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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...
There are some hardships being faced by the persons applying for PAN. One of the hardships is that the allotment of PAN is not done in a timely manner. Though there is no time limit prescribed under any of the provisions of Income-tax Act regarding issuing PAN & PAN card but it is essential for the Income Tax Authority to issue PAN & PAN card within a prescribed time period-
Allowability of Interest paid under Incometax Act, 1961: Presently, interest paid by the Government to an assessee is chargeable to tax. However, interest paid by the assessee to the Government under various sections is not allowed as deduction while computing the total income. Interest paid by the assessee is for the use of money by […]
The Government had constituted Tax Administration Reform Commission headed by Dr. Parthasarathi Shome, in August 2013, to suggests core reforms to the tax administration set-up in the Country. The TARC has now submitted a report dated May 30, 2014 called the “First Report of the Tax Administration Reform Commission”. The said report makes several critical and far-reaching suggestions which are intended to radically change the working of the Income-tax and other Revenue departments.
Section 285BA requires various entities to furnish Annual information return with regard to specified financial transactions in a prescribed form to the Income tax authorities. In order to bring in more transparency, the AIR information of the assessee may be allowed to be reflected under “My Account” Facility provided by Department in CPC portal. A […]
Under various taxing statutes discretionary power vests in a functionary like Income Tax Officer, Dy. Commissioner of Income Tax, Commissioner, Income tax , Service tax and central excise adjudicators and the like in case of customs laws and such other taxation law. Such powers are expected to be exercised reasonably and in good faith following the principles of natural justice.
At the outset it may be mentioned that the Income Tax Officer, who is the appellant herein, as well as the Commissioner of Income Tax, who has authorised the AO to prefer an appeal, did not apply their mind in the correct perspective and in a very lacklustre and routine manner filed the appeal
Differential Stamp duty charges being paid by CA’s and Advocates on letter of authority for representing the client For representing the client, an advocate is being charged a fee of Rs.5/- per Letter of Authority while a Chartered Accountant has to pay Rs.100/- per Letter of Authority. In Maharashtra, in respect of representing the client […]
At present, no online grievance handling mechanism is in existence to resolve the difficulties being faced by assessees relating to TDS or E-filing of income-tax returns. To enable the assessees to seek early resolution of their queries within a short span of time, it is suggested that an online portal may be created wherein the […]
In case of firms, who have discontinued their business still have to file return u/s 139(1), since no procedure has been prescribed for surrender of PAN by the discontinued firms. Due to this firms are liable to penalty u/s 271F at any time. It is suggested that procedure for surrender of PAN & exemption from […]
Assessee argued that the clear transactions involving payment of share application money cannot be treated as international transactions of loans given by the assessee company to its AE merely because there was a delay in allotment of shares.
