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Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : 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...
Assessee-company engaged in business of letting out of immovable property, had claimed benefit of section 54. AO found that assessee, being a company was not entitled to claim deduction under section 54; thus, he initiated penalty proceedings under section 271(1)(c) for furnishing of inaccurate particulars of income. However, assessee contended that penalty was not imposable, only on account of having made an ineligible claim.
PRESENT RATES OF CONTRIBUTION TO CONTRIBUTION AND ADMINISTRATION ACCOUNTS OF EPF, EPS AND EDLI BY CONTRIBUTION ACCOUNTS ADMINISTRATION ACCOUNTS EPF EPS EDLI EPF@@ EDLI @@ EMPLOYEE 12% /10% ## 0 0 0 0 EMPLOYER Difference of EE share and Pension Contribution 8.33% ## 0.5% ## 0.50% !! [w.e.f. 01-06-2018] 0 [w.e.f. 01-04-2017] 10% rate is […]
Sonu Khandelwal Vs ITO (ITAT Jaipur) Section 150(1) provides exception to the limitation provided U/s 149 for issuing notice U/s 148. Therefore, Section 150 of the Act can be pressed into service in a particular case of reopening based on the directions or giving effect to the order of the appellate authority only when the time […]
Everest Industries Limited Vs JCIT (ITAT Mumbai) The perusal of the Package Scheme of Incentive, 1993 reflect that the scheme was formulated to give incentive for setting up the industries in certain belts of Maharashtra and for the purpose of working out the amount of subsidy, though the cost of eligible investment was taken as […]
Vide letter dated 29.12.2017 in file of even no. (copy enclosed), the Board had issued necessary directions regarding filing of references before NCLT for restoration of struck-off/de-registered companies under the Companies Act, 2013.
CBDT amends its Circular No. 3 of 2018 dated 11.07.2018 to Provide the revised list of cases in which CBDT can file appeal with ITAT, High Court, Supreme Court on Merits irrespective of tax effect.
CBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04/2018 Dated: 20th August 2018.
Pawan Kumar Garg Vs CIT (Punjab and Haryana HC) Conclusion: If the explanation offered by assessee regarding nature and source of sum credited in his books of account was not found satisfactory by AO, the said sum could be charged to income tax under section 68. Held: During assessment proceedings, AO noted that credit liability […]
Article contains FAQ on Gift, ,list of relatives from whom an individual can receive the gifts without any income tax liability and also giving below Draft of gift deed.
CBDT has vide Instruction No. 03 dated 20th August 2018 directs that In all cases (subject to exceptions provided), where assessment is required to be framed under section 143(3) of the Act during the year 2018-19, assessment proceedings shall be conducted electronically through the ‘E-Proceeding’ facility.
