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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...
Benefit of Filing Income Tax Return for an individual and HUF, and for whose income is below exemption limit are as follows: 1. Proof of Income/Proof of net worth: The best authentic document in support of claim of income level is the Income tax return of the person. 2. Eligibility in Loan application: Income tax […]
No income tax applicable on receipt of software license fees from an Indian subsidiary as it was reimbursement of software licence fees paid by assessee to a third party, and, therefore, it could not constitute income taxable in the hands of assessee.
Mere suspicion of likely escapement of income was not a ground for revision by invoking powers u/s 263 of the Act. Such an order was bad in law.
ICAI request FM to consider further extension(s) of various due dates under Income-tax Act, 1961 especially Tax Audit Reports (TAR) and related returns and Income Tax Return (ITR) Forms for AY 2020-21. text of their representation is as follows:- ICAI/DTC/2020-21/Rep-31 To Chairman, Central Board of Direct Taxes, Ministry of Finance, Government of India, North Block, […]
Chartered Accountants Association, Surat has written a letter to FM and criticized Finance Minister Office (FMO) for its Poor Actions and Policies. As per the letter Actions of FMO ultra-vires the Citizen’s Charter, Deteriorated working standards and health of the stakeholders, FMO failed in recognition of efforts put by the tax professionals, Ignoring communication with […]
Union Budget is ahead and when we think of making a representation, our first humble submission is towards ‘ease of doing business, easy and stable laws and fearless atmosphere to work in a direction whereby the Country can be on the growth track at the fastest possible pace .
ACIT Vs Eagleton Property Holdings (ITAT Bangalore) Whether the deduction under section 80IB(10) can be allowed on proportionate basis in respect of residential units having a built up area of 1500 sq.ft. or less. On this aspect, the CIT(A) held that the assessee would be entitled to deduction under section 80IB(10) of the Act on […]
Honeywell Technology Solutions Lab Pvt. Ltd. Vs DCIT (ITAT Bangalore) We respectfully following the aforesaid judgment of the Honable High Court of Bombay in the case of Sesa Gold Limited (supra), therein conclude that ‘Education Cess’ and the Secondary and Higher Education Cess is not disallowable as a deduction u/s 40(a)(ii) of the Act. FULL […]
In the absence of the notice under section 143(2), assessment framed by AO was liable to be quashed as invalid also when Pr. CIT has granted approval under section 151 in a mechanical manner by putting only ‘Yes’ which was not valid for initiating reassessment proceedings.
TDS under section 194H was not required to be deducted on discount allowed to distributors on sale of Set Top Box and hardware, recharge coupons vouchers because transaction between assessee company and distributor was on principal-to-principal basis and all the risk, loss, damages were transferred to distributor on delivery and it was a sale but not service to come within the ambit of definition of commission as defined under section 194H.
