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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 : 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 Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
The income tax department on October 7, 2019 launched its faceless e-assessment scheme for taxpayers. Under the scheme, there would be no physical interface between an assessing officer and an Assessee. The plan was first introduced in the Union Budget 2019 by finance minister Nirmala Sitharaman. Sitharaman told the parliament that the existing system of scrutiny assessments […]
Avoid penalties for late filing of TDS / TCS returns. Learn about section 234E of the Income Tax Act and the prescribed due dates.
Suresh Anuradha Vs CIT (Madras High Court) In the given case, the second respondent has demanded the petitioner to pay a sum equivalent to 20% of levied tax on or before 17.01.2020 for entertaining the appeal and stay petition under Section 220(6) of Income Tax Act 1961. Earlier, an assessment order was passed on 11.12.2009 […]
The deadline for making tax saving investments is 31 March. But, there is still time to adopt last minute tax saving tips to claims tax benefits offered by the Government. This article discusses some tax investment avenues which can be utilized before 31 March to lower one’s overall tax liability.
Finance Act’2017 had made some major changes relating to Charitable and religious trusts. In this Article we have discussed five major amendments which are affecting Charitable and religious trusts.
The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord.
Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A. As you all are […]
Articles deals with Taxability of House Rent Allowance , Children Education Allowance, Hostel Allowance, Transport Allowance, Outstation Allowance, Under Ground Allowance, Traveling Allowance, Daily Allowance, Conveyance Allowance, Helper Allowance, Uniform Allowance and Academic Allowance.
Learn about the new section 115BAA and the concessional tax rate it provides for domestic companies. Find out how to avail this option and the applicable tax rate.
In this article we are covering following Perquisites taxable as salary- 1. Domestic Servants, 2. Gas, Electricity or water supplied by employer, 3. Education facility, 4. Specified Security or Sweat Equity Shares Allocated, 5. Interest Free Loans
