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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
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 : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : ITAT Bangalore rules software development as "production", allowing Bosch's claim under Sections 32(1)(iia) and 32AC for depreciat...
Income Tax : ITAT Bangalore denies Section 11 exemption to Al-Badar Trust, citing capitation fee collection as lacking charitable intent under ...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QD. Every person responsible for deduction […]
It has been held that GST is a new progressive levy. One of the progressive ideal of GST is to avoid cascading taxes. GST Laws contemplate seamless flow of tax credits on all eligible inputs.
Young Indian Vs CIT (Exemption) (ITAT Delhi) ITAT Delhi has dismissed Congress leader Rahul Gandhi’s plea to make Young Indian a charitable trust. Rejecting the application, the ITAT Delhi said that it is a commercial organization. With the rejection of the application, the income tax case of 100 crore rupees against him will open again. […]
Brief Analysis of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Basis of charge Undisclosed asset outside India is defined to mean asset (including financial interest in any entity) located outside India, held by assesee in his own name or in respect of which he is beneficial owner, and he […]
Post Union cabinet approved regularization of 1728 unauthorized colonies in National Capital Territory of Delhi with levy of 0.5% stamp duty (against Stamp duty and transfer duty @ 4% if the vendee is a woman and @ 6% if the vendee is a man), notification 96/2019 dated 11.11.19 provided relief under Income Tax. To curb cash dealings in […]
The Finance Act, 2016 introduced provisions relating to Country by Country Report (CbCR) and Master File pursuant to adoption of OECD’s BEPS Action Plan-13 in India. On 31st October 2017, CBDT released the Final Rules with respect to maintenance and furnishing of Master File and CbCR. Summary of Final Forms and Rules for Master-File applicable […]
The Income Tax Department conducted search action in Mumbai and Surat on 06.11.2019 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC). A total of 37 premises were covered under search action and 7 premises were covered under survey.
ITAT Chennai ORDER in the case of Herve Pomerleau International CCCL Joint Venture Vs. DCIT on Section 167B of Income Tax Act, 1961 which deals with Charge of tax where shares of members in association of persons or body of individuals unknown, etc. makes for a curiously interesting reading.
In this regard, board has issued an instruction related to the verification checklist in the cash deposit cases during the demonetization period for providing the assistance to the AOs for verification of cash deposits and framing of assessment in the demonetisation related cases.
Taxing multinationals: Unified Approach proposal is not good enough – ICRICT urges Secretariat to bring G24 proposal back to the table and to publish economic impact analysis so that the debate can be both transparent and objective. Last month, under the mandate of the G20, the OECD Secretariat has presented a proposal to address the […]
