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Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...
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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 ...
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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...
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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...
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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...
The CIT adverted to the fact that the quantum appeal had been rejected by the CIT (A) and the ITAT. That in itself would not amount to a valid justification for imposition of a penalty. Before a penalty is imposed, the requirements of Section 271 must be established. Accordingly, it would have been open to the Court to set aside the impugned order in its entirety and to remand the proceedings back to the assessing officer for fresh consideration.
Sec. 54F provides that capital gains on transfer of capital assets shall not be charged in cases of investment in residential house. The section pointedly says that such eligibility would be available if the assessee has, within the period prescribed, constructed, a residential house. For the purpose of that section, the residential house so constructed is referred to as new asset.
The Finance Bill 2013 has proposed to increase the base for taxation for transfer of agricultural land as defined under the provisions of section 2(14)(iii) of the Income Tax Act. So far by virtue of the above provision, tax on transfer of agricultural land had been excluded from the ambit of capital gains tax except […]
The Inccome Tax Department has constituted a special cell to deal with the recovery of arrears where the assessee is not traceable or has gone bankrupt. Stating this in a written reply in the Rajya Sabha, Finance Minister P.Chidambaram said the IT department has made recoveries of over 16 thousand crore rupees in the nine […]
Notification No. 19/2013 – Income Tax In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income Tax Act, 1961, the Central Government hereby specifies Director, Financial Intelligence Unit India (FIU-IND), Ministry of Finance for the purpose of the said sub-clause.
NC Notification No. 99/2013 – Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.713(E) dated the 8th August, 1995, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 2, for Construction, establishment and running of 30 bed Swami
NC Notification No. 98/2013 – Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 832(E) dated the 18th September, 1998, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 7, for Running of Founding-cum-adoption center for
NC Notification No. 115/2013 – Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 737(E) dated 13th March, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central
NC Notification No. 114/2013 – Income Tax Whereas by notification of the Government of India, in the Ministry of finance (Department of Revenue) number S.O. 1052(E) dated 11th May, 2010, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of
NC Notification No. 113/2013 – Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue)number S.O. 998(E) dated the 5th July, 2006, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961
