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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
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 : 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 Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
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 : 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...
I am directed to refer to your letter dated 06th May, 2015 on the above subject and to inform you that restriction on closure of short payment by the deductors in downloading of TDS certificate has been removed with effect from 07/05/2015. Now the deductor is free to download TDS certificate without closure of short payment default.
Punjab & Haryana High Court held in CIT(A) Vs M/s ITW India Limited that mere change in opinion of the AO could not amount to issue of notice for re-assessment u/s 147. AO should had reasonable tangible facts in hand before issuing notice u/s 147.
1. Due Date of Filing of Income Tax Return is proposed to be extended to 31 August ‘2015 in respect of Assessment Year 2015-2016. 2.The maximum amount of deduction available under Chapter VI A has been extended from Rs.1,00,000 to Rs.1,50,000 (Investments,LIP,PF, PPF, NSC,New Pension Scheme etc.)
Over last few days a number of reports have appeared in the media expressing views and concerns regarding the applicability of various provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015.
Commencement of Electronic Verification of Income Tax Returns for AY 2015-16 To facilitate the taxpayers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-16 can now be verified electronically. A taxpayer may verify his return through Internet Banking or through Aadhar based authentication process. Persons using this facility will not be […]
A number of infuriated lawyers reportedly attacked the office of the income tax commissioner in Faisalabad (Pakistan) on Monday and caused damaged to furniture and windowpanes besides manhandling the staff.
Section 37(1) of the Income-tax Act, 1961 (which corresponds to Section 10(2)(xv) of the Income-tax Act, 1922) allows deduction, while computing the income chargeable under the head profits and gains of business or profession, of any expenditure (not being expenditure of the nature described in sections 30 to 36 of the Act and not being in the nature of capital expenditure or personal expenses of the assessee)
Electronic Verification Code (‘EVC’) is a step ahead by the CBDT in e-governance which has been introduced by CBDT by notifying Notification no. 2/2015 dated July 13, 2015. The EVC process will benefit lakhs of taxpayers in filing of paper less return. Currently, it is mandatory for the companies to file the Income Tax Return (ITR) using digital signature
In the case of ITO Vs. Sh. Mahender Singh, ITAT Delhi has held that addition cannot be made for Cash deposits in the bank account received against sale of land as undisclosed investment for mere failure of Assessee to Produce
The Manual Covers e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances. 1. e-Verification while uploading a return (Non – NetBanking) 2. e-Verification of an already uploaded return (Non – NetBanking) 3. e-Verification while uploading a return through NetBanking Login
