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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...
Provisions of tax deduction at source (TDS) with regard to payment of any other sum to a non-resident is covered under section 195 of the Income Tax Act, 1961 which are explained hereunder.
In view of the clear fact situation available on the record where such reopening is simply founded on the advisory dated 10.03.2016 issued by the department and where the reasons so present for the formation of belief is not resting on any tangible material, in possession of the Assessing officer as confirmed from the discussions above, in our opinion, the entire exercise is illegal and de hors the provisions of Section 147/148 of ‘the Act’.
The Budget introduced new section 194M covering TDS applicability on payment done to resident contractors, commission / brokerage and professionals. Let us analyze what the newly introduced section 194M has to say, in the present article.
Since the delivery of the notice of reassessment could not be made at the address of assessee available in PAN database, by virtue of the further proviso to sub-rule (2) of Rule 127, the communication had to be delivered at the address as available with the banking company however, no such steps were taken, therefore, service of notice was not complete and reopening of assessment was invalid.
Since the title in goods passed from foreign suppliers to assessee outside India at the port of shipment and AO failed to show as to how income of foreign parties was chargeable to tax in India, therefore, no income had accrued to foreign parties in India in terms of section 5 and section 9, therefore, section 195 did not apply to payments.
While introducing the new applicability of TDS levy on cash withdrawals under newly inserted Section 194N, the Finance Minister Shri Nirmala Sitharam in her budget speech elaborated that the Government has taken a number of initiatives for promotion of the digital payments and less cash economy. She stated that to promote the digital payment and […]
(a) returns filed for any assessment year prior to assessment year 2017-18, which were under scrutiny and were not processed in view of provisions of sub-section (1D) of section 143 of the Act; (b) returns remain unprocessed, where either demand is shown as payable in the return or is likely to arise after processing it; (c) returns remain unprocessed for any reason attributable to the assessee.
The Income Tax Act, 1961 contains various provisions either expressly or impliedly. There are many deeming fiction provisions in the Act viz. section 50C, 43CA, 56(2)(x), etc. One such section is section 2(22)(e) of the Act which provides that an amount of loan or advance given to a shareholder directly or indirectly shall be treated as dividend in the hands of the shareholder except under certain circumstances as laid down in the provision.
In this regard, it is stated that in the main Budget presented in July, 2019, Rs. 13,35,000 crore (reduction of Rs. 45,000 crore) has been allocated as the Budget Estimates for Direct Taxes for the Financial Year 2019-20. Accordingly, revised Region-wise allocation of budgetary target for Financial Year 2019-20 is forwarded herewith for kind information,
Omprakash Gupta Vs ACIT (Central)- II (ITAT Indore) Conclusion: No addition could be made in case of concluded assessments and non abated assessments in absence of an incriminating material discovered during search. Held: In the assessment order, AO observed that once search was conducted and notice was issued u/s 153A, AO was bound to issue […]
