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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...
Article explain What Is Section 194N of Income Tax Act, 1961, Who Will Deduct TDS Under Section 194N, Importance Of TDS Under Section 194N, Rate of TDS Under Section 194N and Threshold limit, From which date Section 194N and Section 194N applies to cash withdrawal by whom. What Is Section 194N? Section 194N is applicable […]
Now a days Income Tax Return (ITR) filing is very important and necessary for every assessee in the rapidly changing economic scenario. But I have come across the fact that with the increasing needs of filing ITR , “THE MYTHS ABOUT FILING ITR ARE ALSO INCREASING DAY BY DAY”. These Myths include Myths Like I […]
Section 194M: TDS @ 5% on payment to Resident Contractors & Professionals by an Individual / HUF [applicable w.e.f. 01.09.2019] A New Section 194M is inserted in The Income Tax Act, 1961 [“The Act”] vide Finance Act, 2019 to provide for levy of TDS at the rate of 5% on the sum paid or credited in a […]
Understand the taxation of dividends in the income tax act. Learn about the distribution tax, exemptions, and implications for shareholders.
Note on Retrospective Operation Of Benami Transactions (Prohibition) Act, 1988: Section 1(3) provides that ‘the provisions of section 3, 5 and 8 shall come into force at once (5th September 1988) and the remaining provision of this Act shall be deemed to leave come into force on the 19th day of May,1988. The decision of […]
Ganpati Dealcom Pvt. Ltd. Vs Union of India & Anr. (Calcutta High Court) By an amendment an existing Act is supplemented by new provisions adding to or subtracting from it. It is usual that parts of the existing Act are retained. Say for example, there is a provision in the existing Act for penalty in […]
The question that arises for consideration is where there is no new material brought on record by the Assessing subsequent to completion of original proceedings u/s 143(3) and where the matter was duly examined during the original assessment proceedings, whether the Assessing officer can still acquire jurisdiction by exercising powers u/s 147 of the Act.
1. WHAT IS TAXED? Under the Income Tax Act what is taxed under the head ‘Income from house Property’ is the inherent capacity of the property to earn income called the Annual Value of the property. This is taxed in the hands of the owner of the property. 2. COMPUTATION OF ANNUAL VALUE This is […]
INTEREST PAYABLE & RECEIVABLE BY THE TAXPAYER Do you know? The Income-tax Act requires that Income tax returns be filed in time, Advance tax and regular tax are paid correctly within the time prescribed. In case the assessee fails to do so, interest is chargeable under various provisions and there is no tax benefit on […]
Aricent Technologies Holdings Ltd. Vs ACIT (ITAT Delhi) Conclusion: Credit for tax deducted at source, which was deducted from the account of the deductee, by the deductor, was to be allowed as taxes paid in the hands of the deductee, irrespective of the fact whether the same had been deposited by the deductor to the […]
