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Income Tax : Overview of Finance Act 2025 changes: capital assets, fund manager relocation, search case assessments, and more. ...
Income Tax : Learn about Section 194-IB of Income Tax Act, requiring individuals paying monthly rent exceeding ₹50,000 to deduct TDS at 2%. U...
Income Tax : DPIIT's Startup Recognition Program offers benefits like tax exemptions (80IAC), funding access, IP protection, and compliance eas...
Income Tax : Analysis of Form 3CD amendments effective April 1, 2025. Understand the impact on tax audits, MSME reporting, and cross-border com...
Income Tax : Understand TDS on rent for individuals: thresholds, rates, and compliance procedures as per Section 194-IB....
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 : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITAT Kolkata rules against ad hoc disallowance of indirect expenses by AO in Jinraj Paper Udyog Pvt. Ltd. case, finding no discrep...
Income Tax : ITAT Mumbai allows Sejal Jignesh Shah’s appeal against tax additions under Section 68, rejecting AO's reliance on investigation ...
Income Tax : ITAT Pune condones delay in appeal by Vaibhav Surve, remands case for reassessment of capital gains on land sale under Section 50C...
Income Tax : ITAT Mumbai rules Section 194IC TDS doesn't apply to alternate accommodation charges, as they're not part of land/building share....
Income Tax : ITAT Ahmedabad quashes reassessment against Komal Ketan Shah, citing lack of evidence and incorrect factual basis under Section 14...
Income Tax : Finance Ministry exempts 80CCA withdrawals from TDS under Section 194EE. Individuals withdrawing after notification date are affec...
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Maheshwari Roller Flour Mills Pvt. Ltd. Vs ITO (ITAT Delhi) Learned Counsel submitted that initiation under section 147 of the I.T. Act have been done by mentioning the wrong Section 147(b) of the I.T. Act which is deleted from the Income Tax Act w.e.f. 01.04.1989, therefore, reopening is done under non-existent Section in a mechanical […]
Overseas Polymers Private Limited Vs ACIT (ITAT Mumbai) Legislature in Sec. 40(a)(ii) has though provided that ‘any rate or tax levied’ on ‘profits and gains of business or profession’ shall not be deducted in computing the income chargeable under the head ‘profits and gains of business or profession’, but then there was no reference to […]
Shree Bal Properties & Finance P. Ltd Vs PCIT (ITAT Mumbai) Admittedly, the assessee while computing its income in the previous years under the head ‘Income from House Property‘ had claimed deduction u/s 24(b) of the interest paid on loan raised from ‘Janalaxmi Co-op Bank Ltd’, which funds are stated to have been utilized in […]
In an earlier article we have discussed about who can and cannot use the ITR 1 (Sahaj). In addition to ITR 1, ITR 2, ITR3, and ITR 4 can also be used by an Individual, so it is fit and proper for us to understand as to who can submit the remaining ITRs. Form ITR […]
1. The income tax return filed by the taxpayer is processed by the Central Processing Centre (CPC) of the Income Tax Department. The CPC (Centralized Processing Centre) in Bangalore is in-charge of handling all the primary processing of assessments. The CPC processes return without any interaction with the taxpayer and in a jurisdiction-free manner. 2. […]
Before we go into a detailed analysis of the various consequences that Tax Havens have on the Indian economy, let us understand what exactly ‘Tax Havens’ are. A Tax Haven, in short, can be defined as a country/place/jurisdiction where the rate of taxation is very low.
Do those who have been stranded due to lock down become tax resident due to overstay? Under the tax laws, residents are required to pay tax on their global income whereas non residents have to pay tax on their Indian income only. Your residential status is determined on the basis of aggregate period of your […]
Direct Taxes Professionals’ Association made a Representation to FM for extending the due dates of compliance under Income Tax Act , the Companies Act and CGST Act and widening the scope of benefit in case of cases where Assessee has been allowed relief by Hon’ble ITAT and due date of filing appeal by Department has […]
Infinite and Still Continuing Order of the Hon’ble Supreme Court for Extension of the Due Dates under General law of limitation or under Special Laws (both Central and/or State). The Supreme Court of India has, vide its order dated 23-03-2020 SUO MOTU took COGNIZANCE FOR EXTENSION OF LIMITATION and passed the following order: ORDER 1. […]
DCIT Vs Runwal Multihousing Pvt. Ltd. (ITAT Pune) we find that the assessee was regularly following the Percentage completion method by valuing the closing work-in-progress at estimated realizable price. Certain unforeseen circumstances developed. The assessee switched over from the Percentage completion method to the Project completion method by filing a revised return. It is not […]
