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Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
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 : 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 : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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...
Maharashtra Government has changed the working system of farmers, Commission agents as well as traders. What are the consequences of this in relation to income tax? India is agriculture oriented country. For getting fair market prices and customer to farmers for the agricultural produce produced by them the state government has formed Agriculture Produce Market Committee in various cities.
The Income Tax Department has received information about large value transactions relating to you under the Annual Information Return (AIR) without a valid PAN. The list of such transactions is provided. You are requested to submit the on-line response as under:
The ITAT Delhi in the above cited case held that the need , rendition and benefit test for services availed by the assessee from associated enterprises should be applied having regard to the assessee’s business and not in a generic manner. TPO should have given due thought to the requirements ,benefits and manner of rendition of services by AEs before jumping to the conclusion that
TDS is tax deducted at source. This is a method through which the government makes sure you pay the tax while receiving he income rather than paying it latter. There are various situations where TDS is applicable to the income you receive. TDS eases the burden on the person who receives the income as he […]
For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL. Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application.
Kindly refer to the above subject. Directorate of Systems has processed non-PAN AIR transactions which resulted in identification of around 7 lakh high risk transaction clusters having around 14 lakh non-PAN AIR transactions. These transactions have been assigned priority rating P1 to P3 (P1 being the highest priority) and each non-PAN AIR transaction has been assigned a unique Transaction Sequence Number (TSN) for monitoring purposes.
The President is pleased to appoint the following 196 Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant Commissioner of Income Tax (ACIT) on ad hoc basis for the vacancy year 2015-16, in the pay scale of Rs. 15600-39, 100 (plus grade pay of Rs. 5400/- in pay band 3) with immediate effect
President is pleased to appoint the following 18 Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant Commissioner of Income Tax (ACIT) on ad hoc basis for the vacancy year 2014-15, in the pay scale of Rs. 15600-39, 100 (plus grade pay of Rs. 5400/- in pay band 3) with immediate effect
Presumptive Income is the concept introduced by the Income Tax Department under the Presumptive Taxation Scheme so as to allow the assessee to disclose his income on presumptive basis under the relevant sections and their provisions thereof. Let us understand them in detail.
Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions- Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more, etc.
