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Income Tax : Explore the Bombay High Court ruling on reassessments under the Income Tax Act, clarifying jurisdiction between JAO and FAO in the...
Income Tax : The Supreme Court upholds TOLA, validating extended income tax reassessment timelines despite previous High Court rulings on Secti...
Income Tax : The Supreme Court ruling in UOI vs. Rajeev Bansal clarifies reassessment provisions post-April 2021 under Income Tax Act, extendin...
Income Tax : GST amendments introduce a common time limit for demand notices, applicable from FY 2024-25, for both fraud and non-fraud cases un...
Income Tax : Explore key insights on income tax reassessments in light of recent Supreme Court rulings, focusing on changes to procedures and t...
Income Tax : Supreme Court disposes of 573 direct tax cases due to increased appeal limits from the Union Budget 2024-25, reducing tax litigati...
Income Tax : Join our webinar on TDS amendments from Budget 2024 and learn their impact on tax audits, filing procedures, and compliance....
Income Tax : Tax professionals face technical issues on the Income Tax portal, hindering tax audit report submissions before the 30th Sept 2024...
Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....
Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...
Income Tax : ITAT Mumbai remands case of Aravind Arunachalam Vellore against ITO for lack of proper notice and communication during appeal proc...
Income Tax : Hon’ble ITAT Pune rules that penalties under Section 271(1)(c) should not be imposed for genuine mistakes or debatable claims in...
Income Tax : Present application has been filed on behalf of Taxation Bar Association seeking modification of Para 35(11.17)(iv) of the judgmen...
Income Tax : Bombay High Court remanded the matter of correct treatment of losses arising due to exchange rate fluctuation since order doesn’...
Income Tax : Assessee challenged CIT(A) order before the Bangalore Bench of ITAT arguing that 1450 grams of gold should not be considered unexp...
Income Tax : TDS on agents commission reduced from 5% to 2% as per the Finance Bill 2024. New rate effective from October 1, 2024, under Sectio...
Income Tax : DGIT issues notification on the procedure for filing Form-1 under the Direct Tax Vivad Se Vishwas Scheme, 2024. Learn about the on...
Income Tax : CBDT designates OCAC Chairman for identifying genuine beneficiaries of Odisha's social welfare schemes under Section 138 of the In...
Income Tax : CBDT issues comprehensive guidelines for condonation of delay in filing returns claiming refunds or losses under Section 119(2)(b)...
Income Tax : CBDT extends audit report filing deadline to 7th October 2024 for AY 2024-25, considering taxpayers' challenges. Update applies to...
Central Government having regard to all the relevant factors, hereby directs that no public servant shall produce before any person or authority any such document or record or any information or computerised data or part thereof as comes into his possession during the discharge of official duties in respect of a valid declaration made under ‘the Income Declaration Scheme, 2016’, contained in Chapter IX of the Finance Act, 2016 (28 of 2016).
Deduction u/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision. In the case in hand it is not the case of the AO that the assessee […]
The education has got different meaning, purpose or object for each person depending upon its position and background. We have education of various types e.g. Pre-schooling, schooling, higher education, professional education, vocational training, professions training etc etc.
Krishna, July month has started. It is said that income tax return has to be filed in this month. So whoare required to file income tax return before 31st July and what care they should take before filing it? Arjuna, every person whose annual income exceeds the basic exemption limit i.e. exceeds Rs.2.5 lakhs, then he will be required to file income tax return compulsorily. Income tax return of F.Y. 2015-16 shall be filed before 31st July.
Non-filers with potential tax liabilities- It is seen that a large number of non-filers relating to AY 2010-11 onwards identified in various NMS cycles have not filed return/ submitted response and these cases have not been closed by the field formations. These open cases are available on i-taxnet(NMS cycle 1 and 2) and Actionable Information Monitoring System (AIMS) (NMS cycle 3 and 4).
The Hon’ble Supreme Court in Ram Laxman Sugar Mills vs. CIT [1967] 66 ITR 613 observed that a HUF is undoubtedly a Person with in the meaning of section 2(31), it is however not a juristic person for all purposes and cannot enter in to an agreement of partnership either with another HUF or Individual.
To encourage any recognized form of business at an individual level and to overcome any disputes and non-meeting of minds in case of other forms of registered businesses with two or more persons, a new concept of One Person Company (OPC) has been introduced by the Companies Act, 2013.
Secretarial Standard-1 (SS-1) is applicable on all Companies registered & incorporated under the Companies Act, 2013 & other previous laws except One Person Company. The effective date of enforcement of this standard is 1st July, 2015.
It is observed that IBUs are branches of Indian Banks or Foreign Banks having presence in India, which are established in accordance with the RBI Scheme dated 1.4.2015, in the International Finance Service Centers that are set up in within the Special Economic Zones, as per Section 18 of the Special Economic Zone Act, 2005. Thus, the IBUs fulfil the necessary criteria for being considered Offshore Banking Units as defined in clause (u) of section 2 of the Special Economic Zones Act, 2005.
[2015] 55 taxmann.com 255 (SC) SUPREME COURT OF INDIA Queen’s Educational Society v. Commissioner of Income-tax *In favour of assessee Where a surplus was made by educational institution which was ploughed back for educational purposes, said institution was to be held to be existed solely for educational purpose and not for purpose of profit. Also […]
