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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 : 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 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...
Assessee was engaged in the business of investment in shares and securities, financing and granting loans and advances against shares. The assessee earned exempt dividend income and made suo moto dis allowance against the same under section 14A.
It is unbelievable that a professional like Advocate, C.A. or Accountant, would open a bank account with his client. The Ld. D.R. rightly contended that any professional would open a bank account for an assessee if unaccounted transactions are conducted on behalf of the assessee.
Section 54 no where defines the quantum of construction on the land so as to be eligible to be defined as a residential unit. The only condition is that there should be a residential house capable of being used as a residence by any person.
NOTIFICATION NO. 06 OF 2018- The following Joint Commissioners of Income Tax are, hereby placed in the Selection Grade (NFSG) (Level 13 in the Pay matrix) (Pay Band-4 of Rs. 37,400 — 67,000 + Grade Pay of Rs. 8,700/-) (Pre-revised) with effect from 01.01.2018:
Maheshbhai Shantibhai Patel Vs ITO (ITAT Ahmedabad) The taxability of undisclosed income detected in the course of search in the case of partnership firm where the assessee is a partner is in question. We shall first take a look into the second proposition raised on behalf of the assessee. On behalf of the assessee, it […]
M/s. Tamilnadu Brick Industries Vs ITO (ITAT Chennai) Once registered GPA and JDA confers entitlement to developer to sell, convey or deed in any manner with 60% undivided share, etc., it would be construed nothing but transfer of property being land within meaning of section 2(47)(v). FULL TEXT OF THE ITAT JUDGMENT This appeal filed […]
Tamilnadu Brick Industries Vs ITO (ITAT Chennai) The plea of the assessee is that the reckoning of date of transfer should be based on the execution of MOA dated 30.01.2012. The execution of MOA alone does not convey transfer of the schedule property to the developer within the meaning of section 2(47(v) of the Act […]
In continuation of order No. 62/2016 dated 07.04.2016, No. 177/2017 dated 10.10.2017 and 03/2018 dated 03.01.2018, the President is pleased to extend the ad-hoc appointments of the following Assistant Commissioner of Income Tax for the vacancy year 2014-15 from 07.04.2018 to 06.10.2018
Up to Assessment Year 2017-18, assessee could file his tax return without any penalty before the end of the assessment year and if assessee failed to file the return of income before the end of the assessment year, penalty under Section 271F could be imposed by the Assessing Officer provided there was no reasonable cause for such delay.
This Return Form is to be used by an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
