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Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Income of minors is clubbed with parents' income unless earned through personal skill or manual work. Tax planning strategies can ...
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 : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
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 : ITAT Pune rules Form 10B filing not mandatory for Section 11/12 exemption claims, citing Gujarat High Court precedent, remands cas...
Income Tax : ITAT Pune allows patent drafting & translation expenses as revenue expenditure u/s 37, overturning lower authority's capital expen...
Income Tax : ITAT Mumbai rules PCIT's revision under Section 263 as erroneous. The tribunal holds non-initiation of penalty proceedings cannot ...
Income Tax : DCIT Vs Meridian Chem Bond Private Limited (ITAT Pune) Does Proving the Three Main Ingredients by Assessee U/S 68 Shift the Burden...
Income Tax : ITAT Bangalore sets aside ex-parte order against senior citizen, ruling that email-only notices denied a fair hearing. Case remand...
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...
The CBDT has issued the Final Notification No. 29/2018 dated 22 June 2018 (applicable from AY 2017-18) for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, under Section 115JH of the Income-tax Act, 1961 (the Act). […]
The question, however, as we see it, is not the amount at which the land was actually sold, which is in the following year, but whether the cash deposit of Rs.49 lacs could be said to form part of the transaction of sale of land by the assessee’ s father. S
Investments on whom dividend received, though chargeable to tax but allowed as rebate in view of DTAA agreement cannot be included for the purpose of computing disallowance u/s 14A of Income Tax Act.
The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs.6.38 lakh crore.
The assessee company was engaged in the business of Developing, Maintaining and Operating of Infrastructure Facilities. Return declaring an income of Rs. 29,53,100/- was filed on 30/09/2009. The same was processed u/s 143(1) on 13/09/2010. Case was selected for scrutiny under CASS and notice u/s 143(2) was sent on 20/08/2010.
DPJ Viniyog Pvt. Ltd. Vs DCIT (ITAT Kolkata) Assessing Officer treated the income on account of purchase and of shares under the head ‘business income’ instead of under the head ‘capital gain’ as claimed by the assessee. On Appeal CIT(A) held that assessee is making purchase and sale on a continuous basis and besides being […]
Important Note: Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar holders. Prerequisites for e-PAN: Applicant already having PAN should not apply for e-PAN The e-PAN facility is ONLY for resident individual (Except Minors and […]
Sh. Shridhar Bedi through Legal Heir Vs ITO (ITAT Amritsar) Proper notice u/s 148 of the Act for initiating reassessment proceeding is not a mere procedural requirement but the service of the prescribed notice on the assessee is a condition precedent to the validity of any of the reassessment made u/s 147. It is settled […]
M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata) Learned counsel for the assessee has contended that the due date of filing of return of income for the year under consideration was extended by the CBDT by a period of 15 days and since the return originally filed by the assessee was within such extended […]
Payment towards outright purchase of copyright and technical know-how over the software could not be treated as royalty paid for acquisition of right to use copyrights and technical know-how, therefore, said payment could not be subjected to TDS under section 194J.
