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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...
In terms of Section 2(22)(e) of the Income Tax Act, 1961, dividend” includes any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise) made after the 31st day of May, 1987, by way of advance or loan:
Komal Tyagi ⇒ It extends to whole of India & shall come into force on the 1st day of April 2016. ⇒ Basis of charger – There shall be charged on every assessee for every assessment year commencing on or after 1st day of April’16, a tax in respect of his total undisclosed foreign income […]
In this article we have summarised the status of Writ Petition filed against non extension of Due date of Tax Audit and Income Tax Return (ITR) filing for cases covered under Tax Audit Provisions, filed in various High Courts All over India. Till Date as per our information Writs been filed in Gujarat, Delhi, Jodhpur, Karnataka, Orrisa, Mumbai, Calcutta, Madras, Andhra Pradesh & Telangana and in Punjab & Haryana High Court.
DCIT vs. M/s Garware Polyester Ltd. (ITAT Mumbai) The Assessing Officer does not have the power to tinker with such accounts prepared as per Schedule VI and certified by the Auditors except for the adjustments permissible by Explanation to Sec 115JB to arrive at book profits
The ITAT Bangalore in the case of M/ s Sigma Aldrich Chemicals P. Ltd. held that when short landing of goods is common having regard to the nature of goods and such loss is negligible , then it has to be allowed deduction as business expenditure.
Taxpayers are requested to go to “Profile Settings –> Link Aadhaar” after logging to their account to link their Aadhaar with PAN. This is an optional feature that will enable taxpayers to e-Verify their Income Tax return if their Aadhaar-PAN linking is successful and if they have an valid mobile number registered with Aadhaar. Electronic […]
Krishna, recently everyone has celebrated the festival of Raksha Bandhan along with that many Taxpayers have filed Income Tax Returns. Krishna please explain, what difficulties arise while filling Income Tax Returns, what Taxpayers should do now and what, if no return is filed.
CBDT hereby extends the ‘due-date’ for filing Returns of Income from 31st August, 2015 to 7th September, 2015, in cases of Income-tax assessees in the State of Gujarat, who are liable to file their Income tax returns by 31st August, 2015
To combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad requiring cooperation amongst tax authorities, the G20 and OECD countries working together developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI). The CRS on AEOI was presented to G20 Leaders in Brisbane on 16th November, 2014.
Compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016- (a) Cases involving addition in an earlier assessment year in excess of Rs. 10 lakhs on a substantial and recurring question of law or fact which is either confirmed in appeal or is pending before an appellate authority. Instruction No. 08/2015
