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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
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 : 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 Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
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 : 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...
Search conducted on the basis of warrant of authorization issued in the name of non-existing entity and consequent assessment framed under section 243(3) read with section 153A were bad in law being nullity in the eyes of law.
We wish to submit that the provision for collecting Income Tax at source (TCS) which is going to be implemented from 1st October, 2020, will add to the already existing enormous compliance burden of taxpayers. 2. The twin provisions for its applicability being sellers having turnover of above Rs. 50 Crores, and buyer’s volume from any seller of Rs. 50 lacs, will require updating of software of all assesses having a turnover of Rs. 50 Crore or above. With the present value of goods, 50 Crores is not a very large turnover.
whether the 1st proviso of section 92C(4) is triggered when the income computation for deduction u/s 10AA is enhanced only in the computation of income and no such entries are made in the books of account?
Order under section 138 of the Income-tax Act,1961 directing Principal Director General of Income-tax (Systems), New Delhi for sharing information on ‘IT Return filing Status’ of with Scheduled Commercial Banks. F. No. 225/136/2020/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 31st August, 2020 Order The […]
Recently introduced Section 194M of Income tax Act, making it mandatory for Individual & HUF to deduct 5% TDS on prescribed payments As per Section 194 M An Individual or HUF has to deduct TDS other than those who are required to get their accounts audited. It applies when the total amount paid to a […]
Some technical aspects of faceless assessment 1. It is electronic mode procedure, no need to go department. 2. No Human interface 3. This is applicable on section 143(3) and 144. 4. Cases to be allocated to assessment units in a random manner 5. Central Cell to be the single point of contact between taxpayer and […]
On 13 August 2020, between much pomp and fanfare, Prime Minister Modi announced the new Transparent Taxation platform i.e. the new way forward for the Central Board of Direct Taxes. The main idea behind the Transparent Taxation platform is ‘faceless’ assessments and faceless appeals. Further, the Prime Minister promised that the tax administration would attempt […]
Over 1700 unauthorized colonies in Delhi were regularised in December last year. Owners Delhi’s unauthorised colonies will now get Income Tax Exemption even if they have purchased land or house at rates below the prevailing market price. The Income Tax Department issued a Notification grating the exemption on any immovable property being land or building, […]
Piramal Healthcare Ltd. Vs DCIT (ITAT Mumbai) We find that the assessee had claimed business promotion expenses as revenue expenditure which was sought to be treated by the ld. AO as capital expenditure. This disallowance was ultimately sustained by the Tribunal in the quantum appellate proceedings. We find that the issue in dispute was whether […]
Reopening of assessment to assess the remuneration under the head ‘income from salary’ instead of ‘income from other sources’ constitutes difference of opinion and the AO is not permitted to reopen the assessment on difference of opinion
