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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...
Bombay Chartered Accountant’s Society made a Representation on Important issues / provisions in the Proposed New Direct Tax Law. Suggestions are made on following lines: 1) Path breaking suggestions for making the law more taxpayer friendly by rewarding and encouraging compliances; 2) Suggestions for reducing litigations by providing clarity; and 3) Suggestions for Ease of […]
CBDT extends ‘due-date’ of filing income-tax return for assessment-year 2018-2019 as prescribed in section 139(1) of the Act, from 31st July, 2018 to 31st August, 2018.
Article discusses documents required for Filing of Income Tax Return which includes Form 16 for salaried class,Interest Certificates from Banks/ Post offices etc, TDS Certificate in Form 16A/ Form 16B / Form 16C, FORM 26AS, Proofs of investments done for saving tax, Home Loan Statements, AADHAR Card etc.
In simple terms the Income Tax Return is the document wherein the assesse submits its earned income to Government and makes payment for the services and facilities availed by him called as tax which is supposed to be used by the Government for the welfare of the country only.
The manner of distribution of the assets of a company during liquidation is fraught with ambiguity and settlement of such claims arising out of it has inconvenienced the parties concerned since the advent of the Insolvency and Bankruptcy Code, 2016 (Code).
Some points to be taken care of while submitting Form 15G/Form 15H A. Criteria to be eligible to file form 15G i ) The assesse must be Individual, HUF, AOP ii) The assesse must be Resident iii) The assesse should be less than 60 years iv) Tax calculated on total income should be NiL
Leo Edibles & Fats Limited Vs TRO (Central) (Andhra Pradesh HC) Section 178 of the Act of 1961 is titled ‘Company in liquidation’. Under sub-section (1) thereof, the liquidator of a company which is being wound up, or a person who is appointed as a Receiver of the assets of such company has to give […]
Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA.
Income of the assessee from the incidental and commercial activity i.e. income from organizing of Davis Cup up to the limit prescribed as per the second proviso to section 2(15) of the Act, which for the assessment year under consideration is Rs. 25 lacs, will be treated as income from ‘charitable purposes’
Author has compiled Tax Audit Report form 3CD after considering the changes vide Notification No. 33/2018 for ready reference of our readers.
