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Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : Section 119(2)(b) allows delayed ITR filings with valid reasons. Revised limits, conditions, and judicial insights guide this less...
Income Tax : Get the complete TDS rate chart for FY 2025-26, including key rates, thresholds, and compliance notes for various payments under t...
Income Tax : ITAT Mumbai resolves the controversy on surcharge for trusts/AOPs taxed at MMR. Learn about the decision favoring slab-based rates...
Income Tax : Check the TDS chart for FY 2025-26, covering various payments like salary, dividends, winnings, rent, and more. Understand the app...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITAT Surat overturns CIT(E)'s rejection of Rotary Club's 12A registration, citing denial of fair hearing opportunity; matter resto...
Income Tax : Delhi ITAT dismisses revenue's appeal, holding cash advance for property purchase intended as investment not subject to Section 40...
Income Tax : ITAT Ahmedabad rejects revenue's objection on additional evidence, affirming CIT(A) acted within Section 250(4) powers, deleting a...
Income Tax : Bombay High Court dismisses Anil Ambani's urgent plea against a tax notice, imposes ₹25,000 cost for creating artificial urgency...
Income Tax : Ahmedabad ITAT upholds deletion of ₹1 Cr addition for Radhika Diamonds, noting cash sales were duly recorded and business activi...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Income Tax : CBDT notifies Greater Mohali Area Development Authority for income tax exemption under section 10(46A), effective from assessment ...
Form No. 9A and Form No.10 could not be filed in the specified time for AY 2016-17, which was the first year of e-filing of these forms. It has been requested that the delay in filing of Form No. 9A and Form No.10 for AY 2016-17 may be condoned under section 119(2) (b) of the Act.
Shri Rahul Singhal Vs ITO (ITAT Jaipur) This appeal by the assessee is directed against the order dated 02/07/2018 of ld. CIT (A)-3, Jaipur for the A.Y. 2014-14. The assessee has raised following grounds of appeal: “1. The impugned additions and disallowances made in the order U/s 143(3) of the Act dated 29/12/2016 are bad […]
Once assessee had undisputedly not filed the return of income U/s 139(1) then AO was well within his powers and jurisdiction to issue a notice U/s 142(1) requiring assessee to furnish return of income in the prescribed form and verified in prescribed manner, therefore, the notice issued u/s 142(1) was well within the framework of procedure for assessment provided under Chapter (xiv) and and notice could not be held to be invalid on account of mere mentioning of an unnecessary section therein, i.e., section 153A..
The Department of Industrial Policy & Promotion(DIPP) has taken notice of the news reports regarding issue of notices by Income Tax authorities to Angel Investors/Start-ups. DIPP in consultation with the Department of Revenue (DoR) has put in place a mechanism since April 2018 to grant exemption from the provisions of Section 56(2)(viib) of the Income […]
In today’s day and age, there is a wide range of investment plans available in the market in order to cater the different financial needs of the individuals. If we talk about a lucrative option of investments, then ULIP plans have emerged as a great option of investment in the past few years. With the […]
Post my two articles on National Pension System (NPS), the cabinet has made certain important amendment to NPS on 6th December, 2018. There is confusion galore in the minds of taxpayers about the implications and applicability of the decisions. Taxation of pension Tax benefits for NPS contribution Let us discuss. Increase in the contribution to be […]
IT’S TIME TO SAY NO TO CASH ! Go, Cashless. Go, Clean DON’T… Accept cash of Rs. 2,00,000/- or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion Receive or repay Rs. 20,000/- or more in cash for transfer of Immovable Property Pay more than […]
Shares trading /investments, F&O trading – taxation for FY 2018-19 or AY 2019-20 for Individual and HUFs Return form:- ITR-1 SAHAJ- Individual (salary / one house property/other source) ITR-2– Individual /HUF (where there is no income from business or profession). I.e. person having short term /long term capital gain need to file this ITR ITR-3– […]
section 2(47) laid down that transfer would include a transaction allowing possession of an immovable property in part performance of a contract of a nature referred to in Section 53A of the transfer of Property Act. In the case on hand, part performance of a contract had taken place and possession had been handed over. Thus, the claim of exemption was to be accepted as assessee had only one house property as on the date of sale of the plots of land giving rise to long-term capital gain.
Kerala High Court ruling on Income Tax return deadline. Assessees facing difficulties due to floods can apply for extension under Section 119(2)(b). Waiver for interest/penalty for late payment also allowed.
