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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
The following postings / transfers in the grade of Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders vide Order No. 135 of 2016
F.No. A-22011/5/2016-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi-110 001. Date: 20.07 2016 Order No. 134 of 2016 The following postings / transfers in the grade of Principal Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:- Corrigendum to […]
Government has constituted a Committee to examine the desirability and feasibility of having a new financial year and give its recommendations by 31st December, 2016. The terms of reference (ToR) of the Committee are as under: Examine the merits and demerits of various dates for the commencement of the financial year including the existing date, taking into account, inter-alia, the following:
Recognizing various limitations under the existing legislation [Income-tax Act, 1961, etc.], the Government enacted a new law – ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ – to specifically and effectively tackle the issue of black money stashed away abroad.
In the last decade, the Income Tax Department embarked on an ambitious computerization plan which developed voluminous databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return (AIR) etc. The large volumes of data necessitated development of a comprehensive platform for effective utilization of information.
The Direct Tax Dispute Resolution Scheme, 2016 was introduced with effect from 01.06.2016 to address the issue of pending litigation before CsIT (A). Tax payers stand to benefit by a timely disposal of their litigation, while the Department stands to reduce its administrative cost in disposing appeals and also to collect its due taxes. Therefore, it becomes expedient on the part of all officers to ensure that the Scheme is a resounding success.
Salaried? You too need to file returns too!- While talking to some of my colleagues and friends who are salaried, I understand that majority of them are under the impression that as full tax has already been deducted from their salary, they are not required to file their income tax returns. T
The compensation was paid because the assessee had failed to install the pollution control device within the time prescribed. Therefore, payment of the sum of Rs.12,50,000/- is not hit by Explanation-1 to Section 37 of the Act. The Hon’ble judges of the Kolkata High Court by setting aside the orders of ITAT held that payment was und
CBDT entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a Rollback provision in them.
It is hereby notified for general information that the organisation Mis Indian Institute of Science Education and Research. Mohali (PAN:- AAAAI1781K) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-lax Act. 1961 (said Act), read with Rules 5C and 5E of the income-tax Rules. I%2 (said Rules).
