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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 : 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 : 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 : 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 : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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...
BJP leader Arun Jaitley on Friday advocated hike in income tax exemption limit, enhancement of excise limit for small industrial units up to Rs 5 crore and immediate implementation of the Goods and Service Tax (GST) to help expand economic activity in the country. He said that The current income tax exemption for income of […]
CA Sandeep Kanoi In a reply to RTI Filed by PRI Finance Ministry has admitted that there have been instances when the authentication details of certain class of e-filers have been obtained by persons from sources other than the e-filing website and then the passwords were reset and the e-filing account accessed.
The legislature has intentionally drafted the provisions relating to Search and Survey in the statue book of Income Tax Act, 1961 with the target of unearthing the undisclosed income of any person in form of any money, bullion, jewellery or other valuable article or thing.
INSTRUCTION NO 4/2014, Dated: April 7, 2014 CBDT has issued the Central Action Plan for the First Quarter of Financial Year 2014-15 wherein all assessing officers (‘AOs’) are required to verify and clean outstanding demand by 30th April, 2014 (reference: para 1.A – Correction of demand). The Instructions below provide the steps to be followed by AOs in this regard.
Rajasthan High Court held that the CBDT had clearly provided that prescribed limit of jewellery will not be seized, it would mean that taxpayer, found with possession of such jewellery, will also not be questioned about its source and acquisition.
Kaushal Agrawal As soon as you read the title the first thought which will come in mind. Is it possible? Yes it is possible and I have tried it. Awaiting your valuable comments. You will find following topics 1. Types of Heads 2. Sections associated with each heads of Income.
As per news report, out of 190 recommendations made by Committee, the Finance Minister accepted 153 either wholly or with partial modification. The new tax code is meant to create an efficient direct tax system by replacing the archaic Income Tax Act.
The Gujrat HC in CIT v Siddhartha J. Desai 139 ITR 628 (Guj) (1983) has laid down the following tests for determining whether the land is agricultural or not: a) Whether, the land was classified in the revenue records as agricultural and whether it was subject to payment of land revenue? [ CIT vs. Smt. […]
A transaction of purchase and sale of land cannot be assumed,without more, to be a venture in the nature of a trade. [CIT vs. Jawahar Development Association 127 ITR 431 (MP)(1 981)] The activity of an assessee in dividing the land in to plots andnot selling it as a single unit as he purchased, goes […]
Issue for consideration is in relation to allowing deduction under sec. 54 of the Act in respect of the whole of the amount invested by the assessee in the purchase of residential house. The assessee purchased residential property at C-602, The Residency, Ardee City, Gurgaon in joint name with his wife Smt. Ritu Verma and claimed deduction under sec. 54 of the Act in respect of amount of Rs. 80,00,000/- invested in residential property.
