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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...
Treatment of Performance Bonus under Section 10(13A) of the Income Tax Act 1961. In the case of Sudip Rungta Vs DCIT (ITAT Kolkata) ; ITAT No. 2370/Kol/2017 ; Date of Pronouncement: 10/01/2020 In the above order the ITAT has discussed and decided that performance bonus cannot be treated as salary for the purpose of calculation […]
Learn about the penalty provisions of section 271FA of the Income Tax Act and understand the consequences of failing to furnish the statement of financial transactions or reportable account.
Q.1 Who are going to be benefitted from this scheme? Ans. Every person, to whom demand is raised and who has filed the appeal before the CIT(A), High Court or Supreme Court and such appeal is pending on 31st Jan 2020. Q.2 When is this scheme going to be implemented and what is the last […]
TDS on E Commerce Transactions under Section 194O with effect from 01st April 2020 Are you planning to start selling your products or providing service on e-commerce platforms or Are you E commerce participant i.e. currently selling your products or providing services on e-commerce platforms? If your answer is yes, then this article will be […]
Brief of New Section 115BAC of Income Tax Act: New Income Tax Slab for the FY 20-21 A New section 115BAC of the Income-Tax Act, has been inserted with effect from the 1st day of April 2021 i.e. AY 2021-22. This section will provide the new and lower-income tax slab rates for the individual and […]
1. What is the objective of the Vivad se Vishwas scheme? Ans: To provide for a one-time settlement scheme for resolution of disputed tax and for matters connected therewith or incidental thereto. 2. Who can avail the Vivad se Vishwas scheme? Ans: An Assessee whose appeal, whether filed by the Assessee or the Dept or both, […]
Find out the income tax rates for assessment years 2019-20 and 2020-21. Learn about the different tax brackets and rebates under Section 87A.
1. Section 269SU of Income Tax Act, 1961 Section 269SU requires every person who is carrying on business to provide the facility for accepting payments through prescribed electronic modes. These prescribed modes will be in addition to the facility for any other electronic mode of payment already provided to customers by such person. Section 269SU […]
In Union Budget 2020, our finance minister introduced amnesty scheme for disposal of appeal pending in direct tax matters. The bill has been named “The Direct Tax Vivad se Vishwas Bill, 2020”. The bill has been presented in Lok Sabha on 5th February, 2020 and shall come in to force once it gets approved by […]
♦ Residential status – Stay period decreased to 120 days from existing 182 days. ♦ An Indian citizen who is not liable to tax in any other country or territory shall be deemed to be resident in India, and accordingly will be taxed on his global income, in India. ♦ Filing of statement of donation […]
