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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...
Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees.
Meaning of ESOP It is a system by which a company allows its employees to purchase shares of the company. In certain cases, a foreign holding company provides the employees of an Indian subsidiary with such an option. Under this scheme, employees are granted options, which allows the employee to buy the stock at a […]
Deductions under section 80C to 80U are allowed from gross total income to compute total income however deduction is allowed only from normal income. Deductions are not allowed from- ♣ Long term capital gains, Section 112 ♣ Casual income, Section 58(4) ♣ Short term capital gains on sale of short term equity shares or short […]
Mahindra & Mahindra Ltd. Vs Addl. CIT (ITAT Mumbai) The assessing officer disallowed the premium paid on FCCB holding that being capital and contingent. The learned CIT(A) allow relief to the assessee by following the decision of tribunal in earlier years. We have seen that the coordinate bench of Tribunal in assessee’s own case for […]
In view the hardships being faced by the taxpayers in coping with the challenges posed by COVID 19 pandemic, it is important that the concerned officers of the Income Tax Department recognize the same and are sensitive to it. Therefore, as far as possible, the communications should be made electronically and social distancing norms should be followed, without diluting the significance of the proceedings.
whether it is lawful to first compute capital gain after doing intra head adjustments and whether the deductions u/s 54F should be allowed from the net income computed after intra head adjustments?
Aince the AO has accepted the returned income for which reasons were recorded, therefore, for making any other addition, he should have issued fresh notice
Are you irregular in filing US Individual tax returns? Current guidelines to solve them It is once or many times US Citizen or permanent residents (Green Card Holders) ring me about the instances of their passport being held up by American embassy officials or being asked about their filing US Tax returns for global income […]
Article explains provisions related to Treatment of Income from trading of Securities(Business Income/ or Capital Gain?), Securities Transaction Tax (STT) Treatment, Taxation of Capital Gains in case of Shares held for the Purpose of Investment, Taxation of Gains in case of Shares held for the Purpose other than for Investment and Advance tax when you […]
Cashless societies have existed from the time when human society came into existence. In olden days barter system existed which was cashless system of exchange. Cashless transactions have also become possible in modern times using digital currencies.Government is taking major steps to promote cashless economy. The main purpose is to generate high tax revenue, fight […]
