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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...
Lakhs of people have received their maturity proceeds under LIC Wealthplus Insurance policies during the year ended 31-3-2018 and they have to submit their income tax return on due dates in this year on different dates according to their status.
The appeal filed by the assessee is against the order of learned Commissioner (Appeals), Durgapur dated 31-3-2015 for assessment year 2010-11 in respect of upholding the penalty of Rs. 3,01,031 imposed by the assessing officer under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the Act).
There is an awkward situation that often provokes much tension of numerous budding aspirants who wish to venture their luck abroad. One of the crucial points that every one of them definitely asks about is the criteria for residency in India as to the payment of income tax.
The instant appeal has been filed before us by the assessee against the order dated 16.12.2015 passed by the Commissioner of Income Tax(Appeals)-16, Kolkata under section 143(3) of the Income Tax Act, 1961 arising out of the order dated 30.12.2008 passed by the Income Tax Officer, Ward-7(3), Kolkata for the assessment year 2006-07 with the following grounds
The Income-Tax Act casts responsibility on the employer for tax deduction at source (TDS) at the time of payment of salary to employees whose salary income is above the maximum amount not chargeable to tax. The employer is required to deduct TDS on salary at the average rate of income-tax and deposit the same with the government within the prescribed time.
Due date for Filing Income Tax Return for Assessment Year 2016-17 for Salaried Persons and other Assessees who are engaged in business and profession and whose turnover is less than Rs. 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) is 31st July 2016. In this article we have detailed in the form of Question answers Consequences of Delay in Filing Return of Income or of Filing Return after the due date.
On retirement, an employee normally receives certain retirement benefits namely Gratuity, Commutation of Pension, Leave Encashment, Retrenchment Compensation, Compensation on Voluntary Retirement, Payment from Provident Fund, Payment from Superannuation Fund etc. Such benefits are taxable under the head ‘Salaries’ as ‘profits in lieu of Salaries’ as provided in section 17(3). However, in respect of some of them, exemption from taxation is granted u/s 10 of the Income Tax Act, either wholly or partly. These exemptions are described below:-
Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA.
CIT Vs M/s. L & T Finance Ltd (Bombay High Court) In none of these orders there is any whisper of the alleged particulars of income which has been concealed or what particulars of income which have been filed is inaccurate. Mere using the words that there has concealment of income and / or furnishing inaccurate […]
Since the assessee’s profit and loss account showed only one item of expenditure which had been booked in the accounts and there was no exempt income earned by the assessee, the question of disallowance under section 14A did not arise.
