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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved theratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)
Overview of TDS on Non Resident Payments Provisions for Deduction of Tax at source in case of payments to non-residents is covered under section 195 of the Income tax act 1961 which are as below. SECTION 195 (1) APPLICABILITY Payments to any Non-Resident (not being a company). Foreign Company. PAYMENTS COVERED Any interest. Any other […]
Assessee-trust was entitled to claim excess expenditure over income being deficit to be carried forward for setting it off in subsequent years as income derived from trust property had to be computed on commercial principles and if commercial principles were applied then adjustment of expenses incurred by trust for charitable and religious purposes in earlier years against income earned in subsequent year would be regarded as application of income in the subsequent year having regard to benevolent provisions contained in section 11 and such adjustment would be excluded from income of the trust under section 11(1)(a).
Nature of income which had been rental earning from the house property would not change just because it had been received by assessee-company formed with the object of carrying out business as builder and developer, therefore, AO had, rightly assessed the rental receipts under the head Income from house property.
Assessee was entitled to claim long term capital gain exemption under section 54 on sale of property and the same could not be denied on the ground that income tax return was not filed declaring such income.
Reassessment after period of four years on the ground that assessee had claimed excess deduction under Section 80IB(10) was not valid where assessee had made true and full disclosure and had consciously made only a proportionate claim under Section 80IB(10), which was rightly allowed by AO at the time of original assessment proceedings under Section 143(3).
I want The Hon. Finance Minister to consider my suggestion on the above subject. Surcharge @10% of Income tax is levied when taxable income exceeds Rs. 50 lacs and upto 1 crore. Income tax for Rs.50 lacs works out to Rs. 1312500/-.
Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the assessee to penalty under section 271(1)(c)
Before coming on the main article, let’s understand why there is a need of invoking such provisions of section 194-IA under income tax act, 1961. There is a great need and importance of invoking such provisions in income tax so as to curb the circulation and flow of black money in India. Many Real Estate […]
Home is a basic need of any person in addition to bread and clothes. With rising prices of houses, it is almost impossible for an average person to buy a house without borrowing for it either through housing loans or through loans from friends and relatives. In this article, I wish to point out why the government should take out the present tax benefit from Section 80 C and introduce separate deduction for the principal repayment of housing loan.
