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Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
Income Tax : Discover the latest updates from Union Budget 2025, including revised tax slabs, withdrawal of Section 206AB, higher deductions, a...
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 : Bombay High Court quashes CBDT order denying delay condonation for Bharat Education Society, citing procedural lapses and lack of ...
Income Tax : Bombay HC ruled on Anandkumar Dhanraj Rathod's tax case, addressing natural justice claims and directing him to appeal the assessm...
Income Tax : ITAT Chennai dismisses FLsmidth's appeal, upholding PCIT's order for reassessment due to lack of verification by AO....
Income Tax : ITAT Mumbai upholds addition under Section 68 of ₹4.89 Cr. Vijay Maneklal Bhansali’s appeal dismissed, citing lack of eviden...
Income Tax : ITAT Chennai sends ₹42.72 lakh cash deposit case back to AO for fresh assessment after assessee fails to justify deposits made d...
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...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Income Tax : Finance Ministry designates key Income Tax Dept. IT systems as protected under the IT Act. Learn about restricted access and autho...
PCIT Vs Dr. Ranjan Pai (Karnataka High Court) The issue which arises for consideration in this appeal is ‘as to whether the fair market value of bonus shares computed as per Rule 11U and Rule 11U A of the Income Tax Rules can be considered as income from other sources as per Section 56(2)(vii) of […]
ITAT Mumbai: Anil K. Shah’s appeal against reassessment. Challenges various additions including expenses, borrowed funds, and alleged bogus purchases. Legal and evidential arguments presented.
Currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector, the Finance Act 2020 has raised the limit of audit by five times the turnover threshold […]
Understand the penalty for failure to get accounts audited under Section 271B. Learn about the consequences and reasonable causes for such failure.
Toyoda Micromatic Machinery India Private Ltd. Vs DCIT (ITAT Delhi) It is a fact that the learned assessing officer has not challenged the order of the learned CIT – A stating that resale price method is the most appropriate method as assessee does not engage in any deemed manufacturing or further value addition. It is […]
As per Sec 194N of the income tax act, TDS is to be made -@ 2% if the aggregate cash withdrawal/s exceeds 1 crore – where the ITR is filed for the preceding previous year. -@ 2%, where withdrawal exceeds Rs.20 lakhs but not Rs.1 crore, @ 5% where withdrawal exceeds Rs. 1 crore — […]
Google India Private Limited Vs JCIT (ITAT Bangalore) By this Stay Petition, the assessee is seeking to stay the recovery of outstanding tax arrears of Rs.1260,56,49,209. 2. Originally the stay was granted vide the order dated 20.11.2019 of the Tribunal in SP No. 293/Bang/2019, for a period of six months. As per the original stay […]
Big Bags International (P) Ltd. Vs DCIT (Karnataka High Court) The assessee had exported bags to foreign customers in the past and had incurred unforeseen additional costs on certain imported raw material. In order to recover the additional costs incurred, the assessee had raised debit notes on the foreign customers and credited the amount due […]
Where assessee-trust was collecting fees from different organizations towards training programmes and it also received rent for letting out its part premises; the CIT was justified in rejecting the assessee s application for grant of registration under section 12AA on the ground that the activities of the trust were not charitable, but were commercial in nature.
The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards. Need for Introduction of Section 44ADA Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE. Specified professionals were […]
