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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 : 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 Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
The issue raised by the assessee that the HUF was not in existence when the assessment proceedings have been conducted and the Assessment Order has been passed on HUF and therefore, the entire proceedings are rendered null and void and it should be held that the Assessment Order is bad in law on the facts and circumstances of the present case.
The sole issue involved in this appeal of assessee is against the action of Ld. CIT(A) in confirming the addition of Rs.5,01,00,000/- made by AO u/s. 68 of the Income-tax Act, 1961 (hereinafter referred to as the Act) on account of bogus share capital including share premium
As per the circular no. 723 dated 19.09.1995 states that where the provisions of Section 172 are to apply, the provisions of Section 194C and 195 relating to tax deduction at source are not applicable.
Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently available in either AIMS Module of the ITBA or the AIR information earlier shown in the ITD till further directions are issued.
TAT see no reason to uphold the levy of penalty in the present case U/s 271(1)(c) of the Act, since the basis for levy of penalty, being cancellation of registration granted to the assessee U/s 12A of the Act and as a consequence treating its surplus and corpus donation as not exempt but taxable under the Act, has been quashed by the ITAT.
The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for litigation from decades:
If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, which allows a deduction in respect of interest on capital borrowed for purchase/construction of a house property, permits this deduction for the interest that relates to the previous year in which the property is acquired or constructed.
Qualifying Company – Section 115 VC: (a) it is a Indian company; (b) the place of effective management of the company is in India; (c) its own at least one qualifying ship; and (d) the main object of the company is to carry on the business of operating ships.
Persons to whom PAN under new series has already been allotted shall not apply for such number again. No person who has already been allotted a PAN under the new series shall apply, obtain or possess another PAN.
Tax deduction at source is considered as a major tool to curb tax evasion and Governments have, wherever possible, introduced TDS provisions in tax laws both in direct taxation and indirect taxation. In this article the author is trying to throw light on some practical and procedural issues in Income Tax – TDS.
