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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Taxation of Long Term Capital Gain (LTCG) under section 112A vis a vis Taxation of Long term Capital Gain Prior to Finance Act, 2018 We all saw an Havoc amongst taxpayers when Finance Act, 2018 was announced in the union budget speech specifically among those assessees whose major part of their total income consisted of […]
DOs FOR TDS DEPOSIT AND TDS STATEMENT FILING: 1. Deposit TDS and file statement before due dates to avoid last moment hustle and late payment of Interest and Late Filing Fee Respectively. Note, the due date for filing Form 24Q for Q4 of FY 2019-20 is 31st July, 2020 2. Always double check TAN and […]
Sec 194N: Tds on cash withdrawal of more than 1 crore Intro: To discourage the cash transaction and move to cash less economy, income tax department has introduced a new section 194N deduction of TDS on cash withdrawal exceeding Rs. 20 Lakh In case the individual receiving the money has not filed income tax returns […]
In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification No. 56/2020-Income Tax dated 29th July, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL […]
A Salaried man can receive VRS more than once in his lifetime. But he can plan his tax liability only once. VRS (Voluntary Retirement Scheme) – VRS is often offered by the corporates for retrenchment of its surplus work force and directly to cut short it’s one of the major operating expense in form of […]
The issue under consideration is whether the AO is justified in making addition u/s 68 towards alleged unexplained deposit in the bank account in as much as a bank account is not a book of account maintained by the appellant?
The issue under consideration is Whether compensation paid to earlier buyer to cancel the agreement is deductible expenditure u/s 48 for calculation of Capital Gains?
whether the office which is established merely for the sake of communication is covered under the character of Permanent Establishment (PE) under India-Korea DTAA?
1. INTRODUCTION The Govt. in Budget 2019 introduced section 194N in Income-tax Act, 1961 to promote digital payments and discourage the practice of making business payments in cash. In Budget 2020 the scope and applicability of this section has been increased to discourage delay in filing of return of income. The Govt. wants people to […]
SEC 112A- LTCG ON SALE OF CERTAIN ASSETS (Inserted by Finance Act 2018, w.e.f. 01.04.2019) Concessional rate of tax on transfer of Certain assets: (A) The above section 112A is applicable on the following circumstances (a) Long term capital gain arising from transfer of the following assets (i) an equity share in a company (ii) a […]
