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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 : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
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...
As per the Act, the gratuity amount is 15 days’ wage multiplied by the number of years put in by you. Here wage refers to basic salary plus dearness allowance. Take the monthly salary drawn by you last (basic + dearness allowance) at the time of resi
Section 80DD allows a deduction to an individual or HUF if the person has incurred in the previous year any expenditure on medical treatment (including nursing), training and rehabilitation of a dependant with a disability or paid or deposited
Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds. The following are the types of provident funds. Recognized Provident Fund (RPF) – This scheme is applicable to an organization which employs 20 or more employees.
Salaried Employees furnish a deceleration to their employer in respect of Income Tax Deduction they are eligible under various provisions of Income Tax alongwith Supportings. Employers consider these declaration and supporting while calculating TDS to be deducted on Salary of their employees.
DDIT Vs M/s. Paramasiva Naidu Muthuvel Raj Education Trust (ITAT Chennai) It is also an undisputed fact that during relevant assessment year, the land had been made available to M/s. PMR Bangaru Subbammal Educational Trust, which is a Trust that does not have registration u/s.12AA of the Act. It is also an undisputed fact that […]
Agricultural operations carried out by assessee on land/soil, being human skill and labour were basically agricultural operation and as such just because mushrooms are grown in controlled conditions it does not negate claim of assessee that income arising from sale of such mushrooms was agricultural income and thus exempt under section 10(1).
DCIT Vs. Inventaa Industries Private Limited (ITAT Hyderabad Special Bench) Mushrooms are fungus which are produced from spawn and not plants or crops and hence not agriculture. They are grown in trays of prepared soil in climate controlled rooms for commercial. We cannot restrict the word “product” to ‘plants’, ‘fruits’, ‘vegetables’ or such botanical life […]
Satbir & Ors. Vs ITO (ITAT Chandigarh) Capital gains–Interest on enhanced compensation arising on compulsory acquisition of agricultural land–Taxability Interest earned under section 28 of Land Acquisition Act, 1894, which is on enhanced compensation, is treated as an accretion to the value and therefore, is part of the enhanced compensation or consideration. Therefore, interest on […]
Tax Deducted at Source popularly known as TDS, is the tax that is deducted from the income which falls in the taxable category. The rates are well prescribed and tax has to be deducted as provided in the Section 206 AA of the Income Tax Act. SECTION 206AA. REQUIREMENT TO FURNISH PAN Section 206AA talks […]
Whenever there is a Sale of immovable property, it creates a fair amount of confusion particularly relating to TDS provisions. According to Income Tax Act, 1961, Section 194IA and 195 deals with TDS relating to Sale of Immovable Property. Let us examine the difference between the 2 sections.
