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Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : 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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
M/s Outworks Solutions [P] Ltd Vs JCIT (ITAT Delhi) No doubt, the assessee claimed write off as bed debt but it is equally true that the assessee did explain the sequence of events which prompted it for the said write off. There is no denying that the assessee does not fulfill the conditions mandated in […]
Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra) The receiver of the donations has maintained the register of donors indicating the names and addresses of the donors and their identity as well in the form of Voter Card, Bank account, etc. The CIT (A) has found and opined in his order that these donations have been […]
M/s. Nov Sara India Pvt. Ltd Vs Addl. CIT (ITAT Delhi) Software development expenditure which was held to be capital expenditure by the Assessing Officer holding that it has given a benefit of enduring nature to the assessee. The claim of the assessee is that same is a license fee and, therefore, it cannot be […]
Whether or not the royalty/fees for technical services is taxable in India in the hands of the non-resident, will depend on provisions of Income Tax Act, 1961 (‘Act’) and the relevant Double Taxation Avoidance Agreement, if any. Further whether such royalty/ fees for technical services will also be taxed in the home country of the recipient will depend upon the provisions of the tax laws of such home country.
The present appeals filed by the assessee are directed against the orders passed by the Commissioner of Income Tax (Appeals)-44, Mumbai, dated 20.04.2016, for A.Ys 2006-07 and 2007-08, which in itself arises from the orders passed by the A.O under Sec. 147 r.w.s 143(3) of the Income-tax act, 1961 (for short „Act‟), each dated 14.03.2014. That as certain common issues are involved in the appeals, therefore, they are taken up and disposed of by way of a consolidate order. We shall first take up the appeal for A.Y. 2006-07, wherein the assessee assailing the order of the CIT(A) had raised before us the following grounds of appeal
Section 54F of I.T. Act, 1961 aims to provide for the 100% exemption to an individual or HUF from the chargeability of Long Term Capital Gain (LTCG) that arises from the transfer of a capital asset other than a residential house (residential house being already covered u/s 54) where the assessee invests the entire amount of net consideration in a residential house within the prescribed time limit subject to the fulfillment of other conditions mentioned in the said section and also for a proportionate exemption where entire amount of net consideration is not invested but only a portion of it is utilized for the acquisition/ construction of a residential house.
Section 50C was introduced in the Income-tax Act, 1961 by the Finance Act, 2002 with effect from 1-4-2003 for substituting valuation done for Stamp Valuation purposes as full value of consideration in place of apparent consideration shown by the transferor of capital asset, being land or building and, accordingly, calculating capital gains under Section 48.
“dividend” includes -(e) any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise) made after the 31st day of May, 1987, by way of advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits) holding not less than ten per cent of the voting power, or to any concern in which such shareholder is a member or a partner and in which he has a substantial interest (hereafter in this clause referred to as the said concern) or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profits;
Article discusses Exemption Under Special Provisions of Sections 10A, Section 10AA and Section 10B of Income Tax Act, 1961. A. Section 10A- Special provision in respect of newly established undertakings in free trade zone, etc. The benefit in respect of newly established Industrial Undertaking in FTZ, EHTP SEZ or STP is Available to all Assessees […]
File Your Income Tax Return by 31st August, 2018 (Last date for persons whose accounts are not liable for audit) For e-filing returns of Income log on to on to https://incometaxindiaefiling.govin Consequences of not filing Income Tax Return on time ♦ Belated return cannot be revised ♦ Fee for late filing under Section 234F: i. […]
