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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...
Section 79 stipulates that in case of a Company, not being a company in which the public are substantially interested, shall not be allowed to carry forward and set-off the losses against the income of previous year, unless on the last day of the previous year, the shares of the company carrying not less than […]
Discover the exemptions towards interest to non-residents under Section 10(4) & 10(4B) of the Income Tax Act. Learn about the categories eligible and the types of exemptions available.
SECTION 139(1) requires that every person; a) Being a Company or a firm or; b) Being a person other than a Company or a firm if (i) his /her total income or (ii) the total income of any other person in respect of which he is assess able under the Income Tax Act, during the […]
There are certain occasions when the income of your spouse gets clubbed with your income. So, if you are planning to transfer any of your income or any asset to your spouse to avoid the associate tax on such income, hold on. There are certain specified situations when the income of both the husband as […]
Article contains Income tax calculator for salaried employees for Financial Year (F.Y.) 2020-21 or Assessment Year (A.Y.) 2021-22 in Excel Format. As we begin the new financial year, there was a demand for extension of FY 2019-20 to June 30, 2020, owing to the COVID – 19 outbreaks. However, the Government has not announced any […]
CBDT Order on issue of certificates for lower rate/nil deduction/collection of TDS or TCS uls 195, 197 and 206C (9) when Assesee was given such certificate for Financial year 2019-20 and when Assessee is Applying or Applied for first time for such certificate
A Representation on Representation on Covid 19 related hardships faced by Direct Taxpayers around the country is made to Finance minister which focused on Prosecution for Non / delayed deduction of of TDS for month of March and April 2020, Stay of demand, Validity of Lower or Nil rate deduction certificates issued issued under section […]
In part I of this article, we tried to analyzed and understood provision of sub-section (1) of section 94B. In this part, we try to analyze and understand remaining portion of section 94B as below, Proviso to sub-section (1) Provided that where the debt is issued by a lender which is not associated but an […]
In order to discourage cash transactions and move towards less cash economy, With effect from 01/09/2019 a new Section 194N is inserted to levy for TDS at the rate of 2% on cash payment in excess of Rs. 1 crore in aggregate made during a financial Year. The Scope of TDS on cash withdrawal has […]
1. Introduction: Amidst various changes brought about in the Finance Bill, 2020, introduction of Section 206C(1H) is a welcome step to curb and track usage of unaccounted money. The Section requires the seller to collect tax at source on sale of certain goods, details of which shall act as data centres for the Government to […]
