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Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : ITAT Chandigarh sets aside ex-parte order against Karam Chand Sweets, remanding the case to CIT(A) for fresh hearing on merits. As...
Income Tax : Kerala High Court sets aside income tax orders against Kerala Minerals & Metals due to lack of opportunity for a hearing. Case rem...
Income Tax : Bangalore ITAT remands case for reassessment of post-demonetization cash deposits by a bar & restaurant owner, directing AO to ver...
Income Tax : ITAT Bangalore remands case where order was passed in name of deceased assessee. Case sent back to CIT(A) for fresh adjudication w...
Income Tax : The Jammu & Kashmir HC refused to quash tax evasion charges against Surinder Nath Jain & others, ruling that the case should proce...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
Bombay High Court has explained the law in the case of CIT vs. Tip Top Typography on three issues related to determination of Annual value in calculation of Income from House property:- (i) whether the municipal valuation of the property was binding on the Assessing Officer
Consequences of failure to pay the demand: In accordance with provisions of section 201(1) of the Act, where any person, including the principal officer of a company, who is required to deduct any sum in accordance with the provisions of the Act; does not pay, or after so deducting fails to pay, the whole or […]
During the assessment year, the assessee has sold its factory premises from which it has been showing rental income. In the computation of total income the assessee has claimed deduction u/s 54F of Rs. 1 ,34,95,220/- on the investment in three flats.
Individual assessees were required to file their income tax returns on or before 31st July, 2014. While most of the assessees would have filed the return, yet there may be many who could not file their returns by the due date for any reason – being on vacation, on official tour, for want of preparedness or even as a habit.
A plain reading of Section 153A of the Income-tax Act, it becomes clear that on initiation of proceedings under Section 153A, it is only the assessment/reassessment proceedings that are pending on the date of conducting search under Section 132 or making requisition under Section 132A
Let us examine in depth the recent amendments in the relevant provisions of the Income Tax Act’1961 under which notices are issued and which are also relevant to Tax Audit and scrutiny assessments:
In the instant case, the amounts were paid in respect of an obligation in respect of purchase of flat through agreement, therefore, no fault can be found on the part of the AO for treating these charges as interest and liable for TDS u/s 194A of the Act.
The excitement over the Budget is usually high. Despite the fact that we have in India around 4 Crore tax payers out of a population of more than 120 Crore, still everyone has an interest in the Budget. The media, both print and electronic, and the financial sector add to this excitement. This time with the new Government headed by Shri Narender Modi Ji having assumed power on the slogan of good days to follow, the expectation from the Budget was exceptionally high.
Finance(No. 2) Bill, 2014 has received the assent of the President on 6th August, 2014, published in the Gazette of India, dated 6th August 2014 as Act No. 25 of 2014. Honorable President of India has assented to the Finance (No.2) Bill, 2014 on 6th August, 2014, with this the Finance (No.2) Act, 2014 [No.25 of 2014 has […]
The Internal Revenue Service, USA on 10th June 2014 unveiled a ‘Taxpayers’ Bill of Rights’ that groups together the existing rights of taxpayers of America into 10 broad categories, which are as follows :- The Taxpayer Bill of Rights This publication explains your rights as a taxpayer in America . 1. The Right to Be […]
