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Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : ITAT Raipur permits assessee to withdraw a duplicate tax appeal filed due to a technical error, dismissing the case as withdrawn....
Income Tax : ITAT Bangalore remands case concerning cash deposits during demonetization, directing the AO to re-assess the addition u/s 69A aft...
Income Tax : ITAT Delhi dismisses Revenue's appeal in ACIT vs Hindukush Construction Pvt. Ltd. (AY 2016-17) due to low tax effect under CBDT Ci...
Income Tax : ITAT Mumbai allows Hotel Deepak's appeal, holding that a survey statement u/s 133A can't be the sole basis for income addition wh...
Income Tax : In the matter aforementioned ITAT deleted addition made on account of Client Code Modification after observing that assessee utili...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
Since the assessee only distributed the income in terms of the agreement and this did not amount to incurring of an expenditure nor the assessee claimed any, there was no infirmity in the findings of the Commissioner (Appeals) in deleting the disallowance under section 40(a)(ia).
It is settled law that suspicion howsoever strong, it cannot take place of actual evidence and, hence, the contention of the revenue that assessee was in possession of cash throughout the period of six assessment years has to be rejected.
The Committee, chaired by Dr. Parthasarathi Shome, has submitted its draft report after analysis of the GAAR provisions and noting the concerns expressed by various shareholders. The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the Income-tax Rules, 1962; circular to clarify GAAR provisions along with illustrations; and other measures to improve tax administration specifically oriented towards GAAR matters.
Issues involved in this appeal of the revenue are squarely covered by the recent decision of Special Bench of the Tribunal in the case of Sumitomo Mitsui Banking Corpn. v. Dy. DIT [2012] 136 ITD 66 wherein it has been held that interest paid by the Indian Branch of the assessee bank to its overseas head office is not chargeable to tax in India.
CBDT Explains APA through a press release. Indian APA Scheme Notifies Three Types of APA unilateral, bilateral and multilateral. Press Release clarifies that the choice is on the applicant to choose a particular type of APA at the time of making the application.
In the present case, the assessee was allotted two flats on two different stories which he claimed as eligible for exemption u/s 54. Admittedly there is no unity of construction between such flats. The Special Bench of the Tribunal in the case of Sushila M. Jhaveri (supra) has categorically held that the exemption u/s 54 is available only in respect of one house and not more than one.
Reason behind disallowance of claim made by the assessee was that since the assessee had not claimed deduction under section 10A in the return filed under section 139(1), the proviso to section 10A debarred him from making any such claim in revised return. At this stage, it would be relevant to take note of the proviso under section 10A.
Steps to download and install File Validation Utility (FVU). Procedure for preparation of Form 15CA file for bulk upload: Procedure for validating Form 15CA file. Procedure for upload of successfully validated Form 15CA file.
File Based (Bulk) Upload of Form 15CA Facility for upload of multiple Form 15CA records in single file is available to registered TANs at www.tin-nsdl.com . Pre-requisites for bulk upload of Form 15CA records:
Vide Notification No. 36 of 2012, in exercise of the powers conferred by sub-section (9) of section 92CC read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes releases Advance Pricing Agreement Scheme. The advance pricing agreement scheme shall be governed by Rules 10F to Rule 10T.
