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Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
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 : 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 : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : ITAT Pune remands appeal for reconsideration, citing leniency for a senior citizen taxpayer's advance tax shortfall. Case to be de...
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...
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...
ITAT Pune held In the case of M/s. Vishay Components India Pvt. Ltd. vs. ACIT that where the revenue from year to year has accepted the method adopted by the assessee for benchmarking its international transactions with its associate enterprises, in the absence of any reasons brought
Delhi High Court held in the case of CIT v Smt. Priyanka Singhania that if the search warrant was issued in the name of the father of Assessee, then the proceedings of the search and seizure against the assessee was totally void and bad in Law.
In the case of CIT v Sri Chand Gupta, Delhi High Court held that during search and seizure under section 132, any declarations made by the assessee could not discharge his liability to the extent of cash seized as Section 132(5) of the Act does not deal with appropriation of the assets seized.
In the Case of DIT v M/s Ericsson Communications Ltd. , Delhi High Court held that when the Industrial policy of Government of India mentions that there should be no royalty paid to the parent foreign collaborator company by the Indian wholly subsidiary company then the reversal
In the case of CIT v Canon India Pvt. Ltd., Hon’ble High Court held that whenever a subsidiary company is getting subsidy from it’s holding company, then the amount of subsidy which has not been spent will not be considered as income of the Assessee.
If any person having furnished a return under section 139(1) or in pursuance of a notice issued under section 142(1) [original return], discovers any omission or wrong statement therein, then he may furnish a revised return at any time on or before the expiry of one year from the end of the relevant Assessment Year (AY 2) or before the completion of assessment*, whichever date is earlier. [* Scrutiny assessment or best judgement assessment]
Rights and liabilities of erstwhile company were transferred to new company, therefore, it was essential to move an application for filing on record the amended memo of parties and also to file a fresh Form 36, mentioning the amalgamation of the assessee company with new company to peruse appeals in the name of new entity. Since assessee despite directions given by the Bench, failed to file amended Form 36, Bench was left with no option but to dismiss the appeals.
CIT vs. AMCO Power Systems Ltd (Karnataka High Court) Whether the Tribunal was correct in holding that the assessee would be entitled to carry forward and setoff of business loss despite the assessee not owning 51% voting powers in the company as per Section 79 of the Act by taking the beneficial share holding of M/s. Amco Properties & Investments Ltd.?
WHO CAN REPRESENT FOR & ON BEHALF OF INCOME TAX ASSESSEES? As per Section 288(2) of Income Tax Act, 1961 there are Eight (8) Categories of Persons eligible to act as Authorized Representatives for & on behalf of the Income Tax Payers/Assessees, as listed below: 1) The Relative or Employee of the Assessee/Tax Payer [vide […]
Protocol amending the Agreement between India and Vietnam for the avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has approved the Protocol amending the Agreement between India and Vietnam for the avoidance of double taxation and […]
