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Income Tax : Explore Section 80JJAA of Income Tax Act, encouraging job creation in India. Learn about conditions, deductions, and benefits for ...
Income Tax : Explore the Bombay High Court's ruling on the invalidity of a reassessment notice under Section 148 of the Income-tax Act, 1961, f...
Income Tax : Learn about the consequences of filing your ITR incorrectly and claiming a full refund. Understand Section 133(6) of the Income Ta...
Income Tax : Get answers to FAQs on the new vs. old tax regime for AY 2024-25. Learn about the differences, benefits, and how to choose the bes...
Income Tax : Discover how AI is transforming tax compliance standards, automating tasks, detecting fraud, and enhancing efficiency. Learn about...
Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...
Income Tax : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
Income Tax : Discover the comprehensive list of 26 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated b...
Income Tax : Explore issues & solutions for appeals to Income Tax Commissioner. Detailed representation by Karnataka State Chartered Accountant...
Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...
Income Tax : Explore the detailed analysis of the ITAT Bangalore decision in Goworamma Lingappa Manjula Vs ITO. Understand the implications and...
Income Tax : Explore the ITAT Bangalore's decision in Lakshmi Multipurpose Co-operative Vs ITO regarding income threshold limits under Section ...
Income Tax : Delhi HC: No penalty for New Holland Tractors if assessee's contention was plausible and bona fide, provided full disclosure of fa...
Income Tax : Read the full text of the ITAT Bangalore order in Laxmilal Badolla Vs NFAC. Penalty under Sec 271D cancelled due to reasonable cau...
Income Tax : Learn how ITAT Bangalore ruled in favor of Herbalife India on technical service payments, clarifying FTS under India-USA DTAA. Det...
Income Tax : Explore the latest guidelines for issuing notice under Section 148 of the Income Tax Act, 1961. Understand key procedures, amendme...
Income Tax : CBDT order allows delayed tax payments under DTVsV Act conditions, easing compliance for taxpayers. Details on Form-3 modification...
Income Tax : CBDT issued Notification No. 01/024-25-Income Tax dated 24th June 2024, specifying Form 3CN, Form 3CS, Form 3CEC, Form 3CEFB, Form...
Income Tax : Discover the impact of Notification No. 51/2024-Income Tax by the Ministry of Finance on the Kerala Co-operative Deposit Guarantee...
Income Tax : Explore suggestions from trade associations for Budget 2024-25 on changes in direct and indirect taxes. Submit proposals for tax s...
New item in COBRAPOST.com on 26-11-2014 titled Operation Black Ninja: Sell Me Houses to Launder My Iii-Gotten Millions – Request to carry out enquiries and take necessary action deem fit – reg. Please find enclosed a copy of the above referred news item alleging that 35 real estate companies are willing to take illicit money and convert it into legit by allowing their clients to buy properties. You may visit the following link on the interne for full details http://www.cobraoost.com.
Finance Act 2014 has introduced various changes in Income Tax Act,1961 and some of those related to deduction and exemptions available to Salaried Individual taxpayers, which includes Amendments in Section80C, Section 80CCD, Section 80CCE and in Section 24 related to Interest deduction. Here I have compiled attached in Excel file Comprehensive list of Deductions , Tax free Allowances and Perquisites highlighting important Amendments for Salaried Individual applicable for Assessment Year 2015-16 and subsequent Year unless amended :-
(A) Concept of Stamp Duty Value- It should be noted that the Stamp Duty Basis Valuation is applicable only in the transactions pertaining to Immoveable Property in the Income Tax Act 1961. It is similar to the concept of Fair Market Value (FMV).
Monetary and Liquidity Measures On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent; keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand […]
No addition can be sustained in this case, as, neither there is any investigation whatsoever made by the Assessing Officer nor was any evidence gathered by him. Merely because the market value as per the stamp valuation authorities and the sale price are at variance, no addition can be made to the business income.
What is BEPS -BEPS refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid.
Notification No. 76/2014-Income Tax Central Board of Direct Taxes hereby authorises the Commissioners of Income-tax (Exemptions), to act as ‘prescribed authority’ for the purposes of sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 with effect from the ‘specified date’. NOTIFICATION NO. 76/2014 Dated – 1st December, 2014.
Notification No. 75/2014-Income Tax Central Board of Direct Taxes hereby authorises the Commissioner of Income-tax (Exemptions), to act as ‘prescribed authority’ for the purposes of sub-clause (iv) and sub-clause (v) of clause (23C) of section 10 with effect from the ‘specified date’.
It is unfortunate that the Revenue insists in arguing Appeals in this manner and for subsequent Assessment Years. The Revenue ought to have been fair and brought to the notice of this Court the fact that its Appeal challenging the very findings and conclusions for prior Assessment Years has been dismissed by this Court on merits.
7 December 2014 –Due date for deposit of Tax deducted/collected for the month of November, 2014 15 December 2014 –Second instalment (in the case of an assessee other than a company) or third instalment (in the case of a company) of advance income-tax for the assessment year 2015-16 22 December 2014 –Due date for issue […]
