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Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Madhya Pradesh High Court condones delay in Neel Kumar Ajmera’s ITAT appeal, setting aside dismissal due to limitation and reman...
Income Tax : Delhi High Court ruled on the validity of re-assessment proceedings in PCIT-04 vs Ganesh Ganga Investments Pvt Ltd, focusing on bo...
Income Tax : Bombay High Court directs tax revision for an AI-generated invalid return order lacking reasoning, stressing natural justice and h...
Income Tax : ITAT Kolkata rules in favor of Anindya Sarkar, allowing Foreign Tax Credit despite delayed Form 67 filing, citing DTAA provisions ...
Income Tax : During the course of a survey, it was seen that the assessee had defaulted in deducting tax at source on interest paid to AGE Pate...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Expenditure on account of AMC of medical equipments etc., is not in the nature of fee for professional and technical services as construed under section 194J of the Act and hence, not liable to deduct TDS under section 194J of the Act. The assessee has deducted TDS under section 194C of the Act in regard to payments on AMC of medical equipments and machines etc.
The important aspect while planning restructuring proposals is the applicability of deemed dividend provisions that was under the controversial route which is now put to rest with the latest ruling by the Apex Court. The muddle of taxability under deemed dividend as per section 2(22)(e) is now cleared by the latest ruling of the Apex Court and would be beneficial for assesses facing similar issues.
The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act.
While dismissing revenue’s appeal, the Hyderabad bench of Income Tax Appellate Tribunal (ITAT) has declared that assessee is entitled for deduction under Section 10B of the Income Tax Act 1961 even though it registered as a hundred percent Export Oriented Undertaking (EOU) under the Software Technology Park of India (STPI).
A division bench of the Kerala High Court recently held that a mere reduction in the shares of one partner, resulting in proportionate increase of shares of another partner would constitute a gift for the purpose of taxation under Section 4 (1) (a) of the Income Tax Act.
Incentive meant for small scale industrial undertakings cannot be availed by industrial undertakings which do not continue as small scale industrial undertakings during the relevant period, the bench held.
Advance deposit of central excise duty constitutes actual payment of duty within the meaning of Section 43B of the Central Excise Act and, therefore, the assessee is entitled to the benefit of deduction of the said amount.
The Bangalore bench of Income Tax Appellate Tribunal recently rejected the plea for setting off of unabsorbed depreciation since Hospitals can’t be treated as an industrial undertaking for the purpose of section Section 72A(7) of the Income Tax Act, 1961.
Sonar Bangla resonates with Bengal as a historical entity and Bangladesh, both in Commerce and Cricket with its exceptional performance has enabled us to remember its gigantic growth. When one looks at any good ready-made in U.S.A. it is an open secret that Bangladesh with its visible presence in all brick and mortar shops has […]
SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad) This is assessee’s appeal for the A.Y 2012-13. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-10, Hyderabad, dated 2.11.2016 confirming the dis allowance of Rs. 77,44,295 claimed by the assessee as a deduction u/s 80P of the Act. […]
