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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...
It Contains Provisions in brief related to Return Due Date u/sec 139(1), Important Prescribed Forms under Income Tax Rules 1962, Current Rates for the Tax Deduction at Source, Provisions related to Cash loan/Deposit, Section 40(b):- Remuneration to Partner Business / Profession, Provision related to Cash Payment U/s. 40A(3), Tax Audit Provisions, Carry Forward & Set-off […]
Articles gives a brief Comparative chart on Income Tax Appeals with CIT, ITAT, High Court and Supreme Court with relevant Section, time limit to file appeal, appeal filing fees, Who can sign the appeal, Time limit for disposal of Appeal, Orders against which appeal can be made, Important Section under Assessment and Important Section under […]
Article explains various Types of Income Tax Return and Assessment Procedure. It Includes Voluntary Income Tax Return U/s. 139(1), Income Tax Return of Loss U/s. 139(3), Belated Income Tax Return U/s. 139(4), Revised Income Tax Return U/s. 139(5) and Defective Income Tax Return U/s. 139(9). Article gives Comparative Analysis of Different Types of Assessment which […]
There are situations where due to technical non compliance or due to procedural aspects credit TDS is denied to assesssee despite he is having Form 16A issued by deductor in support of his claim. However, CPC or even AO denies credit of such TDS and restricts claim to TDS as per Form 26AS only.
Hon’ble Bombay High Court (HC) held that the transfer pricing officer (TPO) cannot suo-motu assume jurisdiction to determine the arm’s length price (ALP) of specified domestic transactions (SDT) not referred to him.
Shri Devendra Agarwal Vs ITO (ITAT Jaipur) As regards the maintainability of the appeal for want of e-filing, we note that the ld. CIT(A) except giving the reasons in the impugned order did not raise this defect by issuing any notice or otherwise for rectification of the same on the part of the assessee. Though […]
Web hosting charges are not in the nature of royalty and accordingly not covered within the scope of Explanation 2 (iva) of section 9(1)(vi)
Shri Sohanlal Mohanlal Bhandari Vs ACIT (ITAT Pune) Adverting to the facts of the instant case, it is seen from pages 5 and 6 of the impugned order that the assessee acquired land in two parts for construction of a new residential house, viz, the first part of the plot purchased on 11.10.2010 and the […]
Deduction of interest u/s 24B allowable when loan borrowed to repay previous loan taken for the construction of residential unit.
If you are a founder, manager of an NGO and wants to increase flow of donations into your NGO, then this article is for you. It casts a light upon why an NGO must go for registration under Section 12A and 80G of the Income Tax Act. There are certain benefits available for the NGOs […]
