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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 : 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 : 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 : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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...
Calcutta High Court held In the case of CIT vs. M/s Kamarhatty Company Ltd. that the views expressed by the tribunal are as per law. Assessee has made the gratuity provision in respect of employees who have already retired.
The petitioner has filed an appeal being ITA No.825/Del/2014 before the Income Tax Appellate Tribunal being aggrieved by the order passed by the Dispute Resolution Panel on 31.10.2013. The Tribunal, at the initial stage, that is, on 31.03.2014, had granted stay of the demand which had been raised subsequent to the said order
e-TDS/TCS RPU (Version 4.3) for Statements from FY 2007-08 onwards released (20/04/2015) Key Features – Return Preparation Utility (RPU) version 4.3 Quoting of PAN of responsible person for deducting/ collecting tax. Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., through transfer voucher. Quoting of BIN mandatory only for the […]
File validation utility (FVU) version 2.142 from FY 2007-08 to FY 2009-10 and 4.6 from FY 2010-11 and onwards released (20/04/2015) Key Features –File Validation Utility (FVU) version 2.142 Quoting of PAN of responsible person for deducting/ collecting tax. This version of FVU will be applicable with effect from April 21, 2015 Download e-TDS/TCS FVU.exe […]
We strongly feel that there is a need to ensure that the Common Reporting Standards on Automatic exchange of Information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay.
A Public Provident Fund account on behalf of a minor can be opened by either father or mother. Both the parents cannot open a separate account for the same minor. An individual may open one PPF account on behalf of each minor of whom he is the guardian.
An individual can open only one account in his name either in the post office or in the bank and he has to declare this in application form for opening the account. Persons having a PPF account in the bank cannot open another account in the post office and vice-versa. Only one account can be […]
The foreign portfolio investors (referred as foreign institutional investors in the Act) face a difficulty in characterization of their income arising from transaction in securities as to whether it is capital gain or business income. Further, the fund manager managing the funds of such investor remains outside India under the apprehension that its presence in India may have adverse tax consequences.
Financial year 2014-15 is over. Now Income Tax Return will have to be filed for that year. The Department has notified some of the modified forms for filing Income Tax Return. Which forms have been notified, what are the changes made in it and what is its impact on Taxpayers?
CA Sandeep Kanoi We have compiled here the Rule 12 based on the RECENT amendments vide Notification No. 41/2015, Dated-15th day of April, 2015 for ready reference of our readers. [Return of income and return of fringe benefits. 12. (1) The return of income required to be furnished under sub-section (1) or sub-section (3) or […]
