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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...
DCIT Vs Veena Goyal (ITAT Jaipur) As per the provisions of the section 56(2)(vii)(c)(i), any property other than immovable property is transferred for a consideration which is less than the aggregate fair market value of the property by an amount exceeding Rs. 50000/-, the aggregate fair market value of such property as exceeds such consideration […]
Gem Electro Mechanicals Pvt. Ltd. Vs ACIT (ITAT Jaipur) Since there was delay in depositing the aforesaid amount of sales tax, therefore, the assessee was made to deposit interest amounting to Rs. 2,71,826/- on such delayed payment of sales tax amount and Rs. 3,152/-on delayed payment of Excise/Custom Duty & Service Tax. The AO during […]
Over the last few years, in order to provide a non-intrusive and non-adversarial tax ecosystem, the Government has taken various measures to reform the Direct Tax regime. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in response to a written question in the Lok Sabha today.
In September 2019, the Government announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in response to a question asked in the Lok Sabha today.
Nawal Kishore Soni Vs ACIT (ITAT Jaipur) It is evident from entries found in cash book of Ram Kumar Soni and from statement recorded from assessee in course of survey that assessee purchased gold in period of demonetization which was obviously for sale to persons on receiving cash from them as the same is normal […]
The issue under consideration is whether the CIT(A) was right in deleting the addition made by the AO on account of unexplained investment in purchase of gold?
CIT Vs M.A. Jacob & Company (Madras High Court) The order passed on the Settlement Applications filed by the assessee is dated 07.01.2000. The second order of ITSC was passed on 19.02.2004. After those orders passed by ITSC on the issue in question, concerning the assessee, in the year 2010, the Honourable Supreme Court had […]
Revision under section 263 by the Principal Commissioner or Commissioner against void-ab-initio order or against a non-existent entity If an order is passed by the Assessing Officer against a non-existent entity, e.g. against an Amalgamating Company or against a Dissolved Firm, such an order is void-ab-initio and no revision can be made under section 263 against such […]
1. INTRODUCTION TO TRANSFER PRICING: In general, Transfer Pricing (TP) refers to determination of Arm’s Length Price (ALP) for transfer of goods, services and technology between Associated enterprises (generally referred as related parties) who are otherwise known as members of Multi National Entities (MNE) or between unrelated parties which are controlled by a common party. […]
Article explains What is Form-16 (Salary Certificate), What is the Due date to get Form-16 from employer, Contents of Form-16, Is it mandatory to file return of income even after deduction of TDS on Salary by Employer, Some FAQ’s related to Form 16, Due date of filing ITR for individual salaried person. 1. What is […]
