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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 : 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 : 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 Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
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 : 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...
The amendment brought in by the Finance Act with retrospective effect, which was passed in the year subsequent to the year under consideration, should not be considered for penalizing the assessee by way of disallowance u/s 40(a)(ia) of the Act.
On perusal of the order passed by the Tribunal in case of DCIT Vs. M/s Wockhardt Hospitals Ltd., (supra) it is to be seen that service agreement entered in case of M/s Wockhardt Hospitals Ltd., clearly establishes an employer and employee relationship since Doctors are governed
Arun Jaitley to hold pre-budget consultations from tomorrow Pre-Budget consultations will kick off from today. In this exercise, Finance Minister Arun Jaitley will hold meeting with different stakeholders including, representatives of industry chambers, trade unions, financial services sector and state finance ministers to get sector-specific suggestions for the Budget. Today, Mr. Jaitley will hold meeting […]
Residential status of an individual or HUF or a company is of great importance in Indian Income Tax Act as the liability to pay tax in India does not depend on the nationality or domicile of the Tax payer but on his residential status. Residential Status is determined on the basis of physical presence i.e. the number of days of stay in India in any year.
Held – The assessee trust has taken various steps, including the construction of building and getting the necessary permission and sanction for running the school; so as to bring the school into “existence” during the year, although the school have separate running classes from next
Income Tax department has amended Rule 12 of Income Tax Rules vide Notification No. 28/2014, Dated- 30th day of May, 2014. Vide this amendment it is provided that An assessee required to furnish a report of audit specified under section 10AA , section 44DA, section 50B or section 115VW of the Act, shall furnish the said report of audit and the return of Income electronically for AY 2014-15 and onwards.
CA Sandeep Kanoi CBDT has amended Rule 12 of Income Tax Rules 1962 vide its Notification No. 24/2014, Dated: April 1, 2014 and made amendments in respect of filing of ITR by Trusts, Partnership firms and furnishing of Audit Report under section 11(2)(a) by trusts for accumulation of Income. The Notification has also Notified SAHAJ […]
The Government could ideally declare as policy that retrospective action shall not be resorted to, save in rarest of cases, but never for creating a fresh onus or liability for a previous period. In fairness, retrospective change if needed must invariably favour the taxpayer.
Income Tax Department has released FORM ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for A.Y. 2014-15 vide its Income-tax Notification No. 28/2014, Dated- 30th day of May, 2014 and SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR A.Y. 2014-15 vide its Income-tax Notification No. 24/2014, Dated: April 1, 2014.
Respondents have denied refunding the TDS on the ground that the refund would only be granted when the TDS matches with the details mentioned in Form 26AS. Since the mismatching is not attributable to the assessee and the fault solely lay with the deductor, we find that a case has been made out for grant of a mandamus for refund of the TDS amount.
