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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 : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
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...
It is requested that Assessing Officers may be directed to complete all Non-scrutiny cases for processing urgently. Assessing Officers may be directed to refer ITBA ITR- Processing Instruction 1 date 30.03.2017, ITBA ITR- Processing Instructions 2 & 3 date 08.11.2017 to thoroughly understand the process.
Commentaries on the Union Budget, especially in the English language, can be lop-sided, reflecting interests of a small slice of society. The Union Budget is only one instrument available to Union government and there is no reason why a Budget for 2018-19 should represent a break with what a government has sought to do since 2014.
Sec. 2(22)(e) of the Income Tax Act, 1961 (the Act), is one such deeming provision that has remain point of litigation over various issues since its inception. One such issue is applicability of provisions of section 2(22)(e) when a shareholder is beneficial shareholder or registered shareholder.
As you may be aware, Assessing Officers are required to complete scrutiny proceeding in ITD system or on ITBA as well as process e-filed returns transferred by CPC in certain scenarios for various AYs.
Though well intentioned, the startup booster provisions of Section 80-IAC lacks commercial viability and therefore amendments made to S. 80-IAC won’t be able to yield desired results in terms of employment generation and wealth creation
The journey of ICDS has been an interesting roller coaster ride – first introduced, then deferred, then partly struck down by Delhi High Court and now with a re-birth under the Act, that too with retrospective effect from AY 2017-18.
India, amongst various countries, participated in the signing of the Multilateral Instrument (MLI) on 7 June 2017, to implement tax treaty related measures as a part of the various Base Erosion and Profit Shifting (BEPS) related Action Plans.
ICRICT is launching today a new publication presenting concrete solutions to reorient the existing system of international taxation away from serving the wealthy few and to focus it instead on addressing the needs of the vast majority of the population.
Agenda of Discussion:- Key Economic Trends, Amendments made by Finance Bill, 2018 under the Income tax Act, 1961., Amendments made by Finance Bill, 2018 under Indirect tax laws.
It has been decided that in case of ‘Start Up’ companies which fall within the definition given in Notification of DIPP, Min. of Commerce & Industry, in G.S.R. 501(E) dated 23.05.2017, if additions have been made by the Assessing Officer under section 56(2)(viib) of the Act after modifying/rejecting the valuation so furnished under Rule 11UA(2), no coercive measure to recover the outstanding demand would be taken.
