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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...
CIT Vs Smt. Meenakshi Devi Avaru (Karnataka High Court) Protective, precautionary or alternate assessment is an assessment which is made ex- abundanti cautela by the Assessing Authority and is therefore called protective or Precautionary Assessment or alternative assessment. When the Department has any doubt as to the person who is or will be deemed to […]
Installation of set-top box amounted to works contract and no technical expertise was required so as to make the assessee liable to deduct tax under section 194J.
CBDT notifies ‘The Press Trust of India Limited’ as news agency for the purpose exemption under section Section 10(22B) of Income Tax Act, 1961 vide Notification No. 41/2018 dated 30th August, 2018
CBDT extends time for sending comments on framing rules related to ‘Significant Economic Presence’ till 30-9-2018 vide its Instruction F. No. 370142/11/2018-TPL dated 30th of August, 2018.
Finding of AO is based merely on suspicion and surmises without any tangible material to show that the assessee has introduced his own unaccounted income in the share of long term capital gain even otherwise the reliance of the statements recorded by the Investigation Wing, Kolkata wherein without giving an opportunity of cross examination is a complete violation of principles of natural justice
Income Chargeable under the head house property Rental Income from a property whose owner is the tax payer is charged under the head Income from House Property. Rental Income from Subletting In the hand of the owner rental income received by him is charged under the head “Income from House Property” but if a tenant is […]
CIT, Ghaziabad Vs. Hapur Pilkhuwa Development Authority (Supreme Court) The Supreme Court on Monday imposed a fine of Rs. 10 Lakh on the Income Tax Department for its casual approach and for giving a totally misleading statement in the case. This petition for special to leave has been filed by the Commissioner of Income Tax, Ghaziabad. First […]
Vogue Vestures Pvt. Ltd. Vs Dy. CIT (ITAT Bangalore) This issue was now covered by the decision of the Punjab and Haryana High Court in the case of CIT v. Mark Auto Industries Ltd (2013) 358 ITR 43 (P&H). wherein the High court held that in absence of any requirements in law for making deduction of […]
ITO Vs Eid Mohammad Nizamuddin (ITAT Jaipur) A consistent view has been taken by the various Hon’ble High Courts on this issue that when no limitation is provided in the statute then a period of four years is considered as reasonable for passing the order U/s 201(1)/201(1A) of the Act. The provisions of Section 206C […]
Article discusses Expenses incurred by An Assessee for his Sibling for which he can claim Tax Benefit under Income Tax Act, 1961 and includes Tax Benefit in respect of Leave Travel Assistance (LTA), Interest on education loan, Medical expenses incurred for medical treatment of siblings with disability and Exemption of gifts received. Sibling relationships…outlast marriages, […]
