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Income Tax : Supreme Court held a levy is a fee only when linked to a specific service or benefit. Absence of quid pro quo makes it a tax, rega...
Income Tax : Companies renting residential properties often struggle with choosing between 2% and 10% TDS. The key takeaway is that the correct...
Income Tax : Bangalore ITAT held that the Revenue cannot deny the fifth-year deduction under Section 35D after consistently allowing the claim ...
Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Tribunal observed that even in ex parte proceedings, the CIT(A) must adjudicate issues through a speaking order. The matter wa...
Income Tax : The ITAT Delhi held that no notional rent could be charged for the period during which unsold commercial units remained stock-in-t...
Income Tax : Mumbai ITAT held that payments from accumulated income to institutions registered under Section 12AA attracted Section 11(3)(d). T...
Income Tax : Mumbai ITAT held that the Revenue could not attribute the entire execution revenue from cross-border deals to the Indian PE withou...
Income Tax : Mumbai ITAT held that maintenance charges and other collections received exclusively from members of a co-operative society are ex...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Explore the amended Professional Tax Schedule in Karnataka effective from 01/04/2023. Understand the tax liabilities, exemptions, and consequences for GST-registered persons, individuals paying income tax, and entities engaged in various professions, trades, and employments. Stay informed about the latest changes, due dates, and compliance details. Prakasha & Co. provides a comprehensive guide to navigate the Karnataka Tax on Profession, Trades, Callings, and Employments (Amendment) Act, 2023.
ITAT Ahmedabad held that depreciation on goodwill duly available as goodwill has been taken into account while determining the face value of the shares which is treated as consideration in the scheme of amalgamation.
Navigate the complex tax implications of life insurance policies, ULIPs, and Keyman policies. Uncover the latest changes introduced by the Finance Act, 2023. Explore the tax status of normal life insurance policies, ULIPs, and Keyman insurance policies, ensuring you make informed financial decisions. From premium limits to TDS considerations, stay updated on the taxation landscape.
Automatic Calculator in excel format for Financial Year 2022-23 (AY 2023-24) and Financial Year 2023-24 (AY 2024-25) contains All in One Calculator with Salary Statement, Computation Sheets & Form-16. Govt. had introduced a new tax regime of lower tax rates in Budget 2020. Which was continue in FY-2022-23 too. New Tax Regime was optional. But […]
Term Sikkimese defined in section 10(26AAA), is only for the purposes of Income-tax Act, 1961 & not for any other purpose
As per Budget announcement 2023-24, following income tax related benefits are being proposed for the Cooperative Societies: i. The new co-operative society formed on or after 01.04.2023, which commences manufacturing or production by 31.03.2024 and do not avail of any specified incentive or deduction, is proposed to be allowed an option to pay tax at […]
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 3rd April, 2023 PRESS RELEASE Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by ₹2.41 lakh crore i.e. by 16.97% Direct Tax collections (provisional) for the FY 2022-23 exceed Revised Estimates […]
CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee then his default tax regime is new Income Tax regime u/s 115BAC. CBDT […]
ACIT Vs. Armee Infotech (ITAT Ahmedabad) RASHTRIYA KOMI EKTA PARTY IS ONE OF THE ‘23’REGISTERED UNRECOGNISED POLITICAL PARTIES. The grievance of the Revenue in its appeal for the Asstt.Year 2012-13 is that the ld.CIT(A) has erred in deleting disallowance of Rs.55 lakhs in respect of donation to political parties under section 80GGC of the Act. […]
Understand the key Income Tax Amendments from FY 2023-24. Learn about changes in tax regimes, exemptions, and impacts on individuals, businesses, and trusts.
