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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : 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...
General Anti-Avoidance Rule (GAAR) is an anti-tax avoidance law in India to curb tax evasion and avoid tax leaks. It came into effect on 1st April 2017. The GAAR provisions come under the Income Tax Act, 1961. GAAR is a tool for checking aggressive tax planning especially that transaction or business arrangement which is/are entered into with the objective of avoiding tax.
Income Tax Act provides a special status to HUF under the Act and covers it in the definition of person u/s 2(31) of the Act. The Hindu Undivided Family (HUF) has not been defined under Income Tax Act, 1961, however, as per Hindu Law A Hindu Undivided Family (HUF) is ordinarily joint not only in estate but in food and worship. The members of a Hindu Family live in a state of union, unless the contrary is established.
Most of the people in the industry got confused at the time of taxation of share trading. Whether to tax it under head of business income or as capital gains? Hence today I am covering this topic through my article hoping it will help you to clear your doubts. We faced some of the following […]
Deductor related reasons : • Non filing of quarterly TDS statements • Omission to include details of challan in TDS statement • Quoting wrong CIN in challan details in the TDS statement • Entering wrong amount in challan details • Quoting of wrong TAN in the challan while remitting the TDS in the bank • Quoting of wrong minor head in the challan while remitting the TDS
Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.
PREAMBLE The Direct Tax Vivad se Vishwas Act, 2020 (DTVSV) received the assent of the Hon President of India on 17-3-2020. The CBDT had in Circular No 7/2020 dated 4-3-2020 clarified on 55 questions. The DTVSV Rules were announced on 18-3-2020 prescribing the forms and procedures and the website was developed and the portal was […]
TO INCOME TAX Section 145(2), Central Govt. is empowered to notify ICDS for, applicable from A.Y 2017-18 – Class of Person – Class of Income Exception:- Individual or HUF who is not required to get his accounts audited under section 44AB are not required to comply this ICDS. Notified ICDS AND Corresponding Accounting Standard […]
Deductions in respect of Profits and Gains from Housing Projects (Section 80-IBA)- In order to provide impetus to affordable housing sector to achieve the larger objective of ‘Housing for All’, section 80-IBA has been inserted.
Radhe Exim Pvt. Ltd. Vs C.C. (CESTAT Ahmedabad) From the plain reading of the definition of import it is clear that when the goods enter into territorial water of India that is the stage of completion of import into India and not the date of filling of Bill of Entry, therefore, if the appellant possess […]
Amendment of Mutual Agreement Procedure (MAP) procedure laid down in the Income-tax Rules, 1962 CBDT amends Rule 44G and Form 34F- Application to give effect to DTAA MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 23/20020-Income Tax New Delhi, the 6th May, 2020 G.S.R. 282(E).—In exercise of the powers conferred […]
