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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...
Income Tax Rate Chart for Assessment Year 2014-15/ 2015-16 and 2016-17 i.e. Financial Year 2013-14, 2014-15 and 2015-16 for Individuals, Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person, Hindu Undivided Family (HUF), Partnership Firm, Limited Liability Partnership (LLP, Domestic Company, Foreign Company, Local Authorities and Co-Operative Societies.
Madhukar B. Thakoor vs. ITAT (Bombay High Court)- Hon’ble Supreme Court cautioned the Presiding Officer of the Courts and Tribunals from adversely commenting and remarking on the conduct of parties or their representatives or pleaders.
Some Important Case Laws From INCOME FROM SALARIES :- 1. Whether the amount received by the employee on cessation of employment with his Employer will be exempted from tax under section 17(3)(i) of the Income-tax Act?
We find no merit in Revenue’s case for disregarding the gift of a house property by the assessee to her spouse prior to the transfer date (of the original asset) for the purpose of reckoning eligibility to exemption u/s.54F of the Act.
The facts and which are taken from the director’s report itself would indicate that the Assessee had disclosed what was relevant and necessary for the purpose of making assessment. The Assessee did not hold back any document nor failed to supply any information in addition to the explanation given by it in writing concerning the said management fees expenses. In the circumstances, this is a clear case of change of opinion and based on which, the reassessment is proposed.
The Central Board of Direct Taxes has decided to fast track all applications made by Voluntary Organisations/Trusts seeking approval u/s 11(1)(C) of the Income Tax Act, 1961 for rendering help to the victims of earthquake in Nepal. Approval under this section is required by the charitable institutions for application of their income outside India to promote international welfare.
Calcutta High Court held In the case of CIT vs. Mihir Kanti Hazra that it is well settled that creditworthiness of the alleged creditors and the source of the source are relevant enquiries. In the case of CIT Vs Precision Finance Pvt. Ltd. reported in (1994) 208 ITR 465
Centralized Processing Cell (TDS) has observed that Online Corrections have been submitted by deductors on TRACES website by using Digital Signature Certificate. However, there was no Registered Digital Signature Certificates (DSC) was available in his profile on TRACES website. Immediate Attention: The Centralized Processing Cell (TDS) has provisioned for use of Digital Signature Certificate (DSC) […]
The provisions of section 147 empower the Assessing Officer, to reopen an assessment if he has reason to believe that income has escaped assessment. The important words under section 147 are ‘has reason to believe’ and these words are stronger than the words ‘is satisfied’.
Issue No.1:- Weather year of acquisition and year of installation should be same or different for claiming Additional Depreciation? Issue No.2:- If Acquisition And Installation Done In Year 1 and put to use in year 2, then Additional Depreciation will be allowed in year 1 or in year 2 or it will lapse?
