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Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
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 : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : ITAT Mumbai upholds CIT(A) order favoring Fitrite Packers, dismissing Revenue’s appeal over disallowances related to penalty and...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
In a recent ruling, the Delhi High Court found that the Transfer Pricing Officer (TPO) cannot go beyond a remand order when such remand was based on a specific finding. The division bench comprising of Justice S. Ravindra Bhatt and Justice Najmi Waziri was hearing a writ petition filed by M/s LI & FUNG India, against the Show Cause Notices issued by the Revenue.
For enhancing the number of Income Tax Payers, the following measures have to be taken up at once: (1) Introducing a very simplified & hassle-free ITR Form for the First Time Filers of Return of Income & ensure harassment-free assessment, in the following manner:
Section 269SST includes within its sweep all types of cash receipts from any person of whatever nature whether as donations or gifts or compensation, encashment of securities/instruments etc. A penalty equal to the amount of such receipt shall be imposed u/s 271D.
Fact that a particular expense does result in a profit for the Assessee in the immediate proximity cannot form the basis of its dis allowance. In incurring an expense, a business person could have a short and a long term perspective.
It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from a bank, cooperative bank or a post office savings bank.
Prior to Finance Bill 2017 in case of JDA arrangement capital gains is chargeable to tax in the year in which transfer takes place. H’ble Courts have ruled that granting possession vide execution of agreement is part performance of contract which confers developer with the right over the property & therefore tantamount to transfer u/s 2(47) of Act
Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.
It cannot be denied that expenditure incurred by the assessee for the purpose of developing housing project and not allowable by virtue of section 40(a)(ia) would ultimately go to increase assessee’s profit from such business and profit as computed after making the dis allowance would, therefore, qualify for deduction under section 10A.
In this appeal filed by the Revenue, it is aggrieved that ld. Commissioner of Income Tax (Appeals) allowed the assessee claim for its exemption u/s.11 of the Income Tax Act, 1961 (in short BC the Act CC). Appeal has been filed with a delay of ten days. Condonation petition has been filed. Delay is condoned and appeal admitted.
Get a complete understanding of Rule 12 of Income Tax Rules wef 1st April 2017 related to ITR. Stay up to date with the recent amendments and changes.
