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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...
Central Government hereby notifies M/s National Stock Exchange of India Limited (NSE) as a ‘recognised association’ for the purposeSection 43(5)(e)(iii) and consequently Trading in commodity derivatives on NSE shall not be deemed as speculative business. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 27th of November, […]
Notification No. 99/2019-Income Tax- CBDT notifies that the organization M/s International Centre for Research in Agroforestry, South Asia Regional Programme, NASC Complex, Delhi (ICRAF) (PAN:-AATI4803K) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C […]
In order to overcome the issue of double taxation, the concept of Permanent Establishment (PE) was introduced. Taking a step back into the first treaty on double taxation, the provision provides that business profits made by a PE were to be taxed in the country where the PE is situated.
Specified bond for Section 54EC of Income Tax Act – 1961 The benefit under section 54EC can be availed only if there is an income from a capital asset, being long-term in nature. Long-term capital gains are the profit that a person makes when he sale any capital asset (w.e.f A.Y 2019-20, the said long term capital asset shall […]
Since assessee had sufficient documentary evidences before AO to prove that money routed from assessee itself which came back to assessee in the form of share capital/premium and AO neither made any further enquiry on the documentary evidences filed by assessee nor verify the trail of the source of funds received by assessee through various entities thus, assessee had been able to prove that it had received genuine amounts which was routed through various companies.
Provisions of section 56(2)(viia) was not applicable on acquisition of shares of a foreign company from its directors because as per rule 11U(b)(ii) (prior to 01.04.2019) which defines “balance sheet‟ was not applicable to a foreign company and the amendment to Rule 11U with effect from 1.4.19 was prospective in nature. If the computation provisions could not apply, the charging section also could not apply as both sections should be read together in order to make the said provisions workable in accordance with law.
Senior Bhosale Estate (HUF) Vs ACIT (Supreme Court) Condonation of delay in filing appeal(s) against common order dated 29.12.2003 passed by Income Tax Appellate Authority being barred by 1754 days.: If the stand of the Applicant in the Affidavit that he had no knowledge about the passing of the order is not expressly refuted by […]
Venkata Dilip Kumar,Kartha-HUF Vs CIT (Madras High Court) No doubt, Section 54 (2) contemplates that if the amount of the capital gain is not appropriated by the assessee towards purchase of new assets within one year before the date on which the transfer of original asset took place or which is not utilised by him […]
Transfer Pricing: Suggested Operating Profit Margins for IT and ITeS Sector having Turnover between Rs. 50 lakhs to Rs. 50 crores This is high time for the entities which have to comply with the provisions of Transfer Pricing (TP) under Income-tax Act, 1961 (the Act) i.e. only 5 days left for filing of the various […]
In view of the ratio laid down by the Hon’ble Supreme Court in the judgment supra, the interest on the delayed refund becomes part of the principle amount and the delayed interest includes the interest for not refunding the principle amount
