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Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
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 : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : ITAT Delhi held that the expenditure incurred on CSR activities may not have direct nexus with the activities of the assessee but ...
Income Tax : ITAT Mumbai held that sale of Dangerous Goods Regulations manuals could not be characterised as ‘royalty’ within the meaning o...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : ITAT Hyderabad rules in favor of Karimnagar DCCB, granting immunity from penalty under Section 270AA. The appeal challenges tax pe...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Although it’s quite common to receive notices from IT department, people do get scared when they get one. What one needs to know is it’s not as big deal as one believes it to be, and if handled tactfully, one can get rid of any further complications. Following are some common reasons why people recieve […]
1. About e-Sahyog 1.1 Overview Income Tax Department (ITD) has launched a new initiative e-Sahyog with a view to reduce compliance cost, especally for small taxpayers. This initiative s in line with the government‟s commitment under Digital India to e- enable public services for the benefit of the citizens. Traditionally, when Income Tax Department (ITD) […]
In the case of Coperion Ideal Private Limited v. CIT, Delhi High Court while giving the decision in the favour of the assessee, held that there should be some tangible material available with the Revenue, whenever they want to conclude that Assessee have escaped Assessment.
The Delhi High Court held in the case of E-Funds International India Private Limited v. PR. CIT, while dismissing the appeals of the Revenue that revised computation was sufficient in the place of furnishing revised returns as there was only a minor technical fault as the figure of USDs was not changed into Rupees while computing the deduction under section 10A.
CIT v Proctor and Gamble Home Products Ltd- Bombay HC observed that the appeals filed by the Revenue was in a very causal manner without indicating the basis of the challenge. Further, it was observed that Rule of law implies certainty of law.
In the case of CIT v Trend Electronics, Bombay Court held that before issuance of reopening notice for assessment, the Revenue have to furnish the reasons for it. Otherwise, the notice will be considered as bad in Law.
With lots of confusion regarding Capital Market likes how to tax income from capital market, how to compute turnover for tax audit u/s 44AB and what are the compliances to be fulfilled for income tax. Frequent ask question regarding capital market. Question 1. What are segments of Capital Market? Answer1. Capital market is to be divided into two parts: a. Cash Market, which further be divided into two parts: i. Delivery Based ii. Intraday (No Delivery)
CIRCULAR NO. 18/2015 It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, expenses relatable to investment in non-SLR securities need to be disallowed u/s 57(i) of the Act as interest on non-SLR securities is income from other sources.
The Finance (No. 2) Act, 2014 proposed to introduce a more streamlined method to compute Arm’s Length Price (ALP) in a situation where more than one price is determined, on adoption of Most Appropriate Method(MAM). The first and second provisos were made redundant for all transactions undertaken on or after 01/04/2014. This was done so as to remove the vagueness that prevailed in the computation of ALP, by way of arithmetic mean.
Assessees beware!! The Government has started a new campaign called E-Sahyog to ask for information/response from assessees where there is mismatch found in information given by the assessees in the Income Tax return and that given to/by other third parties in respect of the assessee.
