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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 : 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 : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
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 Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Advisory to deductors making TDS payment through multiple challans in a month As we all are aware that, many times deductors used to pay TDS through multiple challans because of different section under which TDS deducted or the year of two payments are different or there are different deductees. This multiple payment challan is really […]
Niyasha Barman Vs ITO (Calcutta High Court) There subsists an order dated March 20, 2020 passed by the Hon’ble Supreme Court directing the revenue authorities not to initiate any recovery proceedings during the subsistence of the COVID-19 pandemic. In my view, interest of justice would be subserved by directing the banks of the petitioners to […]
Whether Company should continue with the Old tax regime or to pay tax under new tax regime? Since the financial year 2019-20 has already gone and currently in this lockdown situation due to Covid-19 pandemic, most of the companies are having their working from home, so I think it’s the right time to decide for […]
Financial Year 2020-21 (Assessment Year 2021-22) Personal tax 1. Optional new tax regime for individuals and HUF The FA 2020 has brought in place a new tax regime with effect from AY 2021-22. It is optional for taxpayers and provides lower tax rates. However, it does not permit the following: Specified deduction under section 80C […]
Art of Drafting of ‘Statement of Facts’ and ‘Grounds of Appeal’ for filing of Appeal before Commissioner of Income-tax (Appeals) Statement of Facts and Grounds of Appeal are most important, but it observed that these are largely casually framed. Once the assessee decides to challenge the tax demand, it has to file an appeal before […]
A New section, 115BAC has been introduced vide clause 53 of the Finance Act, 2020 with respect to tax on Individuals and HUF. The said section will apply from AY 21-22 and subsequent AY’s. The said scheme provides for concessional rate of tax as follows: Sl. No Income New Rate – 115BAC Existing Rates 1 […]
The Dynasty Vs The State of Assam (Gauhati High Court) Conclusion: Where two views were possible, an interference by an appellate or a revisional court would be unwarranted merely because the other view appeared to be more attractive, thus, no interference was required in the judgment of the Assam Board of Revenue in respect of the […]
Interest income earned from investments with treasuries and banks is part of banking activity of the assessee, and therefore, the said interest income was eligible to be assessed as ‘income from business’ instead of ‘income from other sources’
PCIT Vs MLS CBRE South Asia Private Limited ((Delhi High Court) So far as the amount of Rs.4,73,39,848/- being the excess. Remuneration paid to Sh. Anshuman Magazine is concerned, we find the assessee has obtained approval of the competent authority though on 18.07.2011 i.e. much after the date on which such remuneration has been paid. In […]
Section 270A(8) states that where an under-reported income is in consequence of any misreporting by any person, such person shall be liable to pay 200% penalty on an amount of tax payable on such under-reported income.As per the said sub-section, penalty in case of misreporting is equal to 200% of under-reported income.
