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Income Tax : Explore the Principal Purpose Test (PPT) in international tax law, its impact on treaty benefits, legal uncertainty, and potential...
Income Tax : Budget 2025 introduces tax reliefs, higher TDS thresholds, and urban housing reforms, impacting real estate growth while raising c...
Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
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 : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Pune directs CPC, Bangalore to allow foreign tax credit despite late filing of Form 67, ruling it as a procedural requirement...
Income Tax : Summit Aviation Private Limited obtained financial assistance from respondent no.3, Punjab National Bank, for the purchase of heli...
Income Tax : ITAT Ahmedabad dismisses appeals by GE Power India ex-staff, backing PCIT's order for fresh assessment due to wrongly claimed tax ...
Income Tax : ITAT Delhi sets aside CIT(E) order rejecting Raj Krishan Jain Trust’s 12A registration due to a typographical error, directing f...
Income Tax : ITAT Surat allows Swaminarayan Gadi Trust to rectify errors in its tax exemption applications under Sections 12A/12AB and 80G(5) o...
Income Tax : CBDT notifies Income Tax (Sixth Amendment) Rules, 2025, introducing safe harbour rules for assessment year 2025-26. Full details o...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Preludesys India Ltd. Vs. ACIT (Madras High Court) The first aspect that has to be considered is as to whether the Income Tax Act, 1961 deals with the concept of a ‘deemed export’. This position has been clearly explained by the High Court of Karnataka both in the case of Tata Elxsi Ltd., and in […]
Whether Presumptive Scheme under Section 44AD of IT Act, 1961 to be opted for at least 5 years? It is notable that a new condition has been added to Presumptive Income by Finance Act, 2016, w.e.f. 01.04.2017 by substituting sub-section (4) of Section 44AD of Income Tax Act, 1961 (‘the IT Act’). Sub Section (4) […]
Nishit Fincap Pvt Ltd. Vs ITO (ITAT Delhi) Query No. 7 is in relation to share capital and share application money received. This means that specific query was raised in respect of share application money and vide reply dated 16.11.2009, the assessee furnished all details as required by the Assessing Officer. Pursuant to the reply […]
Petition requesting to notify the GST rate of 5% for all varieties of fabrics falling under Chapters 50 to 63 of the Customs Tariff in furtherance of the recommendations made by the Goods and Service Tax Council
DCIT Vs. HDFC Sales Pvt. Ltd. (ITAT Mumbai) Before us the ld. DR for the revenue in his submissions vehemently submitted that the projected estimation of the provisions of expenses is projected purely on estimation and that there is mismatch of projected figures of expenses and the actual expenses incurred on various counts, which we […]
Dr. Devika Gunasheela Vs JCIT (ITAT Bangalore) The only basis on which the assessee was denied the benefit of deduction u/s 54F of the Act was that the assessee owned more than two residential houses, other than the new asset on the date of transfer of the original asset. From the order of assessment passed […]
Mitsui & Co. Ltd. Vs DDIT (International Taxation) (ITAT Delhi) Since the lower authorities following the orders of the preceding years have held that M/s. Mitsui & Co. Ltd. has been constituted as Dependent Agent PE of the assessee company in India, therefore, following the consistent decisions of the Tribunal in assessee’s own case in […]
TCS on sale of any goods- Section 206C(1H) of Income Tax Act,1961 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which seller has to collect […]
As per Section 206(1H), with effective from 1st October 2020 goods sellers whose total sales, gross receipts or turnover from the business carried on by it exceed 10 crore rupees during the financial year 2019-20 shall be liable to collect such TCS at a rate of 0.075%(0.1% from 1st April 2021) on consideration received from a […]
माल की बिक्री के सम्बन्ध में प्राप्त राशि पर टीसीएस का नये प्रावधान – धारा 206C(1H)- आयकर चर्चा 1 अक्तूबर 2020 से सरकार ने माल की बिक्री के सम्बन्ध एकत्र कर टीसीएस जमा करनाने में एक नया प्रावधान लागु किया है जो कि आयकर कानून की धारा 206C(1H) में दिया गया है और इससे कई […]
