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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...
Harish Sharma Vs ITO (ITAT Chandigarh) Admittedly, in the present case the notebook entries containing entry pertaining to the business of M/s Sharma Overseas Services was recovered from the possession of the assessee. The authorities below have not rejected the contention of the assessee that the entries in note book pertained to the business concern […]
Any material collected at the back of assessee or any statement recorded under section 131 at the back of assessee could not be read in evidence against assessee, unless same was confronted to assessee and that assessee should be allowed to cross-examine to such statements.
Finance Act, 2020 introduced various amendment related to the registration of Charitable trust and Religious trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961 (Act). Thereby, the legislature introduced section 12AB in the Act and made erstwhile provision of registration (i.e. section 12AA) inoperative.
In principle , apart from any statutory provisions, there is no distinction as drawn by the revenue , between interest in respect of a loan and an expenditure incurred for obtaining the loan . It is erroneous to consider a liability as an asset or an advantage. The nature of the expenditure incurred in raising […]
Income Tax Calculator Utility from FY 2015-16 to FY 2021-22 with New Tax Regime and Old Tax Regime This is an Automated Income Tax Calculator from FY 2016 – 17 to 2021 – 22 in a single click under Old and New Tax Regime with easy comparison. You can use 10000 Employees Income Tax calculation […]
DCIT Vs Bengal Shapoorji Housing Development Pvt. Ltd. (ITAT Mumbai) Sec. 23(5) of the Act has been inserted by the Finance Act, 2017 w.e.f. 01.04.2018. In terms of the said section, it is prescribed that ‘where the property consisting of any building or land appurtenant thereto is held as stock-in-trade and the property or any […]
Section 10(17A) Taxability of Awards, Taxability in case of Professional and Non-professional Sports persons (Circular No.447 dated 22nd January, 1986) Section 10(17A ) states that any payment made, whether in cash or in kind,- (i) in pursuance of any award instituted in the public interest by the Central Government or any State Government or instituted […]
Important income tax points to consider when buying or selling a property. Learn how Section 50C can affect the calculation of capital gains.
Premature Encashment of Fixed Deposits – An important judgment helpful during the extreme hardships of the COVID 19 pandemic. Globally, COVID 19 has caused extreme hardships both financially and physically and a significant population of the world is suffering due to this pandemic. There is a war between the human race and the virus. India […]
Arjuna (Fictional Character): Krishna, the CBDT has brought a notification on 7.5.2021 related to section 269ST of the Income Tax Act for providing relief to covid patients. Please explain section 269ST. Krishna, (Fictional Character): Arjuna, Section 269ST provides that no person shall receive an amount of Rs. 2.00 Lakhs or more otherwise than by an […]
