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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : ITAT Raipur held that providing unreasonably short period of time of six days for furnishing reply vide notice issued u/s. 148A(b)...
Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : ITAT Bangalore rules software development as "production", allowing Bosch's claim under Sections 32(1)(iia) and 32AC for depreciat...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
TCS ON SALE OF GOODS UNDER SECTION-206C(1H): The Finance Act,2020 had inserted a new section 206C(1H) with effect from 1st October 2020.It applies to any seller who receives any consideration for sale of any goods of the value exceeding rupees fifty lakhs in any previous year. The seller shall collect from the buyer, a sum […]
Electrotherm (India) Ltd. Vs DCIT (ITAT Ahmedabad) Conclusion: Since AO after applying his mind on information received from VAT Department arrived at the conclusion, based on the reasons to believe that income of assessee had escaped assessment. and at the time of issuing notice under section 148 AO had formed prima facie opinion for escapement […]
Sri Nanjundaiah Vs Union of India (Karnataka High Court) Sri Nanjundaiah (Petitioner), the founder of Kanva Souhardha Co-operative Credit Limited (Society) has filed the Bail Application in Special Criminal Case No.846/2020 registered by the Directorate of Enforcement (Respondent) for the offence punishable under Section 4 of the Prevention of Money Laundering Act, 2002 (PML Act). […]
Chief Accounts Officer Vs ITO (ITAT Bangalore) Provisions of section 194LA of the Act would apply only in the case of a compulsory acquisition and not to a case where lands were surrendered by land owners under section 14B of KTCP Act. Hon’ble High Court also held that since BBMP is not paying consideration for […]
Office Order No. 186 of 2021 The following additional charge arrangements in the grade of PCIT/PDIT are ordered with immediate effect as mentioned against their names and until further orders:
India has gained an ill-reputation regarding its retrospective taxation laws in the past decade, especially due to the amendments made to Section 9 by the Finance Act, 2012. Retrospective operation of this amendment gave rise to three notable international tax disputes, namely the Vodafone International Holdings BV case, the Cairn Energy PLC case, and the […]
The Double Taxation Avoidance Agreement (DTAA), inter alia, provide rules and mechanisms for allocation of taxing rights amongst the treaty partners; avoidance of economic and juridical double taxation; and resolution of taxation not in accordance with the treaty through the Mutual Agreement Procedure (‘MAP’). MAP is an inbuilt and alternate tax dispute resolution mechanism available to the taxpayers under the DTAAs. It is […]
Recently, the Mumbai bench of ITAT has given its final order in the case of Morgan Stanley Mauritius Co. Ltd. v. DCIT,[1] holding that dividend payments made by a foreign company to its domestic depository which were subsequently transferred to IDR holders are not taxable in India under the Indo-Mauritius DTAA. Despite the dividend income […]
Effective Date: All the existing trusts and institutions registered under section 12AA of Income Tax Act, 19861 shall re-register themselves under section 12AB w.e.f. 01.04.2021 Registration u/s 12AB: Registration granted u/s 12AB shall remain valid for 5 years. (3 years in case of provisional registration) Forms to be filled: Form 10A: (Last date of filling […]
INTRODUCTION The Phrase ‘Natural Justice’ means that justice should be impartial, fair, equal for all and ensuring protection of individual rights against arbitrary procedures and miscarriage of justice by the authorities. In other words, it is the soul of the body of justice and foundation on which delivery of justice is based. The rules of […]
