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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 : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
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 : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : ITAT Mumbai upholds CIT(A) order favoring Fitrite Packers, dismissing Revenue’s appeal over disallowances related to penalty and...
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...
We have found that the G.P. rate in this year has been on lower side. However, the decrease in G.P. rate stands explained by the undeniable reasons that there is heavy increase in purchase price, freight cost and export cost.
Himachal Pradesh High Court in the case of CIT vs. Pawan Agarwal and others that the activity of drawing wires of thinner gauges from wires and rods of thicker gauges amount to manufacture as the paper insulated wires
V Swaminathan B.Sc. B.L., FCA Recently Member (Income Tax), CBDT Ms. Anita Kapur has commented that government should Draft Tax Laws That Promote Intent Rather Than Litigation. Some of the suggestions, unlike/except the ones such as found a mention in the concluding para of the write-up seemingly well-balanced, are prima facie lop- (one-) sided; leaning […]
CA Suhdir Halakhandi – The Mid-year introduction of New formats of Tax audit reports and further extension of date of Tax audit report without extending the date of filing of return has created a lot of controversy and in this respect two writ petitions have been filed in Hon. Delhi high court and Hon. Gujarat High Court by CA Mahesh Kumar and CA Rajni Shah respectively and both are coming up for hearing on 15th Sept 2014.
ORDER NO. 154 OF 2014 The following officers in the grade of Assistant / Deputy Commissioner of Income Tax are, hereby, transferred and posted as indicated against names of each of them with immediate effect and until further orders:
The question pertains to the purchases made by the assessee-respondent. On account of unverifiable purchases, the Assessing Officer made additions to the tune of Rs. 1.27 crores. He was of the opinion that none of the parties could be located and therefore, such purchases were held to be bogus.
Attention Deductors: The Online Correction functionality with enhanced features has been enabled “without Digital Signature” for Financial Year 2012-13 onwards. Digital Signature will be required only for PAN Corrections Tag/Replace Challan has been enabled on TRACES Details of manual and processed demands based on financial year are now available through a link on TRACES deductor […]
AO, in his remand report could not bring out any fact that the cash withdrawn from Saving Bank Account and partnership overdraft account was used for other purpose anywhere else then, merely because there was a time gap between withdrawal of cash and its further deposit to the bank account, the amount can not be treated as income from undisclosed sources u/s 69 of the Act in the hands of the assessee.
Merely change in the flat without determining any consideration for the old flat cancelled and new flat transferred, it cannot be said that the old flat was sold and new flat was purchased on the date of change.
The Central Board of Direct Taxes (CBDT) on Thursday suggested that the government should draft the tax laws in a manner so that their intent comes out more forcefully and plug possibilities of misinterpretation of laws to benefit vested interests as also prevent chances for dragging the interpretation of laws to courts and tribunals. The […]
