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Income Tax : Overview of Finance Act 2025 changes: capital assets, fund manager relocation, search case assessments, and more. ...
Income Tax : Learn about Section 194-IB of Income Tax Act, requiring individuals paying monthly rent exceeding ₹50,000 to deduct TDS at 2%. U...
Income Tax : DPIIT's Startup Recognition Program offers benefits like tax exemptions (80IAC), funding access, IP protection, and compliance eas...
Income Tax : Analysis of Form 3CD amendments effective April 1, 2025. Understand the impact on tax audits, MSME reporting, and cross-border com...
Income Tax : Understand TDS on rent for individuals: thresholds, rates, and compliance procedures as per Section 194-IB....
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 : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : Bombay High Court quashes income tax notices to Srimani Basu due to improper service from address discrepancy, grants fresh hearin...
Income Tax : ITAT Ahmedabad overturns 12A and 80G renewal rejections, citing lack of examination by CIT(E) and violation of natural justice....
Income Tax : The assessee is a limited company engaged in the business of Unit manufacturing homogenized and pasteurized milk and manufacturing...
Income Tax : Regarding disallowance under section 10AA, Tribunal found that services provided by appellant to foreign customers from the SEZ di...
Income Tax : The entire procedure subsequent to obtaining further information, documents or evidence has not been gone through in case of the P...
Income Tax : Finance Ministry exempts 80CCA withdrawals from TDS under Section 194EE. Individuals withdrawing after notification date are affec...
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
The dilemma of which scheme should an employee opt for Income tax in FY 20-21 Everything has been changed in the beginning of new FY 2020-21 like the new virus, lockdown, work from home and also popped up new question i.e. ‘Which scheme should an employee opt for Income Tax ?’ A new section 115BAC […]
PPT on Vivad Se Vishwas Scheme, 2020 Purpose of Vivad Se Vishwas Scheme, 2020- To Reduce Income Tax Litigations pending before various Appellate Authorities i.e. CIT(A), ITAT, High Court and Supreme Court. Approximately 4.9 lakhs cases involving Dispute of Rs. 9.32 crores are pending at various Appellate Levels as on date. To save the Time, […]
Finance Act, 2020 has made certain changes in TDS provisions further to provide relief to the taxpayers against hardship caused by COVID-19 Hon. Finance Minister announced reduction in certain TDS rates for period 14 May 2020 to 31 March 2021. The summary of TDS rates applicable for AY 2021-22 is as follows: Tax Deducted at […]
Introduction The Government of India has introduced the Taxation (Amendment) Ordinance Act, 2019, on the 20th of September 2019. Several amendments are made in the Income Tax Act, 1961 through these ordinance. Section 115BAA, Section 115BAB were inserted in the Income Tax Act, 1961, by the Finance Minister, Nirmala Sitharaman, in the Union Budget 2020. […]
whether CIT(A) is justified in quashing the action of the AO u/s 154 in applying provision of section 115BBE on undisclosed investment surrendered during the course of survey proceedings?
Economies across the globe are under distress due to the COVID-19 pandemic and have brought more than 35% business organisations in India at the verge of its closure. To combat the ongoing circumstances many business organisations have planned to curb down their cost of operations by way of retrenching their employees. This strategy of retrenchment […]
whether CIT(A) is justified in quashing the action of the AO u/s 154 of the Act in applying provision of section 115BBE of the IT Act on undisclosed investment surrendered during the course of survey proceedings?
The issue under consideration is whether the Income-tax payment made by assessee is an application of income and will be eligible for deduction u/s 11?
Changes in the notified ITR-7 for AY 2020-21 1. Corpus donation not to be considered as an application of Income –Schedule ER-Part B : ITR-AY 2019-20 had the details of Donation made towards the Corpus fund of Donee Society/Trust. However, in ITR-AY 2020-21, only Donation-Other than Corpus in Part B of Schedule ER 2. Disallowable […]
TAT states that the order passed by CIT(A) is not clear in as much way the ld. CIT(A) has given a general direction without having regard to the factual aspects of ‘receipts and expenditure’ relating to exhibitions presented before ITAT. A clear cut direction from ld. CIT(A) in this regard would be helpful to both the assessee and the AO.
