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Income Tax : Explore the major amendments in Finance Act, 2025 compared to 2024, covering Income-tax Act changes, compliance updates, tax refor...
Income Tax : A structured comparison of the Income-tax Bill 2025 and Finance Act 2025, covering key provisions, objectives, and changes in tax ...
Income Tax : In this article author analyses main changes made in Finance Bill 2025 as passed by Lok Sabha, along with it’s analysis....
Income Tax : Discover the highlights of the Form 3CD amendments effective April 1, 2025, including new clauses for cruise ships and MSMEs....
Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
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 Mumbai quashes Sec 263 revision in Narayan Rane's case. Holds AO took plausible view, order not erroneous & prejudicial despi...
Income Tax : Bombay High Court dismisses revenue appeal, upholds ITAT ruling on assessment of CD marketing rights expenditure....
Income Tax : Delhi High Court clarifies in Anindita Sengupta case that SC's Ashish Agarwal judgment doesn't mandate reopening concluded income...
Income Tax : Delhi High Court held that before undertaking a benchmarking of Advertisement, Marketing and Promotion [AMP expenses], it was incu...
Income Tax : Gujarat High Court quashes Punjab National Bank's tax assessment, citing non-application of mind and imposes an exemplary cost of ...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Earlier this month, the Supreme Court adjudicated a 44-year old case pertaining to Finance Year 1975-76, in the case of National Co-Operative Development Corporation (a government corporation set up under the National Development Corporation Act). While concluding, the Court remarked on the present system of tax litigations that the Supreme Court is left ‘to give the final knock-outpunch, being the fifth round of adjudicatory process on this issue itself!’
DCIT Vs Indian Metals & Ferro Alloys Ltd (ITAT Cuttack) In this case there is nothing to suggest that all the primary facts were not disclosed by the assessee at the time of original assessment completed u/s 143(3) of the Act nor any failure on the part of the assessee to disclose fully and truly […]
BT Global Communications India Pvt. Ltd. Vs. Addl. CIT (Delhi ITAT) The only issue to be decided in the present appeal relates to protective adjustment on account of business restructuring that has taken place in assessment year 2010-11. We find that TPO/DRP have made adjustment on substantive basis in assessment year 2010-11. However, since […]
Form 16A PDF Converter Utility. 1. The Form 16A text file is to be passed through the PDF Converter Utility to convert to generate PAN wise Form 16A in PDF format. 2. The PDF Converter Utility is available to registered TANs at TIN. 3. It is available under the option ‘Form 16A’ post login to TAN account.
Section 45(2) of Income Tax Act deals with the cases where a capital asset is converted into stock in trade. Whenever a capital asset is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital gain provisions, in spite of the fact that the ownership of such capital asset doesn’t change by such conversion.
The seller has to collect tax from the payer who has purchased the following items : Alcoholic liquor for human consumption Tendu leaves Timber obtained under a forest lease Timber obtained by any mode other than under a forest lease Any other forest produce not being timber or tendu leaves
CBT notifies New FORM NO 15C under Income Tax Rulee 29B for Application by a banking company or insurer for a certificate under section 195(3) of the Income – tax Act, 1961, for receipt of interest and other sums without deduction of tax vide Notification No. 75/2020-Income Tax dated 22.09.2020. MINISTRY OF FINANCE (Department of […]
Designated Authority & Ors. Vs. Andhra Petrochemicals Ltd. (Supreme Court) Access to judicial review is a valuable right conferred upon citizens and persons aggrieved; the Constitution arms the High Courtsand this court with powers under Articles 226 and 32. At the same time, barring exceptional features necessitating intervention in an ongoing investigation triggered by a […]
The Institute of Teaching and Research in Ayurveda Act, 2020 is An Act to provide for the establishment of an Institute of Teaching and Research in Ayurveda and to declare it as an Institution of national importance for the promotion of quality and excellence in education, research and training in Ayurveda and allied disciplines and for matters connected therewith or incidental thereto.
Assessments under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criteria’s for selection of cases for scrutiny has been increased. While making the assessment the assessing officer has to appreciate all the facts properly. If there is any misinterpretation of facts it may result in injustice to the assessee. Some times when there is confusion regarding interpretation of facts as appearing in a particular case or confusion regarding any law point the assessing officer tends to consult their senior officials like Additional Commissioners or else.
