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Income Tax : जानें क्यों आयकर विभाग ने केपिटल गेन पर अतिरिक्त �...
Income Tax : Learn how to maximize tax deductions with Section 80G for donations to approved funds and institutions. Find out eligibility, paym...
Income Tax : The Karnataka High Court ruled that the BCI Chairman lacks authority to issue gag orders restricting advocates’ speech, quashing...
Income Tax : Section 80E of the Income Tax Act provides deduction towards interest paid on loan taken for higher education. The current article...
Income Tax : Explore how Section 170 of Income Tax Act applies to post-amalgamation assessments, with key judicial decisions and implications f...
Income Tax : Over 34 lakh Audit Reports filed on the e-filing portal by October 7, 2024, showing a 4.8% increase from last year, according to t...
Income Tax : ICAI requests CBDT to allow rebate u/s 87A on short-term and long-term capital gains under Sections 111A and 112, citing inconsist...
Income Tax : CBDT forms a committee to review the Income-tax Act and invites public suggestions on simplification and compliance via the e-fili...
Income Tax : Supreme Court disposes of 573 direct tax cases due to increased appeal limits from the Union Budget 2024-25, reducing tax litigati...
Income Tax : Join our webinar on TDS amendments from Budget 2024 and learn their impact on tax audits, filing procedures, and compliance....
Income Tax : Delhi High Court upholds ITAT ruling in PCIT vs Global Logic India Ltd., addressing deferred payments and international transactio...
Income Tax : Calcutta HC upholds ITAT's dismissal of revenue's appeal, affirming assessment order under Section 153 as invalid due to delayed s...
Income Tax : Calcutta HC stays Section 148 assessment order due to jurisdictional error in Rahul Saraf vs. ACIT. Case pending further orders....
Income Tax : Himachal Pradesh HC stays Section 148 notice, citing lack of jurisdiction under Section 151A of the Income Tax Act, 1961, and impr...
Income Tax : Allahabad HC directs TPO to review interest on delayed receivables from AE, affirming that working capital adjustments subsume suc...
Income Tax : Income Tax Department seeks stakeholder feedback on Project IEC 3.0, aiming to enhance the e-filing platform and Centralized Proce...
Income Tax : SOP for investigating high-risk refund cases for AY 2024-25. Clusters of suspicious ITRs identified and disseminated for verificat...
Income Tax : Insight Instruction No. 8 guides Assessing Officers in verifying high-risk refund ITRs for AY 2024-25, detailing steps for verific...
Income Tax : Insight Instruction No. 43 addresses verification of high-risk refund cases for AY 2024-25. TDS officers to assess and submit feed...
Income Tax : CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024....
Finance Act 2017 introduced section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 P.M and claiming HRA are required to deduct and pay TDS of Landlord
This article draws a difference between the two concepts of Tax Law. Since an assessee wants to pay a minimal amount of taxes. So he strives for several ways by which he can avoid his taxes, Tax Avoidance and Tax Evasion are two ways by which an assessee can avoid and save his taxes. Tax Avoidance is a legally accepted method to avoid an assessee tax on the other hand Tax Evasion is an illegal way of avoiding the taxes.
115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.—(1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of
Following are the details which is required to be updated: New Registration process to facilitate effective communication between the taxpayer and department is enabled. The existing e-Filing users are required to update their profile by logging into e-Filing account.
There are various sections in the Income Tax Act, 1961 (Act) e.g., 44AD, 44AE, 44ADA etc., (popularly known as Presumptive Income sections) according to which, the profits and gains from eligible / prescribed businesses / professions carried by the prescribed categories of assessee (known as eligible assessee) are required to be computed for taxation, at least at the minimum rates prescribed in these sections.
As the Finance Act, 2016 introduced new section 44ADA for computation of profit of Profession on Presumptive basis. As I have seen many people who are unaware of this section and they are declaring their profit below the presumptive basis and their income exceeds the maximum amount not chargeable to tax. As per Section 44AB Audit of Accounts is mandatory if following conditions are satisfied
The onetime payment of the annual rent as per the lease deed is rightly claimed by the assessee as revenue expenditure. The Assessing Officer was not right in holding that the payment during the year relates to land which is capital in nature.
This article explains about e-TDS/TCS Return Preparation Utility Ver. 3.0 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08, File Validation Utility (FVU) version 6.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and File Validation Utility (FVU) version 2.161 for quarterly e-TDS/TCS statement up to FY 2009-10 which are applicable from December […]
Learned counsel for the petitioner, on instructions issued by the Department of Revenue, Ministry of Finance vide F. No. 390/Misc./116/2017-JC dated 22.08.2019, seeks permission to withdraw this special leave petition along with pending applications therein due to low tax effect.
Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) We are of the considered view that though the co-operative bank pursuant to the insertion of sub-section (4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, however, as a co-operative bank continues to be a co-operative […]
