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Income Tax : Learn about the block assessment scheme in income tax, its key features, and how it impacts search and seizure cases under the Fin...
Income Tax : Learn about clubbing of income under Indian tax law. Understand how income transfers to family members can affect your tax liabili...
Income Tax : Circular No. 09/2024 raises monetary limits for tax appeals, promoting efficiency in the income tax system while ensuring focus on...
Income Tax : Modern fiscal rules have expanded KMP's responsibilities beyond tax compliance, requiring careful navigation of complex legal land...
Income Tax : Learn about taxation on derivatives and F&O transactions, their treatment as business income, audit requirements, and presumptive ...
Income Tax : Join our webinar on TDS amendments from Budget 2024 and learn their impact on tax audits, filing procedures, and compliance....
Income Tax : Tax professionals face technical issues on the Income Tax portal, hindering tax audit report submissions before the 30th Sept 2024...
Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....
Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...
Income Tax : The CBDT launches the e-Dispute Resolution Scheme, 2022 to reduce tax litigation, offering eligible taxpayers a streamlined proces...
Income Tax : Delhi High Court clarifies taxability of profits attributed to a Permanent Establishment (PE) under the India-UAE DTAA, even when ...
Income Tax : Tata Sons challenges incorrect interest calculation on refunds under Section 244A. ITAT Mumbai directs reassessment of refund and ...
Income Tax : ITAT Bangalore held that confirmation not containing PAN cannot be reason for addition as the confirmations were available with th...
Income Tax : ITAT Bangalore held that filing of form 10B is only directory and the same is not mandatory. Hence denial of exemption under secti...
Income Tax : ITAT Bangalore held that delay in filing of an appeal due to election code of conduct and ill health of staff is sufficient cause ...
Income Tax : Direct Tax Vivad Se Vishwas Scheme 2024 comes into effect on October 1, 2024, per Notification No. 103/2024 from the Ministry of F...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Income Tax : CBDT raises monetary limits for tax appeals: Rs. 60 lakh for ITAT, Rs. 2 crore for High Court, and Rs. 5 crore for Supreme Court, ...
Income Tax : New CBDT instruction outlines updated procedures for internal audit objections, emphasizing accountability, compliance, and effici...
Income Tax : Chennai’s Advanced Manufacturing Technology Development Centre approved for tax benefits under Income Tax Act section 35(1)(ii) ...
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 5th October, 2018 S.O. 5160(E).—Whereas in exercise of the powers conferred by section 35AC of the Income-tax Act, 1961 (43 of 1961) read with rule 1 1G of the Income Tax Rules, 1962, the Central Government constituted the National Committee for Promotion of Social and Economic […]
Direct Tax Collections for F.Y. 2018-19 up to September, 2018 (Half-yearly figures) show that gross collections are at Rs. 5.47 lakh crore which is 16.7% higher than the gross collections for the corresponding period of last year
Income-tax Authorities have correctly held that the assessee was not in receipt of Rs. 12,36,000 as agricultural income. Having held Rs. 12,36,000 as not agricultural income, the sum that is credited to the book of account has to be necessarily added as income from other sources u/s 68 of the I.T.Act.
M/s. Indian Plastics Institute Vs Assistant Director of Income Tax Officer (ITAT Mumbai) Considering that the activities of the assessee-trust are for advancement and development for the benefit of its members and public, the art, science, technology and engineering of plastics, natural and synthetic and other related materials which is achieved through regular technical lectures, […]
Association of National Exchanges Members of India Vs SEBI (Bombay High Court) CBDT has clarified that where a derivative contract is being settled by physical delivery of shares, the transaction would not be any different from transaction in equity share where the contract is settled by actual delivery or transfer of shares. It further states […]
Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi) There was a deliberate defiance on the part of the assessee for non-submission of the same under the pretext that some of the details are available in the records of the Income Tax Department or some of the details are available in the Website of the Ministry of […]
ACIT Vs Goldmohur Design And Apparel Park Ltd (ITAT Mumbai) Bombay High Court in CIT vs Gangadeep Infrastructure Pvt. Ltd. (394 ITR 680)(Bom.) held in this context to the pre-amended section 68 has held that where the Revenue urges that the amount of share application money has been received from bogus shareholders then it is […]
Central Bureau of Investigation has arrested an Income Tax Inspector, working in the office of Joint Commissioner, Income Tax, Range-III, Lucknow and a private person in a bribery case of Rs. 10 lakh.
Whether the provisions of Section 269ST are also applicable on transactions between the firm and its partners? In this article an attempt has been made to discuss various aspects of this issue.
The author Discusses the impact of newly inserted section 145A on the banking sector. In case of those banks treating their securities as stock in trade and thereby booking less loss as per RBI and more loss for income tax purposes, it is no less than a surgical strike.
