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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 : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
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 : 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...
In the latest move, the GOI has come up with a scheme called Income Declaration Scheme 2016. The scheme is a move by the GOI to collect the revenue and at the same time provide an opportunity to the people who have failed to disclose their income or assets to declare their income and get the relief.
‘Desh ka Paisa Desh mai’, ‘Else Pay Tax Government Kee Pocket Mai’. Pocket is the ‘KOSH’ of our motherland ‘BHARATAM’, Purpose is let our country reach at the highest summit as ‘SUBHARATAM’.
Meaning of Retrospective Amendments: Two sort of amendments are being done by legislature,(i) Prospective and (ii) Retrospective. Prospective amendments are kind of amendments which become effective from future dates as mentioned therein and Retrospective amendments means amendment which become effective from a back date i.e. the date prior to the date of making such change.
This article primarily focuses on the difficulties faced by the assesseeabout various procrastinating issues such as rectification order; refund intentionally being adjusted after scrutiny assessment, order giving effect to the order of the appellate authorities etc. at the lower level hierarchy of the Income Tax Department (ITD)and the potential measures that could be undertaken by the Government/CBDT/ITD to eliminate it,
Considering requirements of Direct Tax Dispute Resolution Scheme, 2016, administrative efficiency, convenience of tax payers and equitable distribution of work, the Principal Chief Commissioners of Income Tax addressed above will notify that the jurisdictional Principal Commissioner of Income Tax or the Commissioner of Income Tax, as the case may be, who exercises jurisdiction U/s. 120 of the Act, as notified by the CBDT from time to time over such declarant, shall be designated authority as referred to in Scheme.
Purchase of a license to use shelf/shrink-wrapped software is purchase of a product and not a copyright. Wherever the Government of India intended to include consideration for the use of software as ‘Royalties’, it explicitly provided so in the DTAA with the concerned country (e.g. India-Malaysia DTAA).
The Income Declaration Scheme 2016 has been framed under Chapter IX of the Finance Act 2016. As per Circular No. 16/2016, scheme received the assent of the President on 14-05-2016The scheme shall come into force on 01-06-2016. It comprises sections 181 to 199 of Finance Act 2016. In this article an attempt has been made to consolidate the entire law published till date on the Scheme.
Arjuna, June month is the month of monsoon. Everyone would be keeping an eye towards rainfall from 7th June onwards. Now the government has made shower of various changes in tax laws this year. Only God knows that when rain will come and how much, but all these changes in tax laws will be effective from 1st June. So it is important that each and every taxpayer carries on his transactions after understanding the new changes and the new scheme.
CHAPTER IX OF THE FINANCE ACT, 2016 THE INCOME DECLARATION SCHEME, 2016 Short title and commencement. 181. (1) This Scheme may be called the Income Declaration Scheme, 2016. (2) It shall come into force on the 1st day of June, 2016. Definitions. 182. In this Scheme, unless the context otherwise requires,— (a) “declarant” means a […]
Clearly, unless a receipt is not an income, there is no occasion for the provisions of Section 56(1) or 56(2) coming into play. Section 56 does not decide what is an income. What it holds is that if there is an income, which is not taxable under any of the heads under Section 14, i.e item A to E, it is taxable under the head income from other sources’.
