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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
(a) for imposition of penalty under Chapter XXI of the Income-tax Act, (i) the 29th day of June, 2021 shall be the end date of the period during which the time limit specified in or prescribed or notified under the Income-tax Act falls, for the completion of such action; and (ii) the 30th day of June, 2021 shall be the end date to which the time limit for completion of such action shall stand extended;
RATES OF TDS APPLICABLE FOR FINANCIAL YEAR (FY) 2021-22 OR ASSESSMENT YEAR (AY) 2022-23 as compiled by The Institute of Cost Accountants of India. Rate includes Amendment announced by Union Budget 2021. TDS Rate are applicable from 01.04.2021 Section Nature of Payment Threshold Limit for deduction tax Rate of TDS applicable for the period or […]
Article compiles Rate Chart Of TCS For Financial Year 2021‑22 Or For Assessment Year 2022-23. Compilation include amendment in TCS Rates wef 01.04.2021 as proposed by Union Budget 2021. Article Explains TCS Deposit Challan Code, Goods & Services liable to TCS and Rate of TCS Applicable. TCS Rate Chart is compiled by The Institute of […]
CBDT Extends Vivad se Vishwas Dates Yet Again. So Your Appeals may have to Wait Longer!! Well Yes Friends, it’s about 5 months since the PAN India rolling out of the Faceless Appeal Scheme, 2020 implemented w.e.f. 25.9.2020, but till date not even one single Faceless Appeal Order has churned out of the new regime […]
Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai) We find that on perusal of page 10 read with page 13 of the factual paper book filed by the assessee comprising of the profit and loss account for the year ended 31/03/2009 and the schedule for the other income thereon, the sum of Rs.3 Crores has […]
CBDT further extends the date for filing of declarations under the Vivad Se Vishwas (VSV) Act, 2020 to 31st March, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification […]
The assessee was entitled to depreciation on owned assets which were rented out to a third party for manufacturing purposes applying assessee’s own case of earlier year.
TDS on payment of certain sum for purchase of Goods-New Section 194Q inserted by The Finance Bill Budget 2021-22 Applicability of Section 194Q This Section Applies to an Assessee (Buyer) whose Gross Receipts/Sales/Turnover in the Preceding financial year Exceed Rs. 10 Crore & when Aggregate amount of purchase from a particular buyer in the financial […]
Asha John Divianathan Vs. Vikram Malhotra & Ors. (Supreme Court) Transaction entered into by a foreign citizen of ‘Indian origin’, to deal with real estate in India on certain conditions – transaction (specified in Section 31 of Foreign Exchange Regulation Act, 1973) entered into in contravention of that provision is void or is only voidable […]
Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the Faceless Penalty Scheme, 2021 – regarding F No. 187/4/2021-ITA-I Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** North Block, New Delhi – 110001 Dated the 26th February, […]
