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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 : 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 : 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 : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
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...
Residential Status of an Individual under Income Tax Act, 1961 One of the most basic yet very important topic in direct taxation is determining the residential status of the assessee. This concept will act as a foundation for Calculating Taxable income and calculation of tax thereon. In this article let us discuss the provisions of […]
I retired on 30th September 2005 as Chief Commissioner of Income Tax I, Chennai – after completing 37 years of highly satisfying service in the income tax department. I received several requests to write about my experiences. This small summary is the result of my ramblings.
Submit 15 G or 15 H before the year end to avoid tax deduction from your interest Of late I have been receiving many queries from the readers about submission of forms to the banks so as to ensure that the bank does not deduct tax at source. In order to address those queries I […]
Advocate Akhilesh Kumar Sah Lord Krishna Dwellers (P) Ltd. Vs DCIT (ITAT Delhi) Lord Krishna Dwellers case: Purchases of land reflected in the seized sale deeds duly recorded in the regular books of account, documents seized relating to same during the course of search cannot be considered as incriminating material, enabling AO to proceed under section […]
Central Government hereby notifies for exemption U/s. 10(46) ‘Himachal Pradesh Kaushal Vikas Nigam’, Shimla, a body constituted by the Government of Gujarat vide Notification No. 92/2018 Dated : 28th December, 2018. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES NOTIFICATION No. 92/2018 New Delhi, the 28th December, 2018 S.O. 6357(E).—In exercise of […]
Central Government, having regard to the national interest, hereby notifies vide Notification No. 91/2018 the National Iranian Oil Company, as the foreign company and the arrangement for bilateral trade payments entered between the Government of India and the Government of Iran on 2nd November, 2018 as the arrangement subject to the condition that the said foreign company shall not engage in any activity in India, other than the receipt of income under the aforesaid arrangement.
Central Government hereby notifies for exemption U/s. 10(46) ‘Rajasthan State Open School Society’, Jaipur, a body constituted by the Government of Gujarat vide Notification No. 90/2018 Dated : 28th December, 2018. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 90/2018 New Delhi, the 28th December, 2018 S.O. 6355(E).—In exercise of […]
When cash payment was done on insistence of the seller, amount was duly recorded in the sale deed and no doubt was raised with regard to the genuineness of the transaction, disallowance u/s 40A(3) not justifiable.
Office Order No. 219 of 2018 The following Commissioners of Income Tax are hereby transferred and posted as per the table below, with immediate effect and until further orders:
ITO Vs Aggregate Finance & Investment P. Ltd (ITAT Delhi) Be that as it may, as adverted to supra, the case of the Ld. AO while recording the reasons was that the assessee derived the income as a provider of bogus accommodation entries. However, the addition was made on account of receipt of share application […]
