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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...
After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view.
As per the existing provisions of the Act, donations made by a trust to any other trust or institution registered under section 1 2AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via)
Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any other case;
The retrospective applicability of Benami law has been a subject matter of controversy, particularly after the amendments introduced in year 2016. In this article, an attempt is being made to identify and analyse various issues involved, and discuss the present judicial stand on such issues pending final verdict by Hon’ble Supreme Court. A) Introduction: Originally, […]
Form 26AS is a consolidated annual tax statement that earlier included information on tax deducted/collected at source, advance tax, self-assessment that was available on the Income Tax website against a taxpayer’s Permanent Account Number (PAN) and was known as the tax credit statement.
The issue under consideration is whether proceeds release from shares exchange with new shares because of amalgamation process will be taxable under income tax?
VIVAD SE VISHWAS : A CONSONANCE STEP 1. INTRODUCTION: The scheme has been introduced by the finance act, 2020 & accordingly the said act received the assent of the president on the 17th march, 2020 as act no. 3 of 2020. 2. ELIGIBILITY: The following cases may be eligible for this scheme: A Person whose […]
Avoid penalties by verifying your Income Tax Return within 120 days. Learn how to e-verify your ITR and file it correctly to avoid issues.
Akarsh Residence Pvt. Ltd. Vs DCIT (ITAT Bangalore) As per the facts noted by learned CIT(A) in the relevant paras of his order as reproduced above, it comes out that search was carried out in the case of M/s. Adarsh Developers and incriminating documents were found and seized in the course of search and those […]
Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage Applicable to whom ? An assessee, who owns not more than 10 goods carriages at any time during the P.Y. and who is engaged in the business of plying, hiring or leasing such goods carriages. (The provisions […]
