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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...
This group of writ petitions arise in similar background. We may record facts from Special Civil Application No. 12765 of 2017 and 12764 of 2017. Petitioner of Special Civil Application No. 12765 of 2017 is a partner of one M/s. Hitech Analytical Services and she would hereafter to be referred to as ‘a partner of the said firm.
The facts in brief qua the issue raised in the grounds are that assessee filed its return of income electronically for the AY. 2009-10 on 23-09-2009, declaring NIL income. This return was processed u/s. 143(1) of the Act and the total income was determined at Rs. 69,19,580/- u/s.
Explore Amit Parekh’s appeal against the denial of Section 54 exemption by ITAT Kolkata. Key details of the case and legal insights revealed.
The Petitioner seeks the quashing of a notice dated 20-3-2015 issued under section 148 of the Income Tax Act (‘Act’) by the Assistant Commissioner (hereinafter assessing officer AO) and the order dated 1-2-2016 passed by the assessing officer disposing of the objections filed by the Petitioner to the said notice.
Where the land is shown in revenue record as agricultural land and no permission was taken for conversion of land, it is immaterial whether any agricultural income is shown in the return or not, the gains from sale are exempt from taxation.
S.O. 2289(E).— It is hereby notified for general information that the organization M/s Indian Institute of Science Education and Research, Kolkata (PAN:- AAAAI2170E) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961
Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income tax Department as per the provisions of section 285BA of the Income-tax Act 1961.
The valuation rules are specified under Rule 11U, Rule 11UA, Rule 11UAA and Rule 11UB for various provisions under the Income-tax Act, 1961 (‘the Act’) which cover valuation options in case of various assets including equity shares and other securities. These rules specify the methodology to be adopted at the time of arriving at fair […]
These appeals are filed under Section 260A of the Income Tax Act, 1961 (for short, the Act) challenging the orders dated 17.03.2017 passed by the Income Tax Appellate Tribunal, Bengaluru, in ITA No.613/Bang/2014 and ITA No.614/Bang/2014
Stakeholder engagement by the Task Force drafting the New Direct Tax Law extended by a period of three months up to June 15, 2018 The Term of the Task Force constituted to review the existing Income-tax Act, 1961 & to draft a New Direct Tax Law in consonance with economic needs of the country has […]
