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Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : 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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
Section 270A is a new penalty provision which was introduced by endorsing the philosophy that in order to bring objectivity, certainty and clarity into the penalty provisions, it is repealed by an altogether a new penal provision. The issue as to existence of (i) concealment of income or (ii) furnishing inaccurate particulars of income has always been a matter of litigation owing to different interpretations under different circumstances.
1. The provisions related to reassessment u/s 147 to 151 of the Income Tax Act, 1961 (Act) has been the most litigated piece of legislation and this saga continues so. The powers conferred upon the Assessing Office, under section 147 of the Act, to reopen a concluded assessment is certainly wide in scope and the […]
Section 50C of the Income-tax Act, 1961 is a special provision which comes into picture whenever a capital asset being land or building is transferred/ sold. It is a deeming provision which provides for substitution of actual sale consideration for value adopted/ assessed/ assessable as per Stamp Valuation Authority (‘SVA’) if, the former is less than the latter.
COVID Relief Measures Announced by Finance Ministry for MSMEs Rs 3 Lakh Crores Collateral-free Automatic Loans > Emergency Credit Line from Banks and NBFCs up to 20% of entire outstanding credit as on 29.02.2020 > Borrowers with up to Rs 25 Crore Outstanding and Rs 100 Crore Turnover eligible. > Loans to have 4-year tenor […]
Presentation of details of 5th Tranche announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19
The women director is now proposed to be independent for top 1000 Listed entities. At present, most of the women directors are either from the family of the promoters or the wife/daughter of the directors. Therefore, in order to increase gender diversity on the Board and reduce the biasness to make the board effective. the SEBI took such initiative.
Recent amendments in section 115BBE emerge from the seesaw battle between the government and the assessees who leaves no stone unturned to evade taxes and between these skirmishes the honest taxpayer is often overripen in this heat of revenge. The provisions of sec 115BBE of the Act are draconian at first glance and can give nightmares to assessee. These provisions cannot be applied in a lackadaisical way or perfunctory manner.
Since AO had not considered revised return of income which was filed within prescribed period of limitation for the difference between income disclosed in return and total receipts as per Form 26AS, therefore, the matter was remanded back to AO with direction to verify the fact and grant relief to assessee in accordance with law.
Landbase India Ltd. Vs. ACIT (ITAT Delhi) Depreciation on the golf course – Whether depreciation should be allowed considering it as ‘plant and machinery or land or building. Matter: 1. Applicable Rate of Depreciation on Gulf course. Facts of the case 2. The Assessee is a company engaged in the business of operation of golf […]
In this Article we would be discussing on the Applicability and Structure of Income Tax E-assessment; Key features of scheme and some key points to think upon.
