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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...
Kay Dee Industries Vs JCIT (ITAT Delhi) Since it was not the first year of the payment of commission to the party and the recipient of the commission income was also not related party in terms of section 40A(2), therefore, revenue was only authorized to see whether the expenditure was laid out or by the […]
What is Gratuity? Gratuity is a lump sum that a company pays when an employee leaves an organization and is one of the many retirement benefits offered by a company to an employee. In India, gratuity rules and requirements are set out under the Payment of Gratuity Act, 1972. An employer may also choose to […]
Payment to the film distributors is not subject to TDS and therefore disallowing expense by invoking the provisions of Section 40(a)(ia) is not justified
Shri Shantilal B. Parekh Vs ITO (ITAT Mumbai) BOGUS PURCHASES – On the basis of information, huge racket of hawala dealers involved in issuing bogus invoices to allow the traders to claim tax credit was discovered. Assessee was alleged to be one of the beneficiary to who dealt with certain parties engaged in hawala racket. […]
Payment made by assessee to SEBI under consent order was an allowable business expenditure under section 37(1) and the same was not in the nature of the penalty for infraction of the law.
Where assessee had deposited sale consideration amount in the Escrow Account as a security in respect of future liabilities of the company/ transferor, the year of taxability, irrespective of the delay in making investment in REC Bonds on account of uncertainty involved for receiving the amount, the year of taxability was year of receipt and therefore, assessee was eligible for deduction under section 54EC.
आपकी सैलरी स्लिप में ऐसे कई खर्च या निवेश होते हैं, जो Income Tax बचाने में मददगार हैं. क्या आप Income Tax बचाने के लिए निवेश के विकल्पों की तलाश कर रहे हैं? दरअसल, आप 31 मार्च तक निर्धारित निवेश विकल्पों में निवेश कर इस वित्त वर्ष के लिए टैक्स बचा सकते हैं. हम आपको […]
CIT Vs Jagannath Gupta Family Trust (Supreme Court of India) In case of order passed by High Court on cancellation of Trust Registration in which high court held that one Bogus Donation cannot prove that activities of Trust are not genuine but high court has ignored the fact that Trust has pleaded that proceedings for […]
मोहन एक अक्टूबर, 2018 को रिटायर हुए हैं. उनकी ग्रेच्युटी की रकम 20 लाख रुपये से ज्यादा है. लेकिन, संस्थान ने बताया है कि उन्हें केवल 10 लाख रुपये तक की ग्रेच्युटी पर टैक्स से छूट मिलेगी. क्या यह सही है? Tax Guruji मोहन के सवाल का जवाब दे रहे हैं. वह कहते हैं कि […]
आपके जोखिम उठाने की क्षमता को आपसे बेहतर कोई नहीं समझ सकता. खुद Income Tax प्लानिंग में आप इस बात का ध्यान रखकर निवेश विकल्प चुन सकते हैं क्या टैक्स प्लानिंग में एक्सपर्ट की मदद लेनी चाहिए? कई लोगों के मन में यह सवाल होता है. कई लोग यह प्लानिंग खुद ही करते हैं. Income […]
