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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
PCIT Vs Junjab National Bank (Delhi High Court) Merely because additions made by the Assessing Officer have been partially upheld by the CIT (A), would not confer the ground to initiate proceedings under Section 271(1)(c) of the Act of imposition of penalty, unless it is found that there is concealment of material facts, or furnishing […]
The issue under consideration is whether A.O. and CIT is correct in making an addition u/s 69 for cash found during search in bank locker?
Mahle Filter Systems Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The issue under consideration is whether A.O. is correct in treating the ‘rental income’ as ‘income from other sources’? The assessee has disclosed rental receipts from its factory building and after deducting 30% as per provisions of section 24 of the Act, income from house […]
26AS Form in new format under I-Tax Rule 114-I have been notified wef 1.6.2020. Please note all the information in it is auto populated and earlier it was mainly providing information wrt Tax (TDS, TCS, Advance Tax etc) alongwith Gross Income only. But now new 26AS form shall be a complete profile of taxpayer’s financial […]
Abolishment of Dividend Distribution Tax [Advantageous To Multinational Companies (MNCs)] This article is focused on one of the key amendments proposed in union budget 2020 i.e. abolishment of Dividend Distribution Tax. We have analysed here the impact of DDT abolishment on resident as well as overseas shareholders with the help of facts & findings. Presently […]
THIS HRA CALCULATOR GIVES AN IDEA ABOUT – a) How is Exemption u/s 10 (13A) given? b) What are the requirements for claiming deduction u/s 10 (13A) and who is eligible? c) What are the TDS requirements in respect of rent paid? d) Format of Rent Receipt and Declaration to be given by landlord who […]
Section 194M related to deduction of TDS on Payment of certain sums by certain individual or Hindu undivided family was introduced by the Finance Act 2019. As per Section 194M any person being an individual or HUF making payment to any resident for carrying out any work in pursuance of contract, by way of commission […]
Income Tax Returns Forms 1 to 7 for A/Y 2020-21 Notified. 6 key changes in ITR forms for the AY 2020-2021: 1. Passport One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other […]
Getting a PAN has never been this easy! All you need, is your Aadhaar number. Just visit the e-filing portal of IT Department & follow the steps provided to generate your ePAN, within minutes! Click to apply now: https://www.incometaxindiaefiling.gov.in/e-PAN/index.html?lang=eng
Understand Rule 12 of Income Tax Rules wef 29.05.2020 and its impact on ITR and AY 2020-21. Stay updated with the recent amendments.
