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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 : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : Allahabad HC quashes GST demand against Solvi Enterprises, ruling that the selling dealer was registered at the time of transactio...
Income Tax : PCIT Vs Greenply Industries Ltd (Gauhati High Court) The Gauhati High Court’s recent judgment in “The Principal Commis...
Income Tax : ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under sec...
Income Tax : ITAT Mumbai held that developer is entitled for deduction under section 80-IA of the Income Tax Act for carrying out development w...
Income Tax : ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under sectio...
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...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Some technical aspects of faceless assessment 1. It is electronic mode procedure, no need to go department. 2. No Human interface 3. This is applicable on section 143(3) and 144. 4. Cases to be allocated to assessment units in a random manner 5. Central Cell to be the single point of contact between taxpayer and […]
On 13 August 2020, between much pomp and fanfare, Prime Minister Modi announced the new Transparent Taxation platform i.e. the new way forward for the Central Board of Direct Taxes. The main idea behind the Transparent Taxation platform is ‘faceless’ assessments and faceless appeals. Further, the Prime Minister promised that the tax administration would attempt […]
Over 1700 unauthorized colonies in Delhi were regularised in December last year. Owners Delhi’s unauthorised colonies will now get Income Tax Exemption even if they have purchased land or house at rates below the prevailing market price. The Income Tax Department issued a Notification grating the exemption on any immovable property being land or building, […]
Piramal Healthcare Ltd. Vs DCIT (ITAT Mumbai) We find that the assessee had claimed business promotion expenses as revenue expenditure which was sought to be treated by the ld. AO as capital expenditure. This disallowance was ultimately sustained by the Tribunal in the quantum appellate proceedings. We find that the issue in dispute was whether […]
Reopening of assessment to assess the remuneration under the head ‘income from salary’ instead of ‘income from other sources’ constitutes difference of opinion and the AO is not permitted to reopen the assessment on difference of opinion
In pursuance of Section 138(1)(a)(ii) the Income-tax Act, 1961, Central Government hereby specifies Scheduled Commercial Banks listed in the Second Schedule of the Reserve Bank of India Act, 1934 for the purposes of the said clause.
President of India extended re-employment of Shri Pramod Chandra Mody, as Chairman,CBDT for a further period of six months with effect from 01.09.2020 to 28.02.2021
ITAT ORDER VALIDITY IN CORONAVIRUS – CAN COVID OVERRIDE PROCEDURES? Recently before the Mumbai tribunal, in the cross appeal case of DCIT Vs JSW Limited (Respondent) (successor company on amalgamation Of JSW Ispat Limited) -ITA No. 6264/Mum/18 Assessment year: 2013-14, and JSW Limited (Appellant) (successor company on amalgamation Of JSW Ispat Limited) Vs Deputy Commissioner […]
Here’s a list of a few Important Taxation amendments w.r.t. Tax Audit/Company Audit for FY 2019-20: 1. The threshold limit of Rs 1 crore for applicability of Tax audit u/s 44AB(a) is increased to Rs 5 crore if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover and the cash […]
SUPREME COURT OF INDIA Standard Operating Procedure for limited physical hearing before Hon’ble Court In continuation of directions already notified regarding functioning of the Supreme Court of India, in the wake of the Covid-19 pandemic, more particularly through Circulars dated 14.03.2020 and 23.03.2020, and on consideration of the requests received from the Bar Associations, the […]
