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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...
Certain misinformation is being circulated in Social Media pertaining to individual return filers. CBDT clarifies: During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19 Out of these, 1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclosed taxable income between Rs.2.5 lakh to […]
Searches conducted by the Income Tax Department lead to detection of unaccounted income of more than Rs. 2000 crore. Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered.
ICRICT: The OECD’s proposed reform will fail to generate meaningful additional tax revenue, especially for developing countries Today, the OECD has presented its impact analysis of its proposed reform to address the tax avoidance by multinational corporations. If ambitious enough, it could bring a significant change to century old international tax rules unfit for the […]
Understanding section 271G penalty for failure to furnish information/documents under section 92D of the Income Tax Act.
Tariqrashid M. Munshi Vs I.T.O (ITAT Ahmedabad) ITAT held that assessee deserve to be penalized for non-appearance before theCIT (A) and Assessing Officer and imposes penalty of Rs. 5000/- upon the assessee and instructed him to deposit the same in the Income Tax Office before the commencement of his proceedings before the AO. FULL TEXT […]
INTRODUCTION The Finance Minister Ms. Nirmala Sitharaman during her maiden budget, presented on 1st February, 2020, declared an amnesty scheme namely ‘Vivad Se Vishwas – A Dispute Resolution Scheme 2020′ (hereinafter referred to as “the Proposed Scheme”). The Proposed Scheme aims to settle the unresolved issues pertaining to Direct Tax regime, i.e. Income Tax Act, […]
CBDT notifies rules regarding manner of making PAN inoperative u/s 139AA(2) – Notification No. 11/2020, dated 13-02-2020 CBDT notifies Income Tax Rule 114AAA prescribing that permanent account number (PAN) will become inoperative if a person, who has been allotted PAN as on the 1st day of July, 2017 and is required to intimate his Aadhaar number […]
Reopening of assessment was justified in case of EDPL as there were sufficient ‘reasons to believe’ that income had escaped assessment and the bar to reopening of proceedings after expiry of four years from the date of final assessment order, under the proviso, did not apply in assessee’s case and there was no requirement to issue two separate notices in the name of amalgamated company (i) as successor-in-interest of the amalgamating company and (ii) in its individual capacity as EDIPL had ceased to exist as a separate entity.
The performance of officers in respect of `Vivad Se Vishwas Scheme’ will be specifically commented upon by the Reporting and the Reviewing officers and shall be an important factor in determining their future postings.
Assessee is a company which had undertaken development of integrated township. The assessee had claimed the license fees received from the persons for the use of the IT Parks provided along with various infra structural and other facilities and services under the head ‘Income from business’. However, the AO had considered the same under the head ‘Income from house property’.
