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Income Tax : The 2025 amendment in Section 143(1) of the Income Tax Act introduces new compliance requirements. Taxpayers must ensure consisten...
Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liabi...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
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 : ITAT Kolkata quashes assessments in absence of incriminating material; DVO’s cost estimate alone held insufficient under Abhisar...
Income Tax : ITAT Lucknow rules audit fee provisions are not allowable unless liability accrues; EPF disallowance sent back for verification....
Income Tax : ITAT Nagpur sets aside CIT(E)'s rejection of 12A registration, holding assessee not liable for file access issues on ITBA portal....
Income Tax : ITAT Pune rules one-time membership and share fees as capital receipts for Veershaiv Cooperative Bank, reversing lower authority�...
Income Tax : ITAT Pune grants partial relief in cash deposit case during demonetization under Section 69A. Dispute centered on unexplained depo...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
ORDER NO. 14 OF 2018 Consequent upon the approval of Competent Authority, the following officers are, hereby, promoted to the grade of Chief Commissioner of Income Tax (then HAG) in the pay scale of Rs. 67,000 — 79,000 (pre-revised) against the vacancy year 2013-14, on notional basis with effect from 17.12.2013, i.e. the date of promotion of their immediate juniors: –
The amendment to Section 35AD(3) of the Act introduced by the Finance Act, 2010, seeks to prevent a taxpayer from claiming dual deduction in respect of the same business. It appears that if a taxpayer carrying on a specified business does not claim deduction under Section 35AD of the Act, he may opt for deduction under the relevant provisions of Chapter VI-A or Section 10AA of the Act, if the same exist for such business and it is more beneficial.
M/s. Gujrani & Co. Vs. Income Tax Officer (ITAT Kolkata) It is observed that the audit expenses of Rs. 5,19,238/- were claimed to be incurred by the assessee- company towards traveling and conveyance of the Articled Clerks, who were C.A. students receiving training from the assessee- firm. It was contended by the assessee during the […]
At present, Tax Saving FDR is allowed as deduction u/s 80C but its interest is taxable. It is pertinent to note that the deduction u/s 80C on reinvestment of interest on NSC is available.
The DSIR guidelines provide that eligible capital expenditure on R&D will include expenditure on plant, equipment or any other tangible item only. It also provide that capital expenditure of intangible nature is not eligible for weighted deduction.
The provisional figures of Direct Tax collections up to 15th January, 2018 show that net collections are at ₹ 6.89 lakh crore which is 18.7% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represent 70.3% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore).
Section 35AD of the Act extends investment linked incentives to taxpayers with respect to the capital expenditure incurred for setting up and operation of specified businesses. Further, once investment linked incentive for the capital expenditure is availed under this Section, no benefit shall be allowed in respect of such specified business under Chapter VIA (Deductions in respect of certain incomes) and Section 10AA of the Act.
Currently, there is no clarity whether a company engaged in the business of development and sale of software or providing IT / Information Technology Enabled Services (ITES) services, is eligible for weighted deduction on the R&D expenditure incurred by it.
Undisputedly, interest-free funds available with assessee were far in excess of amount advanced to sister concern and a presumption would arise in favour of the assessee that interest-free funds had been utilized for advancing interest free loan to the sister cocnern, therefore, disallowance of deduction under section 36(1)(iii) was not justified.
In the pharmaceutical Sector, discovery is a lengthy, risky and expensive proposition. In this business environment, necessitated by the current business needs, companies have to incur expenditure towards scientific research outside their Research & Development (R&D) facility for e.g. expenditure incurred outside the approved R&D facility towards clinical trials
