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Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
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 : 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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Today is the last date for Return Filing for the Assessee Including Individual, HUF, partnership Firm Etc whose Accounts are not required to be audited under the Income Tax Act or any other law and also for a working partner of a firm whose accounts are not required to be audited under the Income Tax […]
Overwhelming Response for e-filing from Every Corner of the Country; More than 82 Lakh Returns E-Filed till 29th July, 2013 which is More than 40% of the Returns e-filed during the Same Period Last Year; Record Peak of more than 85,000 Returns Per Hour Achieved . The due date for filing of Income Tax Return […]
There are Mobile applications which are not approved by the Income Tax Department. Users are advised that they may not be according to Department data structure. Filers using them are doing at their own risk. Source- Incometaxindiaefiling.gov.in
Addition u/s 68 of the Act was made by the Assessing Officer when the assessee himself offered to include this amount in his total income and consented to pay the tax. Another addition of Rs. 1 lakh was also made when the assessee voluntarily preferred to include Rs. 1 lakh to his total income.
In the instant case, it is an undisputed fact that the assessee has not maintained any books of account and whatever credit entries are found by the Assessing Officer, it was from the bank accounts of the assessee in which deposits were made at different point of time.
Notification No. 56/2013 – Income Tax S.O. 2311(E) – In exercise of the powers conferred by the proviso to sub-section (2) of section 194LD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following rates of interest in respect of rupee denominated bond of an Indian company, namely
CA. Rajesh Condoor S. 44 AA 1. Who are the persons that are required to compulsorily maintain books of account ?Every person carrying on legal, medical, engineering or architectural profession, or profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the CBDT are mandatorily required to keep and […]
The provisions of the Income Tax Act relating to Tax Deduction at source (TDS) are of very important in the present scenario when TDS collections contribute almost 39% of total collection of Direct Taxes. The Income Tax Act also provides for penalty & prosecution for any default in respect of deduction of tax at source or deposit of the deducted amount in the Government account.
CA Rajesh Condoor Please find a brief presentation on important reporting requirements in Form 3CB and Form 3CD based upon New Guidance Note on Tax Audit u/s 44AB of Income Tax Act, 1961 issued by ICAI.
Kaushal Agrawal We are attaching herewith Notes on Income tax compiled by CS K. K. Agrawal as applicable for Assessment year 2013-14 which may be useful for students who are appearing for for CA IPCC (IPC) Nov 2013 exam | CMA (inter) Dec 2013 exam and for others too. The notes are good for last […]
