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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 : 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 : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
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 Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Assessee had disclosed full and true particular relating to claim of depreciation at time of original assessment then assessing officer has no jurisdiction to issue notice under section 148 of the Act, after the period of four year from the end of relevant assessment year. We, therefore, issue a writ of certiorari quashing the notice under Section 148 of the Act.
It is pertinent to note that the term ‘insurer’ has not been used in sec. 10(10D) and as it is clear that as per provisions of sec. 10(10D) any sum received under Life Insurance Policy including the benefit on such policy is eligible for the deduction. Therefore, it is apparent that there was no intention of the legislature to restrict the benefit of exemption/s 10(10D) only on the insurance policy taken from Indian Insurance Company.
AR invited our attention to the observations of the revenue authorities, wherein, they had observed that the ATMs were just cash dispenser and projector and not a computer aided peripheral. The A.R. has placed certain photographs alongwith short descriptions as to how the ATM functions. From the short descriptions, it can be seen that ATM functions entirely through the functions of a computer.
In our considered opinion, the Assessing Officer has to consider the composite transaction. The first appellate authority was wrong in his finding on applicability of explanation to section 43(5). Thus, we vacate this finding.
We have heard the learned Departmental Representative, whereas assessee was not represented, hence decided exparte. Considering the order of the Assessing Officer and the CIT (A) and various explanations filed before the authorities, we do not see any reason to interfere with the order of the CIT (A).
If the expenditure was incurred for operation and work of existing profit making apparatus, it would be revenue in nature, but in case expenditure was on addition or augmentation of profit making apparatus the nature of the expenditure would be capital.
Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today.As per finance Ministry official Vodafone have to automatically pay the tax after approval of the amendments to the Finance Bill by Parliament and they don’t need to send fresh tax demand notice to them.
On the issue of whether the Government has assessed the likely impact of cancellation of 2G licenses by the Supreme Court, and Foreign Direct Investments ( FDI) in the sector, the Government has said that FDI decisions are based on totality of commercial considerations and it would not be appropriate to discern a link between a judgment of the Supreme Court , and FDI into India. For telecom services Foreign Direct Investment upto 74% is already allowed out of which 49% is through automatic route.
The ld AR has submitted that the actual rent received by the assessee is not more than the standard rent of the property in question as per Maharashtra Rent Control Act 1999. He has filed the paper book containing 32 pages and submitted that the documents at Sl nos. 3 to 8 of the paper book were not before the lower authorities.
The Union Budget of India, referred to as an annual Financial Statement in Article 112 of the Constitution of India is an annual budget of theRepublicofIndia, which is presented each year by the Finance Minister ofIndiain the Parliament. The Union budget has to be passed by the Both Houses of Parliament before it can come into effect on April 1, the start ofIndia’s financial year.
