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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
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 : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Section 153A Invalid Where Statement Belonging And Pertaining To Person Other Than Searched Person Used To Assume Jurisdiction and Only Section 153C Can Be Invoked And Without Cross Examination Of Witness There Can Be No Valid Proceedings Under Law.
Kasapu Ramesh Babu Vs ITO (ITAT Visakhapatnam) Assessing Officer has to act on the basis of “reasons to believe” and not on “reasons to suspect”. In the instant case, the initiation of proceedings u/s 147 of the Act are based upon no evidence and/or un-corroborative material. The Assessing Officer further failed to establish the nexus […]
For the levy of penalty u/s.271AAB, the case must fall within the four corners of the definition of expression ‘undisclosed income’ as defined u/s 271AAB itself.
The Income Tax Department carried out search and seizure operation on a major liquor manufacturer group based in Bengaluru on 09.02.2021 at 26 different locations across India.
Article explains Popular TDS/ TCS Sections and Rates as applicable for Financial Year (FY) 2021-22. From 01st April 2021 TDS/TCS Rates will be normal and Concessional rate will not be applicable. TDS RATES APPLICABLE FOR FINANCIAL YEAR 2021-22 Section Section Name Applicable To Limit TDS Rate 194 Dividend All Companies 5000 10% 194A Interest on […]
R. K. Associates Vs ITO (ITAT Bangalore) The question for consideration is as to whether the provisions of Section 40(a)(ia) is applicable for computing the income chargeable under the head “Profits and gains of business or profession” or computation of income under any other heads of income also. Section 40 clearly stipulates that “Notwithstanding anything […]
The world has learnt its lessons from an unprecedented pandemic, Corona. There will be huge changes in our personal as well as professional practices across the globe. If you have not learnt from it, then it is a missed opportunity. Although there are number of things on which we can go on discussing, I will […]
Article contains Major Income Tax and GST Compliances. Income Tax Compliances includes Schedule for Payment of Advance Tax, For Payment of TDS/TCS, Submission of Quarterly TDS/TCS Return and due date for SFT Return. GST Compliances includes Schedule for Filing of Return of Compositions Dealers (CMP-8 and GSTR-4), GSTR-1 , GSTR 3B, PMT-6, GSTR 9, GSTR-7 […]
Shiv Bhagwan Gupta Vs ACIT (ITAT Patna) A perusal of assessment order reveals that the assessing officer has not mentioned about unearthing of any undisclosed income as defined u/s 271AAB of the Act during search action carried out at the premises of the assessee. In my view, the income declared by the assessee in the […]
Dev Wines Sales Corporation Vs PCIT (Delhi High Court) An order of transfer is more in the nature of an administrative exercise of power and the scope of interference wherein in any case is limited and unless the administrative power is shown to have been exercised without authority under the law and/or for mala fide […]
