the assessee were not […]
Commissioner of Customs Vs Agarwal Metals And Alloys (Supreme Court) The present appeal has been filed by Commissioner of Customs, Kandla (Appellant) against the Order in Customs Appeal No. 11756 of 2019 dated February 13, 2020 by the Hon’ble CESTAT, Ahmedabad which held that demands confirmed by the Appellant, confiscation of goods and penalties imposed […]
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