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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 : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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...
ITO Vs Ms. Rayoman Carriers Pvt. Ltd. (ITAT Mumbai) The insinuation of revenue that ITAT passes order in a state of oblivion to the facts and antecedents to the appeal, displays a totally irresponsible and cavalier approach on the part of Revenue on the cusp of contempt and deserving exemplary cost to purge the same. […]
NEWS 1. Signing of Inter-Governmental Agreement for exchange of country by country reports between India and the United States of America-Press release dated 27.03.2019. 2. CBDT notifies ‘Nodal Officer, PM-KISAN’ for furnishing specified information u/s 138 [Ref:-Notification S.O. 1065(E) [NO.12/2019 (F.NO.FEMA 20(R)5/2019-RB)], Dated 27-2-2019] 3. CBDT extends term of Task Force on Direct Tax by 3 […]
Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rule 12 vide Notification No. 32/2019-Income Tax Dated 01/04/2019 for ready reference of our readers. Changes are Marked in Red Coloure. Rule 12 of Income Tax Rules as applicable from 01st April 2019 i.e. for Income Tax Return of Assessment […]
IBC Code segregates commercial aspects from judicial aspects of an insolvency proceeding and empowers and facilitates the stakeholders and the Adjudicating Authority to take decisions in their respective domain.
ITO Vs M/s. Dinal Diamonds (ITAT Mumbai) We find that in this case the sales have not been doubted. It is settled law that when sales are not doubted, 100% disallowance for bogus purchase cannot be done. The rationale being no sales is possible without actual purchases. This proposition is supported from the Hon’ble jurisdictional […]
Pr. CIT Vs Green Associates (Gujarat High Court) Assessee had claimed deduction in respect to the income arising out of such activity under section 80IB (10) of the Income Tax Act. The Assessing Officer disallowed the claim mainly on the ground that the assessee was not the owner of the land and the approval of […]
As the financial year 2019-20 begins, I hope every salaried employee must be worried on tax savings, where, how much to invest etc., It’s a time to plan your tax savings, referring to recent budget 2019, I have made a small write up were salaried employees can rethink, realign there investment plan. Lot of salaried […]
LTCG Tax on Equity Shares, Equity oriented Mutual Fund (MF) units Taxability upto F.Y. 2017-18/A.Y. 2018-19 Capital gains arising from sale of equity share/unit of equity oriented fund provided from tax, where the share/unit is held for a period of at least 12 months. The exemption is available if securities transaction tax (STT) is paid […]
In some treaties there is make available clause in Article 12/13 which mandates that services should “make available” technical knowledge, experience, skill, know how or processes. The term make available has far reaching significance since it limits scope of FTS. This clause is generally available in tax treaties with developed countries which want to retain the exclusive rights for taxing the transaction where there is no transfer or dissemination of knowledge or skill involved.
Reassessment was rightly opened under section 147 by AO as he had received fresh and tangible material being incriminating information from DGIT(Inv.) which in turn was based on incriminating information received from VAT authorities that assessee to be beneficiary of alleged bogus purchases and it was sufficient to reopen concluded assessment within the parameters of section 147.
