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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 : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
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 Kolkata rules on Islampur C.S. Shop 2 vs ITO, addressing cash deposits during demonetization and Section 69A addition. Read t...
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 : 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...
20 changes in Income Tax applicable from 01-04-2018 and 20 changes applicable from 01-04-2019 All major income tax changes made applicable in Budget 2017 & 2018 are carefully listed. 20 changes applicable from 01-04-2018 (Assessment Year 2018-19 / Financial Year 2017-18) and 20 changes applicable from 01-04-2019 (Assessment Year 2019-20 / Financial Year 2018-19).
Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns.
DCIT Vs Excelex Bio Polymers (P) Ltd. (ITAT Delhi) The Assessing Officer held that the non-compete fee cannot be allowed as a revenue expenditure u/s 37(1). He took into consideration the amendment by the Finance Act, 1998 providing for allowance of depreciation on `intangible assets’ in the nature of know-how, patents, copyright, trademarks, licenses, franchises […]
Word own in s. 54F would include only the case where a residential house is fully and wholly owned by assessee and consequently would not include a residential house owned by more than one person.
A.M. Muthiah & Anr. Vs DCIT (ITAT Mumbai) Issuance of notice under section 143(2) is mandatory, and absence thereof invalidates even a reassessment made in pursuance to section 148 and reliance placed by AO on section 292BB was misplaced.
Article compiles top 10 Changes in Income Tax for Assessment Year 2018-19. 1. Change in Income Tax Slab Rate for AY 2018-19 for Individuals : The only change in Income Tax Slab Rate is change in the tax rate for income falling between 2,50,000 – 5,00,000, it has reduced from 10%(in AY 17-18) to 5%.
Source of generation of Bitcoins and its taxability – Considering that there is no specific mention in the Income-tax regarding taxability of cryptocurrencies, one needs to understand the possible views which the income tax authorities might take in order to get the income generated from such transactions within the gamut of taxation in India.
Vide communication dated 29th December, 2017 in file of even no. (copy enclosed for reference), Board had issued necessary directions regarding filing of references for restoration of struck-off/de-registered companies under Companies Act, 2013. The field authorities were required to take immediate action in this matter, however, it has been found that till now action has been taken in a very few cases.
Apart for the additional reporting requirement under the Income tax Act the word GST has been mentioned at 35 places in the newly notified ITR-6, which clearly means the GST related reporting has to be mentioned at 35 places. the GST has made the changes at the following places:
ACIT Vs Swastik Pipes Ltd. (ITAT Delhi) The assessee produced documentary evidences in support of its contention which had not been rebutted by AO and since impugned payments were in the form of reimbursement and no payments were made by assessee directly to shipping companies, therefore, assessee was not liable to deduct tax under section […]
