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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...
Gain a thorough understanding of the taxation structure in India for various assesses and entities. Learn about different types of taxes and their impact on individuals and businesses.
Types of trust and their tax treatments The plethora of litigation, complex, dynamic and ever changing tax provisions are best way to define trust though law maker also attempted to defined trust as “A trust is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by […]
Article briefly explains Taxability of Gifts received in the form of Money, Immovable Property and Movable Property. 1. Money :- If aggregate money received in F.Y. is greater than Rs. 50,000, then entire amount is Taxable. 2. Immovable Property :- Particulars Condition Taxable Amount Without Consideration If Stamp Duty Value > 50,000 Entire Stamp Duty […]
The individual resident taxpayer, being a person with a disability, is eligible to avail deduction under section 80U of the Income Tax Act and the provisions attached with the same are taken up and explained in the current article. Availability of Deduction under section 80U – Deduction under section 80U is available to a resident […]
Gautam Automobiles Pvt. Ltd. Vs ITO (ITAT Delhi) Conclusion: Since assessee has been consistently disclosing the address to the Revenue Department for the purpose of service and communication at 3, Tansen Marg, Bengali Market, New Delhi and this fact was also admitted by the A.O, therefore, there was no question of service of the notice […]
Clarification on option exercised under Section 115BAA of Income Tax Act, 1961 (Income Tax Circular No. 29/2019 dated 2nd October, 2019 Section 115BAA provides that any Domestic Company, at its option, may pay tax at a lower rate of 22% from AY 2020-21 subject to conditions. This option is to be exercised before the due […]
Deduction under section 80TTB was introduced for the first time in Budget 2018. Section 80TTB provides a deduction to senior citizens towards interest earned on deposits. The provisions of the same are explained hereunder – Persons eligible for claiming deduction under section 80TTB Deduction under section 80TTB is available only to a senior citizen. The […]
National Pension Scheme (NPS): National Pension Scheme is pension scheme launched by the government of India to provide the old age security to citizens of India. It brings an attractive long-term saving avenue to effectively plan your retirement through safe and regulated market- based return. Under NPS scheme all citizens can invest, whether he is […]
Section 45(4) would not be attracted on the retirement of the two partners and consequential allotment of their share in the assets in the assessee-firm as there was no element of transfer of interest in the partnership assets by the retiring partner to the continuing partners.
Court concurs with the CIT(A) and the ITAT that once the finding of the AO on bogus purchases was set aside, it could not be said that there was any concealment of facts or furnishing of inaccurate particulars by the Assessee that warranted the imposition of penalty under Section 271(1)(c) of the Act.
