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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 : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
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 : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
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...
Framing of an assessment against a non-existent amalgamating entity was not procedural irregularity but a jurisdictional defect not covered under section 292B, therefore, assessment made by AO was nullity in the eyes of law and the same was liable to be quashed.
In present case there are evidences and material to show that the shareholder company was only a paper company having no source of income, but had made substantial and huge investment in the form of share application money.
Ms CLSA India Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that AD-Hoc Determination of Arm’s Length ALP) Price By Transfer Pricing Officer (TPO) Not Sustainable in Law. FACTS – Assessee is a subsidiary of Credit Lyonnais Securities Asia, Netherland. Return of assessee was selected for scrutiny and international transaction with its associated enterprise […]
Ministry of Finance CBDT refutes Media Report Dated: 22 MAR 2019 by PIB Delhi A search action under Section 132 of the Income-tax Act, 1961 was carried-out on Sh. D.K Shivakumar and Group of Cases on 2nd August, 2017 by the Income Tax Investigation Directorate of Karnataka & Goa. A large evidence of incriminating material […]
RBM Pati Joint Venture Vs DDIT (ITAT Delhi) An insight over the penalty order, we find that the penalty was initiated on account of loss claimed by the appellant on sale of assets, even though, that particular block of assets had not been exhausted. We do not find any justification to discard the findings reached […]
Merely because liability was outstanding, it could not be presumed that the said liabilities had ceased to exist. Since the liability did not cease to exist and the assessee had acknowledged debt in his books, the same could not be taxed under section 41(1).
As per the directions of Hon’ble CAT, Mumbai Bench in its Order dated 06.02.2019 in the Contempt Petition (CP) No. 18/2018 of the OA No. 623/2016 in the case of Sanjeev Kumar & Others v/s Union of India & Others, the following 64 officers are hereby reverted to the post of Income Tax Inspectors with […]
Builders generally as a matter of practice are not interested in leasing of such property (ies) hence even the department in most of the cases, did not invoke provisions of section 23 of Income-tax Act, 1961 (‘the Act’) to tax the notional income deemed to accrue on completed vacant property(ies) held as stock-in-trade by the builders.
Learn how to handle income tax raids effectively. Understand the steps to take after a raid, including PAN migration and filing income tax returns.
In order to align the domestic laws with the modifications being done by Organisation for Economic Co-operation and Development (OECD) through Base Erosion and Profit Shifting (BEPS) and the Multilateral Instruments (MLI) some very significant amendments have been done in international taxation. Business connection as defined in section 9 has been further aligned with the […]
