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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...
The Budget Session, 2020 of Parliament which commenced on Friday, 31st January, 2020 has been adjourned sine die today i.e. Monday, the 23rd of March 2020. In between both the Houses also adjourned for recess on Tuesday, the 11th February, 2020 to reassemble on Monday, the 2nd March, 2020 to enable Departmentally related Standing Committees to examine and report on the Demands for Grants relating to various Ministries/Departments.
Extend last date for income tax returns for (FY 18-19) to 30th June, 2020. Aadhaar-PAN linking date to be extended to 30th June, 2020.
ACIT Vs Feroke Boards Ltd. (ITAT Cochin) The first issue to be decided is whether the assets transferred by the assessee to M/s.Masonite Holdings Private Limited is a “financial asset” coming within the Explanation 1(i)(e) to section 2(42A) of the I.T.Act. The term “financial asset” has been described in Explanation 1(i)(d) to section 2(42A) of […]
Finance minister declaration India today meeting at 2:30 p.m. 1. Vivad se Vishwas extended to 30th June 2. return filing for 18-19 financial year extended to 30th June interest on 3. TDS interest will be now from 18 % to 9% 4. Any date of IT was expiring at 31st March that has been extended […]
Facing problem in revising the TDS return; here is the procedure how to file TDS revised return Overview -Request for conso file from Traces Portal. -Download the conso file & open in utility -Update the correction in utility. -Upload on E-filing portal or at TIN-FC (TIN FACILITATION CENTER). STEP-1 Request for conso file from Traces […]
Under section 40(a)(ia) of the Act, in case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of income under section 139(1) of the Act.
Assessee entered into an agreement to sell a property with Builders Limited for a total sale consideration of Rs.5.5 crores. Pursuant to this agreement to sell, a Power of Attorney was by which, assessee appointed one director of Builders Ltd. to execute and join in execution the necessary number of sale agreements and/or sale deeds in respect of the schedule mentioned property after developing the same into flats.
Principal Chief Commissioner Of Income-Tax Shri Satish Kumar Gupta from Mumbai has requested the CBDT for Extension of date of Limitations under Income Tax Act, 1961 due to spread of Covid-19 Virus and related Impact on working of Department. He referred to lock -down and restricted movement to contain the spread of the viral infection. […]
FINANCE ACT 2019- AMENDMENTS (Applicable for AY 2020-21 i.e FY 2019-20) Some important amendments made by Finance Act 2019 to be noted while filing returns for AY 2020-21 1. Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall […]
In re Cognizance for Extension of Limitation (Supreme Court) This Court has taken Suo Motu cognizance of the situation arising out of the challenge faced by the country on account of Covid-19 Virus and resultant difficulties that may be faced by litigants across the country in filing their petitions/applications/suits/ appeals/all other proceedings within the period […]
