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Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...
Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...
Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...
Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...
Income Tax : Karnataka High Court rules on TDS applicability under Section 195 of the Income Tax Act in the case of Abbey Business Services Ind...
Income Tax : ITAT Delhi rules that Section 50C adjustments cannot be made under Section 143(1) without referring valuation disputes to the DVO,...
Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...
Income Tax : ITAT Cochin remands Thrissur Co-op Society’s demonetization cash deposit case to CIT(A) for a fresh decision on merits after ex-...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income from house property is one of the important heads of income under the Income Tax Act. The taxpayers have been, in particular, keen to know about the exemptions and deductions available to them on repayment of interest and principal of loan obtained to purchase the house property, if that house property is let out […]
PRAYER – to issue a writ order or direction more particularly one nature of Writ of Mandamus declaring the impugned letter dated 09.07.2013 of the 3rd respondent proposing the visit of the officers of the 1st respondent to petitioner premises
Explore the ITAT Kolkata ruling in DCIT vs Ashok Walia case for assessment year 2009-10. Key issues include return filing date and admission of additional evidence.
Considering the large-scale devastation due to recent natural calamity in the State of Uttarakhand, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due-date’ for filing Returns of Income required to be furnished by 31st July, 2013 to 31st October, 2013, in respect of income-tax assessees residing or assessed in the State of Uttarakhand.
CBDt has vide its press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively. The exemption was given considering ‘paper filing of returns’ and their ‘processing […]
Reference is invited to Board’s earlier Instruction No. 13/2008 dated 18-09-2008 on the subject of work allocation of CIT(DRs)/Sr. DRs. In supersession of earlier instructions on this subject, the Board has decided to lay down the following parameters for allocation of work between the CIT(DRs) and the Sr. DRs for representation before ITAT. 2. The allocation of work between the CIT(DRs) and Sr. DRs would be as under: [A] Cases to be argued by the CIT(DRs):
CBDT has released ITR 6 for e-filing or Online filing of Income tax Return to be used by a company, other than a company claiming exemption under section 11 for Assessment year 2013-14 or Financial Year 2012-13. The ITR-6 can be downloaded from the following website :- https://incometaxindiaefiling.gov.in/
The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees. The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- from the requirement […]
Notification No. 55/2013 – Income Tax S.O. 2268(E) – In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Uttarakhand State AIDS Control Society a body established by the Government of Uttarakhand in respect of the following specified income arising to the said Society, namely: –
We find lot of complications and procedural delays in setting up and approval of gratuity funds. This can be simplified and any payment made for funding gratuity liability made to insurers like the Life Insurance Corporation of Indian can be allowed.
