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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...
TCS under Section 206C(1H) and Imposing Higher Rate of TCS under Section 206CCA As we know there are provisions which provides for collection of tax at source for certain specified category of goods however there was no provision of tax collection at source for sale of goods in general. Now with the intent to establish […]
The issue with respect to tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts. Being a subject matter of discussion for a number of years, closure for the same has been achieved after the Ruling of the Apex Court of India.
Global Minimum Tax, Equlization Levy & Section 195, Section 9B & Section 45(4), New Judgements, Filing ITR & Tax Audit Report; Section 194Q & Section 206AB, New Registration of Trusts, Section 148 Notices & TDS/TCS Changes – vide Finance Act, 2021 Global Minimum Taxation 2 Pillar Approach – Pillar 1 Scope – 1. Multinational enterprises […]
Central Government allocates jurisdiction among Competent Authorities authorized under section 5(1) of Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 for the purpose of section 7 of the Prohibition of Benami Property Transactions Act 1988 MINISTRY OF FINANCE (Department of Revenue) (COMPETENT AUTHORITY CELL) New Delhi Notification No.02 of 2021 | Dated: 19th […]
The first appeals against the Assessment Orders can be filed before the concerned Commissioner of Income Tax (Appeals). The procedures for disposal of these appeals have been changed under the Faceless Appeal Scheme implemented from 25th September 2020. The objective of the scheme after the faceless assessments is to eliminate human interface from the first […]
Two-pillar solution for Tax challenges arising from Digitalisation of Economy and consensus of majority of OECD/ G20 member countries (including India) Executive summary Certainty is one of the basic cannons of taxation. With the globalisation of economy when Multi National Enterprises (MNEs) starting setting up businesses across the globe, levy of tax in multiple countries […]
Appellate Hierarchy:- 1. Appeal to CIT (A) An appeal to the Commissioner (Appeal) against any order which is appealable is to be presented within 30 days from the date specified. However the commissioner (Appeal) may admit an appeal even after the expiry of the said period of 30 days, if he is satisfied that the […]
The new Income Tax portal introduced by the Ministry of Finance from June 07, 2021 has been subject to various glitches since it’s inception and the stakeholders are facing problem on regular basis. Also, the proceedings under Income Tax are now managed electronically and the same has been made accessible at the new portal under […]
TDS- Tax Deducted at Source, is deducted for the payment that exceeds a specified due limit. However, this was the case earlier. But now, from 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to deduct TDS on purchase of goods […]
Section 149 is modified by Finance Act 2021 and now any case can be reopened within three years from the end of relevant assessment year as per clause (a) of Section 149(1) if Assessing Officer has information which suggests that income chargeable to tax has escaped assessment as prescribed in Explanation 1 to Section 148 […]
