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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 : 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 : 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 : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
The Income Tax Department has invited fresh bid for setting up centralised processing centres (CPCs) for bulk processing of I-T returns at Manesar and Pune, as the earlier tender received no interest. Two new CPCs, announced in the Budget 2011-12, were supposed to become operational by May. Another proposed I-T return processing centre at Kolkota was supposed to become operational in 2012-13.
Automated Tax Calculation with Form-16 for Central Government Employees F. Y. 2011-2012 / A. Y. 2012-13
DCIT v. Bharat Aluminium Company Ltd (ITAT Delhi)- The Delhi Tribunal in this case has held that interest for deferment of advance tax is leviable under Section 234C of the Act where there is a shortfall in payment of advance tax while computing ‘book profit’ under the existing MAT provision under Section 115JB of the Act.
The government today said it paid Rs 68,994 crore as income tax refunds till November this fiscal as compared to Rs 75,160 crore for the entire 2010-11. In a written reply to Lok Sabha, Minister of State for Finance S S Palanimanickam also said the number of refund claims pending as on October 1 stood at 19.41 lakh.
India successfully hosted the three day 4th International Tax Dialogue Conference on Tax and Inequality. The conference was inaugurated by the Finance Minister of India Mr Pranab Mukherjee on 7th December.
. These three pertain to the same assessee. While in one appeal, the assessee has challenged correctness of the revision order dated 19th October 2007, passed by the learned CIT under section 263 r.w.s. 143(3) of the Income Tax Act, 1961 for the assessment year 2003-04, the remaining two appeals are cross appeals against CIT(A)’s appellate order in the matter of assessment framed to give effect to learned CIT’s revision order. As these appeals involve somewhat interconnected issues arising out of common set of facts and as these three appeals were heard together, all the three appeals are being disposed of by way of this consolidated order.
Telecom company GTL Infrastructure has admitted undisclosed income of more than Rs 500 crore to the Income Tax department, Parliament was informed today. In consequence to a search action conducted in 2010, a group (GTL Infrastructure) had admitted undisclosed income of Rs 500.65 crore, Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply today.
In the instant case, the assessee is a Co-operative Bank. Clause 5 of sub-section (3) of Section 194A expressly exempts the Bank from deducting the tax at source on interest payable by the Bank to its members and other Co-operative Societies. As stated by the assessee, they did not properly construe this provision. By misconstruing this provision they also did not deduct tax from the interest payable to non-members.
A former Los Angeles resident drew an 18-month federal prison sentence Monday for filing fraudulent income tax returns involving 20 nonexistent children, all with the same birthday. Norma Coronel, 40, an illegal immigrant who now lives in Livermore, was ordered by U.S. District Judge Manuel Real to pay $302,186 in restitution to the Internal Revenue Service.
DCIT Vs. M/s. Aditya Music (I) Ltd. (ITAT Hyderabad)- Facts of the case in brief are that the assessee company is a manufacturer and seller of pre-recorded audio cassettes and CDs. In Profit and Loss A/c. for the years under consideration, the assessee-company claimed the expenditure of copyrights used for manufacturing at Rs. 4,49,95,728 for A.Y. 2006-07 and Rs. 6,34,20,231 for A.Y. 2007-08 as revenue expenditure. The Assessing Officer completed the assessment by making addition of the above expenditure treating it as capital expenditure and allowed depreciation on the same.
