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Income Tax : Explore Budget 2024-25's Section 194T, mandating 10% TDS on payments exceeding Rs. 20,000 to firm partners, effective April 2025....
Income Tax : Explore the 5 key proposals in capital gains taxation introduced in Budget 2024. Learn about changes in exemption limits, tax rate...
Income Tax : Explore the controversial changes in capital gains tax introduced in Budget 2024. Understand the impact on investors and real esta...
Income Tax : जानिए भारतीय आयकर अधिनियम 1961 की धारा 194T के तहत साझे�...
Income Tax : CBDT's notification no. 27/2024 dated 05.03.2024 introduces several key amendments to Form 3CD, effective from AY 2024-25, impacti...
Income Tax : Punjab Accountants Association urges Finance Minister to amend Section 43(B)(h) for MSMEs, proposing better payment timelines and ...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Budget 2024 introduces provisions for exempting or reducing TCS on certain transactions. Effective from October 2024....
Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....
Income Tax : Delhi High Court held that the receipts from Indian customers for services provided outside Indian Territory, in connection with u...
Income Tax : Jharkhand High Court held that the delay in filing the appeal without any condonation of delay application is a defective one and ...
Income Tax : Bombay High Court held that upto 1 April, 2005, the expression ‘built up area’ would exclude the balcony area and are not to b...
Income Tax : ITAT Chennai held that addition towards on-money sale amount based on the third-party statement without any cogent positive eviden...
Income Tax : ITAT Delhi held that addition on account of unexplained money under section 69A of the Income Tax Act unjustified as revenue faile...
Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...
Income Tax : Notification 95/2024 exempts Himachal Pradesh State Load Despatch Centre specified income from tax, effective for AY 2021-2024, wi...
Income Tax : Explore Income Tax Notification No. 94/2024 dated 24th July, 2024, detailing tax exemptions for Punjab Skill Development Mission S...
Income Tax : Finance Minister Nirmala Sitharaman introduced the Finance Bill 2024 and the Final Budget for the fiscal year 2024-25 in the Lok S...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
FM: Investors Showing Huge Curiosity and Interest in India; We Can’t Afford to Miss this Opportunity; Ordinarily Everything is Going in our Favour Including Better Growth Prospects, Good Reserves, Fiscal Deficit and Cad Under Control; Calls for Non Adversarial Tax Administration
Section 14A was enacted vide Finance Act, 2001 w.r.e.f. 1-4-1962, so that net taxable income is actually taxed and no deduction is allowed against taxable income for expenditure incurred in earning exempt income. It was enacted to overcome the Supreme Court decision in the case of Rajasthan State Warehousing Corporation v. CIT [2000] 242 ITR 450 (SC) wherein it was held that in case of an indivisible business,
Krishna, on 26th January, India celebrates its Republic Day. On this Republic Day the President of the United States of America Mr. Barack Obama will be the guest of honour. On this day India’s unity and strength is demonstrated by the Army, Navy and Air Force in the grand Parade along with the exhibition of various diverse states of India.
The Competent Authority has been pleased to discontinue the practice of printing and rolling out hard copies of Judgments by the Editorial branch of the Registry for contingent / miscellaneous requirements w.e.f. 1st February, 2015. Previously eighty copies of Judgments used to be rolled out and printed.
There is no justification by the department that why the refunds were pending with the department, when there was no demand. Why these refunds have not been issued when these have been finalized and crystalized and eligible for adjustment against the legitimate demands raised by the Department. Logically, there should not be any pending refund with the department which has finalized.
When you file your return every year with the income tax department, it is kept as a record with them. This shows that you have a source of income and you are financially stable. Mind you it’s not just a record. You can also take it as a supporting document when you wish to avail a loan.
Gross direct tax collection during April-December of the Financial Year 20 14- 15 is up by 12.93 percent at Rs. 5,46,661 crore as against Rs. 4,84,063 crore collected during the same period last year. Gross collection of Corporate tax has shown an increase of 12.79 percent and stood at Rs. 3,50,494 crore as against Rs. 3,10,754 crore collected during the same period last year.
F.No. O-21030/4/2015-Coord GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE NEW DELHI Dated: January 23, 2015 OFFICE MEMORANDUM Subject:- Uniform for the employees of Non Statutory Departmental Canteens/Tiffin Rooms functioning in Central Government Offices issue of Petticoat and Dupatta to Female Canteen Employees.-reg. A copy of an O.M. F.No.18/2/2013-Dir(C) dated 9.1.2015 received from Ministry […]
In this case, the ITAT ruled that extended credit period allowed to the Associated Enterprises (‘AE’) amounted to short term funding without interest and thus attracted TP adjustment on account of notional interest from such short term funding.
As per the current Media Policy of the Department, CIT( M&TP), CBDT acts as the Official Spokesperson and Media Coordinator of the CBDT. The CIT (M&TP) is responsible for effective communication with print/electronic media and for compiling the information prior to putting it in public domain with due consideration of its utility and confidentiality.
