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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
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 : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Shiv Kumar Nayyar Vs ACIT (ITAT New Delhi) lthough the assessee in the instant case has not complied to the statutory notice issued by the AO on 5th October, 2016 fixing the case for hearing on 25th October, 2018 which is the basis for levy of penalty u/s 271(1)(b) of the Act, however, ultimately the […]
CIT Vs Tamil Nadu Newsprint and Papers Limited (Madras High court) It is abundantly clear from Sub-Section (2) of Section 80IA that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten consecutive years, out of […]
CIT Vs M. Ranjan Rao (Madras High Court) The Supreme Court in Gillanders Arbuthnot & Co. Ltd vs. CIT [ 1964] 53 ITR 283 has brought out a dichotomy between receipt of compensation by an assessee for loss of agency and receipt of compensation attributable to the negative/restrictive covenant. If the compensation is received for […]
ITO Vs Momentum Technologies Pvt Ltd (ITAT Delhi) Reopening invalid When Time Limit for Scrutiny Pending from date of Revised Return Filed under Section 139(5) The first contention raised by assessee invoking rule 27 of the income tax appellate tribunal rules 1963, the contention raised that when the return of income is pending before the […]
Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) The question which is pending for adjudication before the appellate authority is whether the petitioners who are co-operative Societies are entitled for deduction under Section 80 (P) of the Income Tax Act. The Assessing Officer has denied the benefit of Section 80 (P) of the […]
Registration U/s – 80G of Income Tax Act, 1961 – Latest Process & Compliances Dear friends, as we all know, NGOs are integral part of our society. There are many NGO in India which are working for the social welfare of society. During lockdown period they have played a very important role in serving the […]
With the change in the nomenclature of National e-Assessment Centre (NeAC) and Regional e-Assessment Centres (ReACs) to National Faceless Assessment Centre (NaFAC) and Regional Faceless Assessment Centres (ReFACs), the following posts in the various grades of India Revenue Service are hereby re-designated as detailed below, with effect from 01.04.2021 and until further orders:
Central Board of Direct Taxes hereby sets up the National Faceless Assessment Centre (hereinafter referred to as the NaFAC), which shall have its headquarters at Delhi and shall comprise of the following Income-tax Authorities: –
Faceless Assessment Scheme, 2019 shall henceforth mutatis mutandis be applicable to the Faceless Assessment under Section 144B of the Act, except those specifically modified by issue of fresh Orders / Circulars etc.
Pr. CCsIT of the Region shall be the Cadre Controlling Authority in their area of jurisdiction in respect of all field formations including Faceless charges (ReFACs), Central charges, International Taxation & Transfer Pricing charges, Investigation Directorates, Exemption charges & DTRTI etc., along with the Jurisdictional Hierarchy.
