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Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
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 : 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...
Adjustment of Refunds due to assessees against erroneous demands shown outstanding in their cases causes great heartburning. Even where the assessee lodges his objection on the CPC Portal pointing out that the demand sought to be adjusted against the refund was not outstanding and therefore is being erroneously adjusted, there is no remedy by which the CPC can take note of the same.
1. RECOMMENDATION FOR PROVIDING FOR GRANT OF TIMELY REFUND WITH INTEREST AND ALSO PROVIDING FOR PAYMENT OF HIGHER INTEREST IN CASE OF DELAYED REFUND UNDER SECTION 244A (A) Under section 244A of the Income-tax Act, the tax administration is liable to pay interest at the rate of one-half percent per month or part thereof (i.e. […]
RECOMMENDATION FOR REDUCING THE FEE UNDER SECTION 234E FOR DEFAULT IN FURNISHING STATEMENTS OF TDS AND TCS FROM RS.200/- PER DAY TO RS.100/- PER DAY The levy of mandatory fee u/s. 234E at the rate of Rs.200/- per day for default in furnishing of Statements of TDS u/s. 200(3) and TCS u/s. 206C(3) has been […]
The Central Government issued Notification NoA.50050/112/2015-Ad.I dated 27th October, 2015 constituting a 10-Member Committee under the chairmanship of Justice R.V. Easwar, Former Judge of the Delhi High Court and Former President of the Income Tax Appellate Tribunal with the following broad objectives:
Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design.
Hon’ble Kolkata ITAT has in its judgement of Madhabi Nag v/s ACIT has placed reliance on The CBDT Circular No.14 of 1955 dated 11.04.1955 and has taken a view that the officers of the department must not take advantage of ignorance of the assessee about his rights
CIT Vs Late Gopal V. Gorwani (ITAT Mumbai) The Assessing Officer, on perusing the aforesaid terms of the agreement was of the view that flats to be constructed by the vendee on behalf of the co–owners is the non–monetary consideration received by them on account of sale of the property.
The ITAT Delhi in the case of Shri Ashutosh Garg vs. ACIT held that when the assessee had produced his copy of bank accounts showing the advancing of loan to non-resident and its repayment collection along with affidavit filed both by non-resident and assessee
Due to their high risk nature, Startups are not able to attract investment in their initial stage. It is therefore important that suitable incentives are provided to investors for investing in the Startup ecosystem. With this objective, exemption shall be given to persons who have capital gains during the year, if they have invested such capital gains in the Fund of Funds recognized by the Government.
Notification No. 1/2016 Where the EVC (Electronic Verification Code) is generated by giving bank details to the e-filing website https://incometaxindiaefiling.gov.in or Where the EVC (Electronic Verification Code) is generated after Demat account authentication using Demat details registered with CDSL/ NSDL
