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Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...
Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...
Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...
Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...
Income Tax : The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, acquiring a...
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 : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...
Income Tax : Corporate tax revenue distribution follows Finance Commission guidelines, with states receiving 41% of shareable taxes. Incentives...
Income Tax : Delhi High Court sets aside DRP's order in FIS Payment case, directing a fresh review under ITAT rulings on Section 56(2)(viib). K...
Income Tax : ITAT Delhi upholds CIT(A) ruling in Kissandhan Agri case, rejecting tax addition under Section 56(2)(viib). AO’s valuation metho...
Income Tax : ITAT Mumbai ruled in favor of Jamnagar Utilities, allowing CSR donations as deductions under Section 80G, rejecting the Revenue's ...
Income Tax : ITAT Pune ruled that Section 115BBE does not apply to business income declared in a survey. Read the case details and implications...
Income Tax : ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Ca...
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 Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Sub-section (4) of 90 and 90A provides that treaty benefit will not be available to any Non Resident unless he furnishes TRC from the Government of his country of residence containing such particulars as may be prescribed. The Finance Bill, 2013 had proposed to insert sub-section (5) in sections 90 and 90A to provide that […]
No requirement to obtain TAN by transferee deducting tax under section 194-IA Section 194-IA was proposed to be inserted by the Finance Bill, 2013 to provide for deduction of tax at source@1% on consideration for transfer of immovable property, other than agricultural land. However, no tax is to be deducted if the consideration for transfer […]
The Commodities transaction tax is proposed to be introduced in a limited way by insertion of Chapter VII in the Finance Bill, 2013. The Finance Minister, in his budget speech, had clarified that trading in commodity derivatives will not be considered as a speculative transaction. However, no amendment was proposed to this effect by the […]
Land classified as agricultural land in the records of the Government and used for agricultural purposes not an asset chargeable to wealth-tax Section 2(ea) of the Wealth-tax Act, 1957 is proposed to be amended to clarify the real intent of the law, i.e., the agricultural land in the records of the Government and used for […]
TCS provisions under section 206C to also be attracted on sale of gold coins and articles weighing 10 gms The Finance Act, 2012 had inserted sub-section (1D) in section 206C to provide for collection of tax at source on sale of bullion or jewellery, if the consideration exceeds Rs.2 lakh and Rs.5 lakh, respectively.
Higher TDS under section 206AA not to be applicable in respect of tax deductible under section 194LC Section 194LC, inserted by the Finance Act, 2012, provides for a concessional rate of withholding tax @ 5% on payments to non-residents in a case where an Indian Company borrows money in foreign currency from a source outside […]
In a strong message to tax evaders, the government today said that it will step up efforts to bring more people into net and also endeavour to recover tax arrears.Between January and March…we issued notices after mining the data and thanks to the advertising campaign, I have added 50 lakh more taxpayers into the tax […]
In November 2011, the Steering Committee of the OECD Global Forum on Transfer Pricing undertook a project on transfer pricing risk assessment. The objective of this project was to produce a practical handbook that provides clear and detailed steps countries can take to assess the transfer pricing risk presented by an individual taxpayer’s operations. The […]
Section 252(3) provides that the Central Government shall appoint the senior Vice-President or one of the Vice-Presidents of the Appellate Tribunal to be the President thereof.
New time limits for completion of assessment or reassessment under sections 153 and 153B in cases where reference is made to TPO to apply irrespective of the date of reference to TPO or the date of passing of order under section 92CA(3) Section 153 provides for the time limit for completion of assessments and reassessments. […]
