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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 : 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 : 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 : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
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...
Tax Bar Association, Jodhpur has made a representation to Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance & Corporate Affairs & Request for Extension of due date for filing of Tax Audit reports, Transfer Pricing Audits and Income-tax returns – AY 2020-21 till 31St March 2021. Text of the representation is as follows:- Dated: 10/10/2020 […]
The issue under consideration is whether a TPA, was required to deduct tax at source on payments made to hospitals under Section 194J of the Act?
Malayalam Motors Pvt. Ltd Vs Assistant State Tax Officer (Kerala High Court) Facts of the case: The petitioner is a private limited company engaged in the business of automobile sales. The Company filed GSTR-1 returns for the months of February 2020 to May 2020, due to the Covid pandemic, could not generate funds to make […]
Lal Construction Company Vs DCIT (ITAT Hyderabad) During the assessment proceedings u/s.143(3) of the of the Income Tax Act [Act], the Assessing Officer (AO) noticed that there is a difference between the total receipts offered to tax by the assessee and the receipts reflected in Form-26AS. The AO after hearing the assessee, considered the turnover […]
Karur Vysya Bank Ltd Vs ACIT (Madras High Court) Facts- Only matter involved is income received in advance in the nature of interest income on discounting of bills against letter of credit is to be taxed on receipt basis or accrual basis. Assessee contended that there was no escapement of income. Assessee were following mercantile […]
Principal Chief Commissioner of Income-tax (International Taxation), Delhi, in supersession of this office order no. 1/2020 dated 29.05.2020 (F.No. Pr. CCIT(IT)/Delhi/Juris./Eq. Levy/2020-21137), hereby authorise the income-tax authority/authorities specified in Col No.(2) below and having their headquarters mentioned in Column (3) and working under supervision of Range Head mentioned in Column No. (4) and Commissioner of Income-tax mentioned in Column no. (5), shall have jurisdiction in respect of the assessees specified in Column (6) for the purpose of Chapter VIII of Finance Act, 2016.
Whether the GST component will be calculated while calculating the Gross turnover for the applicability of the 44AD. Of late many assesses are seeking an opinion that whether the GST component will be included while calculating the threshold limit of the 2 crore as provided in the section 44AD and whether the 8 percent threshold […]
The issue under consideration is whether disallowance made u/s 36(1)(iii) is to be allowed when the Assessee has diverted interest bearing funds to its sister concern without charging any interest?
The issue under consideration is whether submitting additional claims before tribunal, which is not claim in return of income will be sustain in law?
Article contains Matrix for Tax Audit Requirement Under Section 44AB for A.Y.2020-21. Matrix has been prepared after considering provisions of section 44AB and 44AD for A.Y.2020-21
