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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 : 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 : 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 Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
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...
Surendra Kumar Jain Vs PCIT (Delhi High Court) The general provision of two years, in the opinion of the Court, has been provided with one important objective i.e. to cater to a specific situation where upon search and seizure operation, if new material is found, already completed assessments are revisited. Had Parliament not prescribed such a […]
Needless to clarify that in the absence of a clear policy, the Courts may then impose interest on the quantum of refund generated either by virtue of Court orders or by virtue of substantive proceedings arising out of refund applications. Either-way, it is the Revenue who would have to pay interest on the delayed refund and as such rates determined by the Court.
Vague information given by DIT (inv) there is no other material the AO collected after preliminary enquiry which could have enabled him at the time of recording reasons to come to a conscious independent conclusion that income of the assessee has escaped assessment.
Trade & Industry was in the panic situation and confusion on various interpretation of law of availing the ITC on or before due date of filing GST Return for the month of Sept 2018. Majority of the consultants have advised their clients to avail the credit before filing the Sept Return, so as to avoid […]
Efforts should also be made to dispose of non-time-barring assessments in significant numbers after the time-barring assessments have been completed so that cash collection from the current demand can be made during the current financial year itself.
1. Applicability of Section 44AD Any business which has a turnover of less than Rs. 2 crores can opt for presumptive taxation under this section. Following class of businesses are out of scope of Section 44AD. – Life Insurance Agents – Commission of any kind – Running the business of Plying, Hiring or leasing Goods […]
Form 16 becomes quite a topic of discussion in all office campuses during the tax filing season. Though we know that Form 16 is for tax filing, many of us still find it hard to understand the components of Form 16 while filing the return. Understanding Form 16 is the key to better tax planning.
Amendment of Rules 2C, 2CA and 11AA and Form Nos 10G, 56 and 56G of the Income-tax Rules, 1962-draft notification for inputs from the stakeholders and the general public
In case of Sale of Property by Residents IN case of sale of immovable property by the residents in India buyer is required to deduct tax @ 1% u/s 194 IA of Income Tax Act, 1961 on sale consideration if value of property exceeds Rs. 50 Lacs. TDS shall also be deducted in case of […]
ITBA doesn’t allow generating 143(2) notice in the cases of 148 reopening before 1 month of filling of return. Even though the return is filled by the assessee and objections are rebutted within 15 day, AO cannot issue 143(2)
