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Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Mumbai ITAT held that Section 263 cannot be invoked merely because the Assessing Officer accepted income without making an add...
Income Tax : The Mumbai ITAT held that reassessment proceedings under Section 147/148 were invalid where the case was based on search material ...
Income Tax : The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarifie...
Income Tax : The ITAT Delhi ruled that the CIT(A) cannot reclassify an addition under a different provision of the Income-tax Act without issui...
Income Tax : The ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income dis...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses. SET OFF OF LOSSES: Set off of losses means making adjust […]
Understand the concept of Minimum Alternate Tax (MAT) and its implications for companies. Learn how MAT limits tax exemptions and ensures a minimum tax payment to the government.
If a company is earning profit then they provide it to the shareholders of the company which is known as dividend. Dividend is income for shareholders so it is taxable in the hands of tax payer. Though, Income tax act 1961 provides exemption of dividend which is receive from an Indian company by imposing a […]
MEANING: Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax. BASICS: As the name suggests, Alternate Minimum Tax is a minimum tax which is imposed on alternative to normal tax. AMT […]
Controversy on deduction of Employees’ contributions to Employees’ Provident Fund (EPF), superannuation fund and other welfare funds u/s 36(1)(va) and u/s 43B after amendment by the Finance Act 2021 As per section 2(24)(x) any sum received by the assessee from his employees as contribution to any provident fund or superannuation fund or any fund set […]
हाल में ही आर्थिक सहयोग और विकास संगठन ( ओईसीडी) के 136 देशों ने हस्ताक्षर कर ग्लोबल मिनिमम कार्पोरेट टैक्स दर लगाने का रास्ता साफ कर दिया है. इसका सबसे बड़ा फायदा टैक्स हैवन देशों पर लगाम कसने का होगा जो बहुराष्ट्रीय कंपनियों को टैक्स की कम दरों के कारण अपने देश में आफिस खुलवाते […]
CBDT notifies ‘E Settlement Scheme, 2021’ vide Notification No. 129/2021-Income Tax Dated: 1st November, 2021. ‘E Settlement Scheme, 2021’ shall be applicable to pending applications in respect of which the applicant has not exercised the option under sub-section (1) of section 245M of the Act and which has been allotted or transferred by Central Board […]
Goutam Roy & Anr. Vs The State Of West Bengal & Ors. (Supreme Court of India) Supreme Court held that There cannot be complete ban on firecrackers. Strengthen mechanism to supervise and implement (Supreme Court’s earlier directions). FULL TEXT OF THE SUPREME COURT JUDGMENT/ORDER 1. SLP (C) No.17994/2021 @ Diary No.26789/2021 and SLP (C) Nos. 1799597/2021 @ […]
The power to levy income tax is available with the central government vide Entry 82 of the Union list of the Seventh Schedule to the Constitution of India. Tax is nothing but money that people have to pay to the government, which is then used by the government to provide public services. Tax is not […]
Federal Mogul Goetze (India) Limited Vs ACIT (Delhi High Court) It is our view that, the power available to the Tribunal under subsection (2) of Section 254 of the Act is not limited to a mistake committed by the Tribunal. The amendment to the order of the Tribunal can also be made, if it is […]
