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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : 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...
During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than 8200 surveys were conducted leading to detection of undisclosed income of more than Rs.6700 crores.
Where the assessee had earned interest on advance paid to contractors during pre- commencement period was found to be ‘inextricably linked’ to the setting up of the plant of the assessee and hence was held to be a capital receipt which was permitted to be set off against pre- operative expenses.
Law on how revenue should be recognized by a developer of property under the percentage completion method in the light of Accounting Standards AS-1, AS-7 & AS-9, the Guidance Note on Accounting for Real Estate Transactions issued by the ICAI and several judgements on the issue explained
i) The Authority below erred in taking the Annual Value of House Property (Industrial Shed) Rs.23,05,590/- without appreciating the provision of Section 23 of the Income Tax Act, 1961.
Whether the ITAT was right in holding that payment of Rs. 70 lakhs made by the appellant on account of non-competition for a period of five years was in the nature of capital expenditure?
A.O. disallowed the payment of commission made by the assessee to the above said two doctors namely (i) Dr. Ramanbhai S. Patel Rs. 17,52,130/- and (ii) Dr. Ratilal G. Patel Rs. 23,87,001/- totaling to Rs. 41,39,131/- and added to the total income u/s. 37(1) of the Act.
Only a right under the agreement to receive the interest by the assessee without reasonable certainty of realization of the same cannot be brought to income tax.
Undisputedly the assessee has not earned any exempted income. Now it is settled position of law that whenever assessee did not earn any exempt income, no dis allowance could be made u/s. 14A of the Act.
Visakhapatnam bench of Income Tax Appellate Tribunal (ITAT) recently held that remuneration paid to partner cannot be disallowed since there is a clause existing in the partnership deed which specified the exceeding limit.
No disallowance U/s 14A of Act need to be made by invoking the provisions of Rule 8D (2) (ii) of Rules as investments admittedly are business expediency investments and strategic investments.
