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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...
The Fifteenth Finance Commission (XVFC)’s ToR was unique and wide ranging in many ways. The Commission was asked to recommend performance incentives for States in many areas like power sector, adoption of DBT, solid waste management etc.
In case, if the taxpayer wants to seek rectification of a mistake in an order or intimation, which is apparent from the record, then the taxpayer can seek ‘Rectification under Section 154’.
ACIT Vs Kapu Gems E-Tower Centre (ITAT Mumbai) The Assessing Officer concluded that the TPO has called for specific details pertaining to segmental profitability between AE and non-AE segments within the meaning of section 92D(3) of the income tax Act, 1961. The details were called for during transfer pricing proceedings and assessee was given opportunity […]
AMENDMENT IN SECTION 194J W.E.F. 01.04.2020 – INTERPRETATION OF ‘FEES FOR TECHNICAL SERVICES (FTS)’ AND ‘FEES FOR PROFESSIONAL SERVICES (FPS)’ Prior to the amendment by Finance Act, 2020 in section 194J distinguishing a payment whether it is in the nature of professional or technical fees or a royalty did not have any significance since the […]
Understanding the scope of section 263 – Power of Commissioner to revise an assessment order being erroneous and prejudicial to the interest of the Revenue The power of appeal and revision is contained in Chapter XX of the Income Tax Act, 1961 (“the Act”) which includes section 263 that confers suo motu power of revision […]
Taxability of Dividend from F.Y 2020-21 for Shareholders- From F.Y 2020-21, Section 10(34) has been withdrawn-Exempting dividend Income from taxation. Also earlier Section 115BBDA that provided taxability of dividend over Rs 10 lakhs is of no relevance in hands of shareholders. Taxation of Dividend in hands of shareholders- Dividend can be taxable under head- Income […]
1. The employer cannot be faulted for not deducting tax at source from leave travel concession facility allowed by him to employees where the employee has travelled, as a part of composite itinerary involving a foreign sector as well, to destination in India. The position with respect to the taxability of such a leave travel […]
Any verification or survey u/s 133A of the Act by the TDS charges shall be conducted by its officers. Where the TDS charge is headed by the Pr.CCIT of the region /CCIT (TDS) / jurisdictional CCIT of TDS charge, the verification or survey action shall be approved by the Pr. CCIT of the region / CCIT (TDS) / jurisdictional CCIT of TDS charges, as the case may be and shall be conducted by the officers of the TDS charge.
Vivad se Vishwas Scheme is extended by CBDT from existing 31st day of January, 2021 to 28th day of February, 2021.
Understanding of revisionary powers of the Principal Commissioner or Commissioner to revise any assessment under section 263 which is ‘erroneous and prejudicial to the interests of the revenue’. Section 263 of the Income-tax Act, 1961 (herein after referred to as “the Act”) confers wide powers on the Principal Commissioner or Commissioner to revise any assessment […]
