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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 : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
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 : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Shree Vimalnath Jain Swetamber Mandir Trust Vs CIT (ITAT Raipur) We find that the learned Commissioner (Exemption) has refused registration under section 12AA of the Act to the assessee since donations received were not properly accounted for and also because that the objects of the Trust was for betterment of Jain Community and for benefit […]
Nikhil Chandra Mitra Vs ITO (ITAT Kolkata) Disallowance of Rs.60,000/- made on account of accounting charges by invoking the provisions u/s 40(a)(ia) of the Act. The assessee submits that the person whom the amount was paid was not a qualified professional and he was an accountant writing the accounts and hence 194J of the Act, […]
Since assessee had brought all the relevant material to substantiate its claim that transactions of the purchase and sale of shares were genuine and AO had brought nothing controverting material to deny the same, therefore, the long term capital gain (LTCG) on sale of shares of M/s. KAFL claimed as exempt by assessee could not be treated as bogus simply on the basis of some reports of investigation wing.
Article explains Filing of Income Tax Returns, Who are required to file Income Tax Return?, ITR filing for some special entities, Time limit for filing of Returns, Consequences of Late filing of Return, Revision of Income Tax Returns, Defective Income Tax Return u/s 139(9), Processing of Income Tax Return, Income Tax Assessment Procedure, Notice […]
FICCI Recommends Cut in Corporate Tax Rate, Revision of It Slabs For Individual Taxpayers in Budget 2019-20 NEW DELHI, 13 January 2019: FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax collections. The […]
Prabhudas Liladhar P. Ltd. Case: Once The Whole Basis Of Addition Itself As Made By The AO In Quantum Has Been Deleted By The Tribunal And Expenses Were Related To The Business Penalty Levied By The AO Under Section 271(1)(c) Deleted
A Startup which is recognised by DIPP under para 2(iii) (a) shall be eligible to apply for approval for the purposes of clause (viib) of sub-section (2) to section 56 of the Act for the shares already issued or proposed to be issued if the following conditions are fulfilled‑
Discover the different types of income tax returns, filing dates, and verification process. Learn about the consequences of not filing your income tax return on time.
CIT Vs M/s Reliance Industries Ltd. (Supreme Court of India) The appeal was filed by the Department (appellant herein) before the High Court against the judgment of the Income Tax Appellate Tribunal (ITAT). However, the said appeal was defective and the appellant took abnormal time of 1371 days in removing those defects. An application for […]
The petitioner says that he is a senior citizen of 65 years of age and because he is not in possession of Form No.16, he has suffered at the hands of the Department. Let, therefore, the necessary steps be taken in law so that such occurrences are avoided in future.
