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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 : 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 : 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 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 : ITAT Pune remands appeal for reconsideration, citing leniency for a senior citizen taxpayer's advance tax shortfall. Case to be de...
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...
We are observing since month of August, 2020 that price of Gold has increase tremendous. During August 2020 it reach to Rs. 52,000. If we look back, prices of Gold in the year 2000 was Rs. 4,400 while in the year 2010 it was Rs. 18,500 and in 2020 it has reached to Rs .52,000.
Section 206C(1H) of Income Tax Act, 1961– Tax Collected at Source (TCS) based on the Turnover Relevant extract of the Provision Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than […]
After the introduction of GST, number of cases were noticed that some suppliers do not file the returns even though they have not opted for composition scheme or below threshold limit. They do not upload their transactions in the form of GSTR-1 and do not pay the tax thereon, full or partly and there was […]
A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. Parents can now open up to two SSY accounts for girls and a third account can be opened in case of birth of twins/triplets.
♦ Introduction to Section: -Section 206C of the Income Tax Act provides for the collection of Tax at Source (TCS). –TCS is collect on specified goods like Alcoholic Liquor for human consumption, tendu leaves, scrap etc. -In order to widen and deepen the tax, a two new sub-section (1H) is inserted with effect from 1.10.2020. […]
The Telecom major Vodafone won a long pending case against the Indian government in an international court over Rs.22, 000 crore in retrospective tax dispute. Let’s take a look at what happened; Facts of the Case: The main companies involved were as under: HTIL Hutchison Telecommunications International Ltd (Hong Kong). It was the seller and earner of […]
Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him.
The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?
Parliament received the assent of the President to Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 on the 29th September, 2020 and unless otherwise provided, it shall be deemed to have come into force on the 31st day of March, 2020.
ACIT Vs. Head Infotech India Pvt. Ltd. (ITAT Hyderabad) Assessee hosts online games and when the customers make payments through banking Gateways by way of credit or debit card of the relevant banks ( which are referred to as Gateways) and while transferring money to the assessee’s account, banks invariably retain service charges. It is […]
