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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...
CA Haresh N Mehta Can you allow anybody to give untested medicines to Citizens of India? Can you allow anybody to serve half-cooked food to public at large? This is exactly what our beloved Government Departments are doing. They are releasing various forms & e-filing templates which are like half cooked food & which is […]
During the year only an amount of 4 lakh was invested out of the total investment of 3.39 crores. In the earlier years the assessment of the assessee were completed u/s 143(3) and the AO did not make any disallowance u/s 14A. The term loan taken by the assessee was for specific purposes and it cannot be alleged without proof that the term loan granted by the bank for specific purposes,
Late submission of ITR-V: a tool to avoid scrutiny? Advocate C.P. Chugh explains the benefits and drawbacks of extending the date for filing ITR-Vs.
F. No. HRD/AD/870/4/2008-09/2868 – Dated : 14/10/2013 In supersession of earlier order vide F. No. HRD/AD/870/04//2008-09/1070 dated 02.07.13, under mentioned officers are designated as Central Public Information Officers (CPIOs) and first appellate authority in the different divisions of the office of Directorate of Income Tax (Human Resources Development) with immediate effect and until further orders.
Proviso to Section 112(1) is applied, then almost all assessees covered by the first proviso to Section 48 would be liable to pay tax @ 10% only and not @ 20% on long-term capital gains. The proviso to Section 112(1) is applicable to units and zero coupon bonds, which are not covered by the first proviso to section 48 of the Act.
Whether expenditure incurred to meet out the need for working funds in which expansion of share capital was undertaken, is capital expenditure even when the purpose for which expenditure was incurred did not result in creation of an asset or benefit due to intervention by an external agency.
Whether the advances made by one trust to another trust registred u/s 12A of the Act and used by that trust for charitable purpose would qualify for exemption u/s 11 of the Act by the first trust irrespective of accounting treatment followed?
It is noticed that this expenditure was incurred as a professional fees to defend two directors of the assessee company who were arrested under NDPS Act on being found guilty of the offences under the relevant sections of the said Act.
The objective of the proviso to section 2(15) is to deny exemption to such assessee who are engaged in business activities in the garb of charitable purpose. Mere selling some product at a profit will not ipso facto hit the assessee by applying the proviso to section 2(15) and deny the exemption available u/s 11.
Hearing an appeal from Delhi Chartered Accountants Society (DCAS) for Non extension of Due Date of tax Audit Report Honourable Delhi High Court (DHC) Formed a committee with Representatives from ICAI and DCAS to appear before CBDT and resolve on 21-10-2013 else DHC will hear the matter finally on 24-10-2013.
