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Income Tax : Understand the rules for disclosing foreign assets and income by resident Indians. Learn eligibility, required ITR schedules, due ...
Income Tax : Learn steps for calculating and paying advance tax for corporates, due dates for instalments and penalties for delayed payments u...
Income Tax : Bombay HC grants interim relief allowing taxpayers to claim Section 87A rebate for AY 2024-25. Revised ITR deadline extended to 15...
Income Tax : Learn about capital gain exemptions for investing in multiple residential units under Section 54F, with case law insights on eligi...
Income Tax : Learn the step-by-step procedure for NGO Darpan registration, required documents, and how to obtain a unique ID for your NGO or ch...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Income Tax : The Government's report on income tax return filings, including the percentage of filers, income categories, zero income declarati...
Income Tax : Analysis of a 25% rise in income tax returns filed over five years, with key government initiatives like pre-filled forms, updated...
Income Tax : The PIL challenges the TDS system's constitutionality, citing undue burdens, forced labor, and Article 14, 19, and 21 violations, ...
Income Tax : Exploring the need for relaxation in Vivad Se Vishwas II Scheme, 2024, addressing issues of pending appeals filed after July 23, 2...
Income Tax : Delhi High Court held that non-issuance of notice under section 143(2) of the Income Tax Act is in grave contradiction to section ...
Income Tax : In a recent ruling ITAT Mumbai have held that genuineness of sale and purchase of share through stock exchange platform, can not b...
Income Tax : ITAT passed ex-parte order in absence of assessee and held that any assessment, whether it be first round or otherwise framed unde...
Income Tax : These regulations do not specify any date by which the employee's contribution/ subscription to the PF is to be deposited in the i...
Income Tax : In a recent ruling ITAT Mumbai dismissed appeal filed by the revenue and confirmed order of the CIT (A) in treating the income/com...
Income Tax : The CAG's 2024 report on direct taxes highlights tax issues, recovery, and errors in corporate and income tax assessments, with co...
Income Tax : The Central Silk Board gains tax exemption for specified income from grants, royalties, fees, and interest, effective for 2024-202...
Income Tax : Govt. issues notification exempting TDS on payments to Credit Guarantee Fund Trust for Micro and Small Enterprises under Income-ta...
Income Tax : Circular No. 19/2024 offers clarifications on the eligibility and settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024....
Income Tax : CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Officia...
The Commissioner of Income Tax Vs. Naishadh V. Vachharajani (Bombay High Court)- The assessee is a marine consultant. He had carried on the business of trading in shares and had also made investments in shares. In the assessment year in question, the assessee had sold certain shares held as investments and gains arising on account of sale of these shares were offered as long term capital gains / short term capital gains, as the case may be. The assessing officer held that the said income were liable to be assessed under the head ‘business income’.
This Act is enacted to facilitate the promotion, development and enhancement of the competitiveness of the micro, small and medium enterprises and to address the matters connected therewith or incidental thereto. This Act came into force from 16th June, 2006.
The Ministry of Revenue has intimated that some posts of Members of the Settlement Commission are vacant and due to be filled shortly. As per the Settlement Commission (Income Tax/ Wealth Tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairman and Members) Amendment Rules, 2007 applicable to the said post, only serving Chief Commissioners of Income-tax or officers of equivalent rank are eligible to apply for these posts.
The amended Indo-Swiss taxation treaty has came into effect, a development that will allow India to seek specific information on black money and tax evasion cases dating back to January 1, 2011. The revised taxation pact between the two countries came into force yesterday, at a time when the black money issue has triggered an intense political debate in India.
SMS BASED SERVICE FOR CHALLAN STATUS – NSDL provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short Message Service (SMS) based facility to know the status of its challans. The procedure for availing this facility is as under:
Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker – by entering ‘PAN’ and ‘Assessment Year’ below. Status of ‘paid’ refund, being paid other than through ‘Refund Banker,’ can also be viewed at www.tin-nsdl.com by entering the ‘PAN’ and ‘Assessment Year’ below. ‘Refund paid’ status is also being reflected in the ‘Tax Credit Statements’ in Form 26AS.
National Securities Depository Limited (NSDL) processes PAN and TAN applications on behalf of Income Tax Department. With a view to keep the applicant updated about the status of his application, NSDL has launched a Short Message Service (SMS) based facility. The applicant can send an SMS to 53030 with a message containing the word PAN followed by a space and the 15-digit acknowledgement number provided at the time of submission of application i.e., PAN ACKNOWLEDGEMENT NUMBER (e.g., PAN 123456789012345 – this is an illustrative acknowledgement number. Actual acknowledgement number should be provided in the SMS).
Notification No. 55/2011 – Income Tax [F.NO. 203/4/2011/ITA-II] – It is hereby notified for general information that the organization Indian Institute of Technology Rajasthan, Jodhpur has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2011-12 and onwards in the category of ‘Other Institution’, engaged in research activities subject to the following conditions, namely:-
Concerned over the CBDT panel’s proposal to allow reopening of tax filings of the past 16 years, experts and lawyers said it would only result in harassment of assessees without yielding any substantial gains to the exchequer.
Premiums paid for Life insurance – Deduction under Section 80C Category of assesses allowed deduction: Individual assessee and Hindu Undivided Family assessee. Eligible Savings: Premiums paid or deposited by assessee to effect or to keep in force insurance on the life of following persons: In case of individual assessee – Himself/Herself, spouse, children of such […]
