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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 : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
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 : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
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 : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
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...
Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court) During the course of assessment the Assessing Officer examined this claim and came to the conclusion that the gain arising out of sale of capital asset was a short term capital gain. The controversy between the assessee and the revenue revolves around the question as to when […]
What are Cess and Surcharge? While calculating income tax, you have to calculate Cess and Surcharge also. Especially for those who are going to file income tax for the first time, the term Cess and Surcharge is a bit of a brainwave. In this article, we will understand the meaning of Cess and Surcharge. It […]
Situations where person has to pay tax even if Income is less than Rs. 5 lakhs In Budget 2019 our finance minister has announced that no tax will be paid on Income up to Rs. 5 lakhs. Many of us misunderstood that the income tax slabs have been increased, whereas the finance minister has mentioned […]
Demystifying Income Tax Search and Seizure during raid. Understand the law and know your rights to ease any fears.
Income Tax Dept conducted searches at 5 locations in Jammu & Kashmir region on 14/3/19. The actions are part of Deptt’s continued drive against use of black money by disruptive elements in the State; also send message of deterrence 2 those intending 2 vitiate democratic process of free & fair election. Prominent LOC trader who […]
National Company Law Tribunal shall have jurisdiction to entertain or dispose of any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under the Code
Legal and professional fees paid in connection with the transfer of shares was allowable as deduction from long term capital gain under section 48(i) as the expenditure incurred was wholly and exclusively in connection with the transfer of shares of the Indian Subsidiary.
Assessee was entitled to claim exemption under section 54F on gain earned on the sale of factory shed as factory shed inherently being long-term capital asset as per the provision of Section 2(42A) even if sale of factory shed was subject to short-term capital gain on the basis of deeming provision as specified under section 50.
Assessee was not entitled to claim redemption fine as business expenditure under Section 37 as the same was for the infraction of law committed by assessee.
Pr. CIT Vs M/s. Starflex Sealing India Pvt. Ltd. (Bombay High Court) Held- Court requested revenue that the State takes a consistent view and does not agitate matters on which the Court has already taken a view, without pointing out the earlier order of this Court to the subsequent Bench. Court’s endeavor is only to […]
