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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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
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 : 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...
ITAT Delhi in DCIT Vs Deepsons Southend held that if there is change in the profit sharing ratio of the partnership and all the partners remain same in the new partnership deed then that would not be change in the constitution of the firm so the loss of the firm could be carried forward.
ITAT New Delhi held in ACIT Vs Phonix Lamps India Ltd that if the assessee was selling its final product to particular parties continuously and there was no return of the final product. Moreover there was no complaint of any defect in the finished product.
ITAT Mumbai held In the case of J.P MORGAN SERVICES PVT LTD Vs. ITO held that ‘benefits of enduring nature’ is not the sole factor to categorise an expense as capital expense. Expenditure for improving “operational efficiency” regarding Project Management Study will be considered as Revenue in Nature.
Reducing litigation with the taxpayers has been a key focus area for the Income Tax Department. Several initiatives have been taken by the Central Board of Direct Taxes in the last three months up to December 2015 to significantly reduce disputes and provide relief to taxpayers facing long standing litigation.
Minister of State for Finance Jayant Sinha on Thursday said the government will present the Budget for 2016-17 on February 29, which will set a roadmap for the coming three years. As per internal sources Budget session could begin from February 23. The date of the presentation of the Budget and the reconvening of the […]
CBDT, Yes, You rightly understood, it is a Central Board of Direct Taxes, or to say an elevated platform of persons, who are equipped with ineffective mechanism to regulate the income tax department of the country and eventually a safe route of escapement from responsibilities towards happy retirement albeit unblemished, even it be so.
F. No. 312/109/2015-OT As on 09.01.2016, there are 64,938 cases of refunds below Rs.5,000/- involving Rs.1,148.14 Crore in non-CASS cases for AYs 2013-14 and 2014-15 pending in AST. It is requested that the Assessing Officers be directed to issue these refunds without any adjustment of arrears under Section 245. Similarly, the non-CASS cases for those assessment years where the refund amount is more than Rs.5,000/- but the outstanding arrear is Rs. 6,000/- or less may also be processed for issue of refund without any adjustment under Section 245.
NOTIFICATION NO. 03/2016 Exercise of option etc under section 11. (1) The option to be exercised in accordance with the provisions of the Explanation to sub-section (1) of section 11 in respect of income of any previous year relevant to the assessment year beginning on or after the 1st day of April, 2016 shall be in Form No. 9A and shall be furnished before the expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income of the relevant assessment year.
Whereas, a Protocol amending the agreement between the Government of the Republic of India and the Government of the Republic of Belarus for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on property (Capital) of the 27th September, 1997 (hereinafter referred to as the said Protocol) as set out in the Annexure to this notification, was signed at Minsk, Belarus on the 3rd June, 2015;
In the case of M/s. Cash Edge India (Pvt.) Ltd., vs. ITO Delhi Bench of ITAT have held that transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2) of the Act and, therefore, could not have been added back to the book profits under Section 115JB.
