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Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Receiving an income tax notice can be disconcerting, particularly for individuals who are not well-versed with tax laws and compli...
Income Tax : Discover key highlights of India's Income Tax Bill 2025, effective April 2026, featuring simplified tax structures, revised slabs,...
Income Tax : Supreme Court clarifies the applicability of TOLA to reassessment notices under the Income Tax Act, addressing the interplay with ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material ...
Income Tax : ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value...
Income Tax : ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting prope...
Income Tax : ITAT Bangalore upheld CIT(A)'s acceptance of additional evidence in local language, dismissing AO's addition under Section 69A. Re...
Income Tax : ITAT Bangalore set aside penalty orders under Section 271B due to improper notice delivery to an unrelated email ID and failure to...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Income Tax : CBDT notifies the Income-tax (Seventh Amendment) Rules, 2025, updating Forms 26Q and 27Q to include Section 194T on payments to fi...
This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small tax payers It proposes various provisions which are beneficial for the owners of property. Let us discuss. Enhancement for limit on TDS on rent The Finance Minister (FM) has proposed to enhance […]
AO was incorrect in making addition towards deposits found in foreign bank account of assessee maintained with HSBC Bank, Geneva without establishing the fact that the said deposit was sourced out of income derived in India, when the assessee had filed necessary evidences to prove that he was a non resident since 25 years and his foreign bank account and assets did not have any connection with India and that the same have been acquired / sourced out of foreign income which had not accrued / arisen in India.
Conversion of cumulative and compulsory convertible preference shares(CCPS) into equity shares cannot be treated as ‘transfer’ under section 2(47) and no capital gain is to be computed upon such conversion.
ITO Vs KSK Wind Energy Halagali Benchi Pvt. Ltd. (ITAT Hyderabad) Assessee’s have been incorporated on 03-01-2011 with the object of generation of electricity from non-conventional sources, the project of which is proposed in the state of Karnataka and for this purpose investments have been received in the form of equity capital of the assessee companies […]
There are various provision inserted via Finances Act to put a limit on Cash Transaction for a check on Black Money and Tax Theft, below are the following provision applicable to Assesses (Liable for Audit u/s 44 AB of the Act) SECTION 269ST PROVISION OF SECTION 269ST: No person shall receive an amount of two lakh rupees or more— […]
The Government has not held any consultation regarding taxation of digital businesses as such. However, to address the challenges posed by the enterprises who conduct their business through digital means and carry-out activities in the country remotely, the following measures have been taken:
Assessee-producer having film production unit entitled for income tax deduction under section 80IB as assessee was running a production house and each new project for a new film, could not be considered as split up or reconstruction of the business already in existence.
The level of income-tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, as given hereunder: – S.No. Financial Year Total Number of Income Tax Returns filed Percentage increase over previous Financial Year (a) (b) (c) (d) 1 2015-16 4.63 Crore […]
As the deadline for investments related to tax savings nears, individuals should look at various options to save tax under the Income-tax Act, 1961. Section 80C offers a tax deduction of Rs 1.5 lakh for investment in five-year bank/post office deposits, contribution to Public Provident Fund, Employees’ Provident Fund, life insurance premiums, investment in ELSS […]
Amount received by SushmitaSen from Coca Cola Company in connection with settlement of a sexual harassment case was not liable to tax as the compensation received could not be termed as any benefit, perquisites arising to the assessee out of the exercise of profession.
