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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...
New changes in the Income Tax Law by the Finance Act, 2018 have come into the effect from 01/04/2018 and a few provisions are effective from 01/04/2017, which have been mentioned at relevant places.
We find that the audit report was obtained within section 139(1) time limit is not in dispute. It is also not in dispute that the copy of audit report was furnished to the Assessing Officer as and when the Assessing Officer called for the same.
CBDT Circular No. 9/2015-Income Tax, dated 09th June 2015 provides assessee a right to apply for condonation of delay in claiming the refund or carry forward the losses. So, in case, a assessee has missed the deadline of March 31, 2018 to file the return for FY 2015-16 and FY 2016-17, he can claim the refund by following the guidelines as described in this circular.
While the concept of TDS is very easy overall, I have seen that many of the users still get confused with the different terms used on TRACES Portal. This article focuses on bringing light to some of the terms mentioned on the TRACES Portal.
Provisions of section 50C of the Act is not applicable to the cold storage building so to substitute actual sale consideration by deemed sale consideration and the order of the Assessing Officer passed under section 147/143(3) of the Act cannot be a subject matter of section 263.
This appeal by the Revenue is arising out of the order of Commissioner of Income Tax-30, Mumbai [in short CIT(A)], in appeal No. CIT(A)-30/AC19(3)/238/2014-15 dated 03-12-2015. The Assessment was framed by the Asst. Commissioner of Income Tax
Article discusses who can use ITR 1 (SAHAJ), ITR 2, ITR 3 and ITR 4 Sugam Form for Assessment Year 2018-19 or Say Financial Year 2017-18.
Article compiles Section wise TDS Rates / TDS Rate Chart for Financial Year 2018-19 or Assessment Year 2019-20 with Nature of Payment, Threshold Limit and Percentage TDS rate applicable to Individual, HUF and to other category of Assessees. Section Nature of Payment Threshold Rs Indv / HUF TDS Rate (%) Others TDS Rate (%) 192 […]
As per section 15 of the BM Act, any person aggrieved with the order passed by the Assessing Officer under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 (BM Act), may file an appeal to the Commissioner (Appeals). However, Commissioner (Appeals) under the BM Act have not yet been notified and the jurisdiction has also not been assigned to such Commissioner (Appeals).
Assuming that the brokers may have done some manipulation but the assessee cannot be held liable for the Act of the brokers when the entire transactions have been done through banking channels duly recorded in the Demant accounts with a Government depository and traded on the stock exchange.
