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Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : Budget 2025 highlights income tax changes, revised tax slabs, TDS amendments, IFSC incentives, updated return filing limits, and d...
Income Tax : The Income Tax Bill 2025, set to replace the 1961 Act, redefines the role of Chartered Accountants in tax compliance and represent...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : DCIT Vs Triton Hotels and Resorts Private Limited (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated appeals ...
Income Tax : ITAT Pune rules that an ITI substantially funded by the government qualifies for tax exemption under Section 10(23C)(iiiab), even ...
Income Tax : ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act t...
Income Tax : ITAT Bangalore upholds CIT(A)'s decision, stating that belated filing of Form 10 is a procedural lapse and doesn't disqualify an i...
Income Tax : It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differ...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
The Bombay High Court has in its order dated 12th June, 2020 in the case of Ventura Textiles Ltd (ITA No.958/2017) has given a fresh perspective to the controversy of validity of penalty notice under section 271(1)(c). In the past the courts have held that if the show cause notice proposing penalty under section 271(1)(c) do not clearly specify whether its for furnishing inaccurate particulars or for concealment then such show cause notice and consequential proceedings are bad in law.
The issue under consideration is whether the architectural services provided to Singapore Entity taxable at 10% or 20% when the benefit of Double Taxation Avoidance Agreement (DTAA) is available?
That non filing of the Form No. 10 within stipulated period may be an irregularity but not illegality, if the assessee cures the defect during assessment proceedings, the assessee is entitled to the benefit of accumulation as provided u/s 11(2) of the I.T. Act.
The boon for the first time home buyers, the section 80EE has been reintroduced from FY 2016-17. According to which, the interest paid on loan for buying house property shall be allowed upto Rs. 50,000/-. The said deduction can be claimed over and above Rs. 2,00,000/- under section 24 and Rs. 1,50,000/- under section 80C. […]
New Form 26AS – The Game-Changer In Income-Tax IMPLICATIONS TO ASSESSEES AND PROFESSIONALS IN THE FACELESS SCENARIO It seems to be a human trait not to divulge financial information to anybody outside their inner-circle.The experience of many tax professionals has been that similar restraint is observed by clients even in their consultations in tax affairs. […]
IS TONNAGE TAX SCHEME RESTRICTED ONLY FOR COMPANIES HANDLING CARGO? It has been presumed by many that the benefit of Tonnage Tax Scheme (TTS) should only be restricted to companies with ships carrying on cargo handling activities. Since there are various other companies which are not handling cargo but are involved in moving men and […]
JOINT DEVELOPMENT AGREEMENT AND ITS TAXABILITY UNDER PROVISIONS OF THE GST ACT 2017 AND INCOME TAX ACT, 1961. A piece of land, carry various rights with it. An owner of a land has right to possess, right to easement, right to sale, right to rent, right to develop, right to sub-let, right to occupy and […]
The announcement by the Government of India on 13th August 2020, of Transparent Taxation – Honouring the Honest, it is an extension of E-assessment scheme 2019 launched by Government of India in September 2019. The CBDT passed Notification No. 60 & 61/2020 along with an Order F.No. 187/3/2020 dated 13th August, 2020. The objective of […]
This article aims to highlight the meaning of ‘Purpose of charitable activity’ in the context of surplus arising from the activity during the period. Whether surplus defeats the purpose of charitable activity??
It is advised to choose the correct ITR form in order to avoid further notice of defective return. Following forms below gives you insight to file correct ITR form as per Nature of Income and Status of person A.Y. 2020-21: ITR 1: (SAHAJ) 1. Resident Individual whose total income does not exceed 50 lakhs can […]
