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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...
Information for Tax Planning to the various types of assesses on the basis of Finance Bill 2020 Through this article, I tries to give information about the Finance Bill 2020 in a simplified manner to be used by every type of assessment in the Assessment year 2021-2022 (F.Y 2020-2021) Following are the important points you […]
Understand the penalty for contravening provisions of section 269SS. Learn about the applicability, authority, and amount of penalty under section 271D of the Income Tax Act.
Direct Tax Proposals: 1. Tax Incentives 1.1 Relief in personal income-tax and simplification of taxation: In order to provide relief and simplify the taxation regime, it is proposed to provide an option to individual and Hindu undivided family to be taxed at following lower rates if they do not avail specified exemption/deductions: Total Income (Rs) […]
A handful of the direct tax proposals are directed towards the second theme, namely, Economic Development. The budget has given a fillip to start-ups by raising the threshold turnover limit for qualifying for deduction under section 80-IAC from Rs.25 crores to Rs.100 crores.
t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall be required to be deducted by the Mutual Fund on income which is in the nature of capital gains. Necessary clarification, if required, shall be proposed in the relevant provision of the law.
As you are aware the Hon’ble Finance Minister in her Budget Speech on lst February 2020 announced a new Scheme namely Vivad se Vishwas’ wherein a taxpayer in whose case appeals are pending at any level may benefit from this scheme.
Income which accrued to the Assessee from the funds of the Government which were released to it were not diverted by it and could not be diverted by to any other purpose and had to be used only for the purposes which the Government directed and in case the funds were not used the Government had the right to recall them.
In the given case, the respondent assessee has filed its return of income for the assessment year 2013-14. The Principal Commissioner of Income Tax invoked power of revision under Section 263 of the Act, 1961 on the ground that without deducting TDS on the export freight, the assessee company had paid export freight to Inter Ocean Shipping and Logistic Services.
Hon’ble Finance Minister, Smt. Nirmala Sitha Raman has presented a lengthiest Wonderful budget, made navel and result oriented allocations, Proposed Sixteen point formulae for doubling the farmers income is Welcomed by all the citizen of India with praise. The reforms brought for corporate sector also applauded and may also instigate more foreign funds, generate more […]
The agricultural sector has been in a slow down for a past couple of years now. To overcome this, Finance Minister N. Sitharaman through this budget tried to change this situation. The finance minister proposed a 16 point action plan in her speech while presenting the budget so as to improve the condition of the agricultural […]
