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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...
a) Applicability and Rate [Section 206C(1)/(1C)/(1F)] Section 206 C(1) of Income Tax Act, 1961 Sr. No. Nature of goods Rate of TCS (upto 13.05.2020) Rate of TCS (w.e.f 14.05.2020 to 31.03.2021) i. Alcoholic Liquor for human consumption 1% 1% *(no change) ii. Tendu Leaves 5% 3.75% iii. Timber obtained under a forest lease 2.5% 1.875% […]
Non- Applicability of the Section 206AB 1. If specified person is non-resident who does not have permanent establishment in India. 2. The section has overriding effect on all provisions of Chapter XVIIB of the Income Tax Act, 1961 except the below mentioned sections S. No. Section Particulars 1 192 TDS on Salary 2 192A TDS […]
1) What is Section 206AA of Income Tax Act, 1961? Section 206AA has been inserted to provide that any person whose receipts are subject to deduction of tax at source i.e. the deductee, shall mandatorily furnish his PAN to the deductor failing which the deductor shall deduct tax at source at higher of the following […]
Tax Deduction And Collection Account Number under Section 203A of Income Tax Act, 1961 ♦ Every person, deducting tax or collecting tax, who has not been allotted a tax deduction account number or, as the case may be, a tax collection account number, shall, within one month from the end of the month in which […]
Consequences of Non-Compliance to TDS under Section 201 of Income Tax Act, 1961 Where any person, including the principal officer of a company, who is required to deduct any sum in accordance with the provisions of this Act; or referred to in sub-section (1A) of section 192, being an employer, does not deduct, or does […]
Where a statement of tax deduction at source or a correction statement has been made by a person deducting any sum (hereafter referred to in this section as deductor) under section 200 of Income Tax Act, 1961, such statement shall be processed in the following manner as provided in Section 200A: a. the sums deductible […]
TCS (Tax Collected at Source) On sale of Goods- New Income Tax Compliance w.e.f 01.10.2020. With a view to widen the tax-net, the Indian government has extended the scope of Tax Collected at Source (“TCS”). The Government of India has added a new sub section (1H) in the section 206C which would be called as […]
Thus it is clear that non completion of hearing of this appeal is solely attributable to revenue. In these circumstances, we are of the considered opinion that there is no change in facts and circumstances of the case. Accordingly, we extend the stay for a period of six months or till the disposal of the appeal whichever is earlier.
Zahoor Ahmad Bhat Vs Hirdesh Kumar (Jmmu And Kashmir High Court) The Division Bench judgment of this court dated 29.4.2021 passed in WP(C) No. 669/2021 connected with WP(C) No. 777/2021 inter alia provides as under: i) That a vehicle once registered in any state of India, shall not be required to be registered elsewhere in […]
CBDT approves M/s Patanjali Research Foundation Trust, Haridwar under the category Research Association for Scientific Research for the purposes of section 35(1)(ii) of Income-tax Act, 1961 read with rules 5C and 5D of the Income-tax Rules, 1962 vide Notification No. 79/2021-Income Tax | Dated: 12th July, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD […]
