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Income Tax : Compare the old and new tax regimes for FY 2025-26 to find out which one suits your financial situation, with details on exemption...
Income Tax : Notification No. 36/2025-Income Tax dated 22nd April 2025. For the first time, certain luxury goods priced above 10 lakh will attr...
Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
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 : ITAT Surat ruled that reassessment of deceased person is void ab initio, quashing the order and allowing the appeal in Bharat Ranc...
Income Tax : ITAT Cochin grants 12A registration to Naughty's Pet Sanctuary, ruling against CIT(E)'s decision over trustee honorarium clause....
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Aforesaid appeal of the assessee is against assessment order dated 31st January 2017, passed under section 143(3) r/w section 144C(13) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2013–14 in pursuance to the direction of the Dispute Resolution Panel–1, Mumbai, (DRP), dated 18th November 2016.
Advertisement expenditure incurred after certification by Board of Film Censors cannot be included as part of cost of production, hence, provisions of rule 9A, will not apply. It was held, the expenditure incurred in regular course of business has to be allowed under section 37.
TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind.
It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the requirement of the certificates.
Whether the provisions of section 64(1A) of the Income Tax Act, 1961 require an amendment to provide for exemption from clubbing of minor’s income accruing by way of interest on the amount deposited by one of the parents of the minor child as maintenance, at the hands of parent/guardian, under an order of the Court.
Third Protocol amending the Agreement between the Government of the Republic of India and the Government of the Republic of Singapore for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 30th day of December, 2016 (hereinafter referred to as the Third Protocol);
127A. Authentication of notices and other documents- (1) Every notice or other document communicated in electronic form by an income-tax authority under the Act shall be deemed to be authenticated,-
Principal Commissioner of Income Tax was trying to substitute a legally permissible view taken by the Id. AO with another view which was not a rational one. Hon’ble Apex Court in the case of Malabar Industrial Co. Ltd (supra) has clearly held that revisionary powers u/s.263 of the Act cannot be invoked for substituting a lawful view taken by the Id. Assessing Officer, with another view.
Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India.
ground raised by appellant was in respect of disallowing of an amount of Rs. 10,00,00,000/- being professional fees returned to Star India P. Ltd. The said amount had been incurred by the appellant for the purposes of his profession and on grounds of commercial expediency.
