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Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
ACIT Vs M/s. Splendor Landbase Limited (ITAT Delhi) It is seen that section 153A starts with Non obstante clause which inter alia overrides the provisions of section 139. This shows that return filed under section 153A is a separate return. Ld. AR relied upon the judgment of Jurisdictional High Court of Delhi in the case […]
Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied and let-out apartments all differ from each other. Knowing the nitty-gritty of these tax laws can help you claim all the deductions you stand eligible for. Here’s a closer look: Home […]
Deduction for Medical treatment of dependent :- Under Section 80DD of the Act, where an individual has incurred expenditure for the medical treatment, training and rehabilitation of a dependent, being a person with disability or has paid or deposited any amount under prescribed scheme for the maintenance of dependent, such individual will be allowed a deduction to the extent of Rs 50,000. However, if the dependent is suffering from severe disability, a deduction of Rs 75,000 will be allowed.
In this article we have discussed right Myth or Mis-Conceptions related to Income Tax Prevalent in the Mind of General Taxpayers related to Personal Taxation. Article Aims to clear such Mis-Conceptions. The following are some of the myths and real facts related to same:- .
M/s. Hinduja Group India Ltd Vs ACIT (ITAT Mumbai) Submission of detailed submitted before AO in summarised & Tabular Form before CIT cannot be considered as submission of any new evidence Power of the appellate authority clearly overrides the provisions of sub-rules (1), (2) and (3) of rule 46A and it is open to the […]
M/s. Agasthiya Holdings Private Limited Vs CIT (Madras High Court) In Tax Recovery Officer Vs. Gangadhar Viswanath Ranade (Decd.,) reported in AIR 1999 SC 427, the scope of Section 281 of the Income Tax Act and Rule 11 of the Second Schedule came up for consideration. The question arose for consideration before the Honourable Supreme […]
Implication under Ind AS Government grants are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. Treatment of Grants related to Income Government grants, including non-monetary grants at fair value, shall not be […]
Provisions relating to tax on distributed income of domestic company for buy-back of shares Tax on distributed income to shareholders [section 115QA) In addition to the income-tax chargeable in respect of the total income of a domestic company for any assessment year, any amount of distributed income by the company on buy-back of shares (not […]
Employee’s Provident Fund (EPF) is a welfare scheme for the benefit of the employees. It is a corpus built by an employee and employer by way of monthly contributions. The interest is also regularly credited to the provident fund account. At present, the EPF Interest Rate is 8.55% on contributions made by the employer and the employee.
As the name suggests, Place of Effective Management means place where key management and commercial decisions that are necessary for the conduct of the business of the entity as a whole are, in substance made. It is introduced in the budget 2015 by Arun Jaitley (Finance Minister), but due to lack of guiding principles, its applicability is deferred from A/Y 2016-17 to A/Y 2018-19.
