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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 : Kerala High Court halts recovery proceedings against Pulikkal Medical Foundation, pending appeals on income tax orders under Secti...
Income Tax : ITAT Kolkata rejects appeal delayed by 2655 days, citing assessee negligence despite CA/advocate failure; Sumita Roy Chowdhury cas...
Income Tax : Key highlights of the ITAT Cochin order in Premalatha Korottoliprasantham Vs ITO for AY 2017-18, addressing non-filing of returns ...
Income Tax : Kerala High Court halts income tax recovery against SML Finance Ltd. until ITAT disposes of pending appeal for assessment year 201...
Income Tax : ITAT Pune mandates CIT(A) to decide cases on merit, even ex parte, remanding Santosh Varade's income addition dispute for reassess...
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...
Vide Order No. 83 of 2012 dated 8.5.2012, the CBDT has transferred and posted several Assistant Commissioners of Income-tax with immediate effect.
Tribunal in assessee’s own case for A.Y.2003-04 and 2004-05 exactly on the issue of incidental expenses such as freight, octroi and sales tax whether to be included in the total turnover for the purpose of computation of deduction u/s 10B of the Act, respectfully following the same and in view of the above discussion carried out, we allow the appeal of the assessee. The revision order of the CIT u/s 263 of the Act is quashed.
In the instant case, the questions as to whether the assessee was entitled to get the current year depreciation even if it had not been claimed; or as to whether amendment to section 32 in year 2002-03 had a prospective effect or a retrospective effect on the application of current year’s depreciation and unabsorbed business losses and depreciation for the purpose of computation of Income tax, had been the disputable issues and had been of such questions of law which required further deliberation and discussion. Such aspects did not fall in the category of mistake apparent from the record and, therefore, could not have been dealt with under section 154.
In the instant case, the assessee has already filed requisite details before the Assessing Officer and further detail was to be filed before the Assessing Officer and the latter refused to accept the same. Therefore, the assessee was compelled to file details by way of speed post. Further, new evidence filed by the assessee is from the Government agency and the same is essential for disposal of the appeal. The Commissioner (Appeals) has considered the new evidence and the facts and circumstances of the case in entirety and after recording reasons admitted the new evidences. Therefore, there was no infirmity in the admission of the new evidence by the Commissioner (Appeals), as the interest of the quasi-judicial proceedings is to render justice and not to deny justice by declining to admit new evidence. The circumstances of the case duly justify admission of the new evidence by the Commissioner (Appeals).
One of the important Supreme Court decisions relied on by the counsels appearing for the assessees is the decision rendered in the case of GE India Technology Cen. (P.) Ltd. v. CIT [2010] 193 Taxman 234, wherein the Hon’ble apex court has considered the question whether merely on account of such remittance to the non-resident abroad by an Indian company per se, could it be said that income chargeable to tax under the Income-tax Act, 1961 arises in India.
In the part II of this series we have analyzed the proposed enactment relating Advance Pricing Agreement bringing out its benefits and issues. Also to add a broader perspective we have put forward a study of the integral features of APAs prevalent across the globe.
Download Return Preparation Software – Income Tax Department has finally released Return Preparation Software for ITR-1 (SAHAJ) & ITR-4S (SUGAM) which is applicable for A.Y. 2012-13 or financial year 2011-12. The same can be used to file your return online.
Income tax officialson 05.05.2012 conducted a raid at the Madurai Adheenam (mutt) which has been in the limelight following the appointment of the controversial self-styled godman Nityananda as head of the 1500-year-old Saivaite Mutt. Officials said they were conducting the raid on orders from their Delhi counterparts and they had seized some documents and cash but declined to give details.
The Finance Minister Pranab Mukherjee on 7th May 2012 introduced amendments to the Finance Bill 2012. The text of the amendments is available. Download Amendments To Finance Bill 2012 As Introduced In Parliament .
The Reserve Bank of India is formulating a scheme for subsidiarisation of Indian branches of foreign banks to ring fence Indian capital and Indian operations from economic shocks external to the Indian economic scenario. To support this effort, I propose to provide tax neutrality for such subsidiarisation.
