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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 : 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 : 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...
S.O. 3171 (E).— In exercise of the powers conferred by Sub-section (1) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of
ORDER NO.224 OF 2014 In modification of the existing orders and with the approval of the Competent Authority, the following distribution of work among Chairperson and Members of CBDT is hereby ordered with immediate effect and until further orders:
The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login on https://incometaxindiaefiling.gov.in , select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide response. Three type of responses can be submitted by the options available […]
Notification No. 77/2014-Income Tax S.0…………………………… (E) In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 ( 43 of 1961) and in supersession of the notification of the Government of India, Central Board of Direct Taxes number S.O.1942(E), dated the 19th August, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii)
CIRCULAR NO : 17/2014 Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head ‘Salaries’ during the financial year 2014-15 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). Circular helps employer to correctly deduct TDS on
In Commissioner of Income Tax vs. Creative Dyeing and Printing Pvt. Ltd., 318 ITR 476, an advance was given to the said assessee by the sister concern, which held 50% of the share holding in the assessee concern for mordenisation project.
Approval for Revised Project Cost and Extension of Contract for the Centralized Processing Center of the Income Tax Department at Bengaluru The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for extension of the contract for the Central Processing Centre (CPC) Project of the Income Tax Department at Bengaluru […]
CA Umesh Sharma Arjuna (Fictional Character): Krishna, The tours across the world of Modiji after becoming the Prime Minister of India has become the topic of discussion for everyone. He invited Non Resident Indians to make financial investment in India through “Make in India” scheme. But who are these Non Resident Indians (NRI), what is […]
We are glad to inform that the Online Correction functionality provided by CPC (TDS) has been availed by a large number of deductors for the purpose of carrying out corrections and over 2 Lakh Online Corrections have been submitted. The corrections include resolution of Short Payment Defaults that relate with unmatched challans.
As per the records of the Centralized Processing Cell (TDS), there is an outstanding demand in different years from 2007-08 onwards on account of defaults identified in TDS statements. Table below shows year wise outstanding demand on account TDS defaults as on October 23rd 2014.
