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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...
Shri Sachin R. Tendulkar Vs DCIT (ITAT Mumbai): The assessee had been unable to let out the property for the captioned period, he was entitled to deduction under section 23(1)(c) for vacancy allowance
Shilpa Shetty case: Recording of ‘satisfaction’ about the existence of an international transaction was only within the jurisdiction of the AO and CIT(A) could not substitute his satisfaction for that of the AO.
Issue Involved/Facts – Whether expenditure incurred for preparing prospectus, payment of underwriting commission and brokerage for issue of redeemable preference shares is deductible as Revenue Expenditure? Arguments in against – 1) Hindustan Gas & Industries Ltd. v. CIT [1979] 1 Taxman 546 (Cal.): Facts of the case: The assessee-company incurred expenditure for payment of solicitor […]
To, ….….. ….… Sub:- TDS Credit not shown in Form 26AS PAN:- _________ With reference to the captioned above, we would like to submit that, you have deducted Rs. _________ during the FY 17-18. However, as per our Form 26AS, it is not available due to which our income tax liability will increase along with […]
Right to education up to the age of 14 years is guaranteed as fundamental right under Article 21A of the Constitution of India and a student cannot be failed up to 8th Class.
The Managing Committee Aminia Muslim Girls School Vs Pr. CIT (Exemption) (ITAT Delhi) The Ld. CIT(E) declined the registration and approval u/s 12AA and Section 80G respectively, on the sole ground that, the applicant has not filed requisite details as well as MoA for verification, so as to establish the nature and genuineness of the […]
ITO Vs Media Satellite & Telecom Ltd, (ITAT Delhi) In this cse AO could not show that the expenditure incurred by the assessee is excessive or unreasonable providing market comparative price with respect to the fair market value of the goods. The ld AO could not show that without offering the discount the goods are […]
Whether the Right to own the Property is a Capital Asset? What is a capital asset is defined in section 2(14) of the I.T. Act, 1961. Under that provision, a capital asset means property of any kind held by an assessee, whether or not connected with his business or profession. The other sub-clauses which deal with what property is not included in the definition of capital asset are not relevant. Under section 2(47), a transfer in relation to a capital asset is defined as including the sale, exchange or relinquishment of the asset or the astonishment of any right therein or the compulsory acquisition thereof under any law.
A Brief Note on Residential Status Of A Person Based On Provisions Of The Income Tax Act and Foreign Exchange Management Act And Banking Accounts for Non-Resident Indians
Transfer pricing provisions were earlier restricted to international transactions. With effect from 1.4.2013 , the scope of transfer pricing provisions gets extended to specified domestic transactions (SDT) exceeding Rupees twenty crore.
