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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...
In yet another bold move after the Ordinance announcements, the Finance Bill, 2020, inter alia, proposes to abolish dividend distribution tax (DDT), thereby, boosting investible funds and higher dividend payouts by corporates. Currently, DDT is payable by domestic companies at the effective rate of 20.56% on the dividends proposed to be paid to shareholders. These […]
CIT (Exemptions) Vs Addor Foundation (Gujarat High Court) Effect of Non Passing of order within six months — Non-disposal of an application for registration by granting or refusing registration before expiry of six months as provided u/s 12AA(2) would not result in a demand grant of registration. It was held that deemed registration cannot be […]
Key Highlights of Transfer Pricing Proposal in Union Budget 2020-21: > As per amended provisions, Form 3CEB filing date is 31st October 2020 for FY 2019-20. > Dispute Resolution Panel forum is now not limited to Transfer Pricing disputes only but also allowed to non residents for all disputes. > Provisions of interest limitation (Section […]
Article discusses about Proposed Changes vide Fiannce Bill 2020-21 in Tax Rates, Concessional Tax Scheme, Changes in Provisions related to Residential Status, Changes in Tax Provisions related to Provident Fund, New TDS Provisions under Section 194O/194J and other Important Changes in TDS, Due date for filing of Form 3CEB, Important Filing Dates for the Year […]
ACIT Vs Thirumala Rice Industries (ITAT Bangalore) Sub-section (4) of Section 45 deals with a distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals or otherwise. If in the course of such distribution of capital asset there is a transfer of a capital asset by […]
In an attempt towards the Direct tax code (DTC), Our Honourable finance Minister has announced dual slab rate. where Individuals has given option to choose the old slab rate or slab rate as defined in recently announced finance act, Now there are different questions in the minds of Assesses, which slab would be beneficial and […]
Budget 2020- FAQs on Proposed TDS under Section 194O on E-commerce Operator (w.e.f. 01/04/2020) 1. Who is responsible to deduct TDS under section 194O? Any person, being E-commerce operator facilitating sale of good or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever name called). 2. Is […]
It is proposed to provide for tax collection at source (TCS) on remittance under Liberalised Remittance Scheme of Reserve Bank of India exceeding seven lakh rupees.
The Finance Minister Nirmala Sitharaman while presenting the Budget 2020 on Saturday has proposed the following changes are as follows: 1) Here’s a list of the main exemptions that tax payers will have to forgo if they opt for the new regime. (i) Leave travel allowance exemption which is currently available to salaried employees twice […]
WIDENING AND DEEPENING OF TAX BASE BY In order to widen the TCS, the Finance Minister in Para 3.3 made the following in her speech. 3.3 Widening the scope of TCS: It is proposed to provide for tax collection at source (TCS) on remittance under Liberalised Remittance Scheme of Reserve Bank of India exceeding seven […]
