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Income Tax : Get the complete TDS rate chart for FY 2025-26, including key rates, thresholds, and compliance notes for various payments under t...
Income Tax : Check the TDS chart for FY 2025-26, covering various payments like salary, dividends, winnings, rent, and more. Understand the app...
Income Tax : Learn common errors in the Online 12A Registration Process and how NGOs can avoid delays or rejections when applying for tax exemp...
Income Tax : Learn about advance tax, eligibility, due dates, and payment process to avoid penalties under the Income Tax Act....
Income Tax : The scope of this analysis encompasses a detailed exploration of these three concepts within the Indian income tax framework, draw...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : Ahmedabad ITAT upholds deletion of ₹1 Cr addition for Radhika Diamonds, noting cash sales were duly recorded and business activi...
Income Tax : Surat ITAT partly allows Jayeshbhai Chovatiya's appeal against unexplained bank credits addition and upholds part of AO's assessm...
Income Tax : ITAT Ahmedabad quashes ₹4 crore addition against Amitsingh Bhadoriya as AO relied on a bank account not admitted by the taxpayer...
Income Tax : Huawei Telecommunications (India) withdraws its ITAT appeals after choosing the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Income Tax : CBDT notifies Greater Mohali Area Development Authority for income tax exemption under section 10(46A), effective from assessment ...
Income Tax reduced tax rate option on individual or HUF who has business income once opted, have to apply to all subsequent years. It means it cannot go back and choose old rate with all deductions etc. (Applicable from FY 2020‐21) In Sep 2019, government announced reduced corporate tax rate to 15% or 22% and […]
This article is aimed at summarizing the various changes in Income tax act which would effect an individual tax payer. New Tax scheme- An option was provided to Individuals and HUF to opt for lower tax rate by foregoing certain exemptions / deductions.
Here I am presenting the simplified and summarized version of Direct Tax Proposals in Union Budget 2020 presented by Honorable Finance Minister of India on Feb 1, 2020. This article will help you to grasp the new insertions/amendments without going into the depth of each and every section.
PCIT Vs Nageshwar Enterprises (Gujarat High Court) A Co-ordinate Bench of this Court, in the case of Kailashben Manharlal Chokshi vs. Commissioner of Income-tax, 328 ITR 411, took the view that merely on the basis of admission, the assessee cannot be subjected to additions. The Co-ordinate Bench proceeded to observe that unless and until some […]
The case projected in this Writ Petition (Civil) are as follows: The petitioner is a primary agricultural credit society registered as per the provisions of the KCS Act. Ext.P-1 order was issued under Sec.271 B for the assessment year 2015-16 against the petitioner.
The interest paid in respect of the borrowings for acquisition of capital assets is allowable under Section 36(1)(iii) of the Act regardless of the fact that the capital assets acquired were not put to use in the concerned financial year in question
Understand the provisions of Section 271C of Income Tax Act, 1961 that impose penalties for TDS failure, non-deduction, or non-payment.
Budget 2020: Exemption Under Section 11 AND Section 10(23C) And Approval Under Section 80G For Charitable / Religious Etc. Trusts, Institutions Etc. – An Analysis Of Proposed Amendments Introduction: The Finance Bill, 2020 has proposed to make substantial changes regarding provisions for granting exemptions to the charitable / religious trusts, institutions etc. U/s. 11 of […]
Budget 2020- Article explains New Tax Regime (Optional Scheme) Vs Earlier Regime (Existing Scheme) – For Individual and HUF, Exemptions and Deductions Foregone to opt for optional Scheme, Insertion of Section 194O : TDS on Sale of Goods and Services through E-Commerce, Amendment in Section 206C (TCS Provisions), Modification of Residency Provisions (Sec – 6 […]
Central Government through ‘The Taxation Laws (Amendment) Act, 2019’ in September 2019, inserted a new Section 115BAB which gives an option to newly set up manufacturing companies to pay income tax at concessional rate on profits earned by them from business,
