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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...
Seized stock-in-trade under Section 132 within the custody of the Income Tax authority must be released within 120 days. Since the action of Officer to seize jewellery without pre-existing and pre-recorded good reasons to believe was found to be grossly arbitrary, and the entire action was vitiated, in order to discourage the Officer from resorting to unwarranted action of search, Officer must bear the costs of Rs.50,000/- payable to Delhi Legal Service Authority.
Anand Developers challenges IT Act notice for Assessment Year 2012-13. Jurisdictional issues, disclosures, and reopening examined by Bombay to Goa High Court.
Steps to clear the pendency of processing of Paper Returns or E-returns transferred by CPC-ITR due to verification of relief claimed u/s 90/90A or 91 of the Income Tax Act, 1961. ITBA-ITR Processing Instruction No – 10 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. Pr. […]
Understand the penalty provisions of section 271GB for failure to furnish accurate report under section 286. Learn about the applicability and amount of penalty under the Income Tax Act.
Murlidhar Deendayal Vs ITO (ITAT Jaipur) In respect of undisclosed sales only profit can be added when purchases are recorded but sales is undisclosed. For this purpose, reliance is placed on the following judicial pronouncements: (i) CIT v/s President Industries (2000) 158 CTR 372 (Guj) (ii) Bansal Rice Mills v/s ITO (2001)72 TTJ 1 (Chd) […]
The ITAT has granted an extension of stay period to IT giants Google India citing a reason for the delay in non-disposal of appeal. In the given case, the assessee has filed the Stay Petition for extension of stay of outstanding demand. However, the revenue has challenged the above stay order passed by the Tribunal before the Hon’ble High Court.
The new income tax slab provided is optional in nature. i.e a taxpayer can choose from any of the two slab options as beneficial to them. Opting for new slab maybe beneficial for a select group of people depending on your total income.
FORMS TO BE FILED BY COMPANIES TO AVAIL LOWER RATE OF INCOME TAX The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID vide Notification No. 10/2020 dated 12-02-2020 for existing companies that want to avail lower Income tax rate and new manufacturing firms incorporated after October 1, 2019, respectively. The effective […]
UNION BUDGET 2020 HIGHLIGHTS The analysis of Budget is divided into 2 major categories: (a) Direct Tax (b) Indirect tax with major focus on the Amendment proposed for the Direct Tax. The budget was very high on hopes for individual taxpayers as the hopes for tax relief was very high. The major themes for this […]
Section 206C of the income tax Act has been proposed to be amended by Finance Bill 2020. Section 206C deals with TCS (Tax Collected at Source). Budget 2020 has proposed to insert Sub-Section 1G and 1H to Section 206C to expand the Scope of TCS to TCS on foreign remittance through Liberalised Remittance Scheme (LRS) […]
