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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
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 : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
Bindview India P. Ltd. Vs. DCIT (ITAT Pune)- In light of Pune bench’s decision in the case of Starent Networks (I) P. Ltd. Pune v. DCIT, the assessee’s claim for +/- 5% in order to compute arm’s length price in terms of erstwhile proviso to section 92C(2) of the Act is accepted. Provisions of sub-Rule (4) of Rule 10B are quite explicit and provide for analysing the comparability of an uncontrolled transaction with the international transaction in question on the basis of the data relating to financial year in which the international transaction sought to be tested has been entered into.
India has received information on around 1,500 transactions from Denmark and Finland under Double Taxation Avoidance Agreements with these countries and the CBDT is looking into the data.
Pitney Bowes India Pvt Ltd vs. CIT (Delhi High Court) – Assessee itself treated the expenditure as capital in the books of accounts. However, at the same time, it was maintained that since it was paid for loss of business that KOAL would suffer for non-compete fee, the same was treated as revenue in nature. Likewise, in Schedule 2 to the balance sheet disclosing ‘fixed assets’, payment of non‑compete fee is treated as ‘intangible assets’. This also shows that the assessee treats this as asset acquired, which is intangible in nature. The issue regarding forwarding of payment was discussed by the Special Bench of the Tribunal in M/s Tecumesh India Pvt. Ltd. (supra) in greater details and after applying the ratio of various judgments of different High Courts including jurisdictional Court as well as the Supreme Court, the Tribunal summarized in the following terms:
A.F. Ferguson & Co. Vs. The Asstt. Commissioner of Income tax – The dispute is regarding allowability of deductions on account of payments made by the assessee to the retired partners and wives of deceased partners while computing the total income. The payments had been made under the provisions of partnership deed.
Expenditure can be disallowed only in the event of non-deduction of tax at source, and not in the cases involving short deduction, TDS not required to be deducted on exchange rate difference if TDS already been deducted at the time of credit of amount
Taxpayers’ Lounge set up by Income Tax Department at India International Trade Fair 2011 from 14-27 November, 2011 has been adjudged First for Excellence in Display in the category Government Departments by India Trade promotion Organization (ITPO). The Taxpayers’ Lounge, inaugurated by Chairman, CBDT, on 15th November 2011, was conceptualized by the Directorate of Income Tax (PR,PP&OL). The Directorate also supervised its actual implementation as well as functioning throughout the duration of the Trade Fair.
Notification No.G.S.R. 848/2011 – Income Tax In exercise of the powers conferred by section 12 of the Government Savings Certificate Act, 1959 (46 of 1959), the Central Government hereby makes the following rules, namely
The CBDT has indicated vide letter dated 25.11.2011 that there are several vacant/ likely to be vacant posts in the Benches of the Income Tax Settlement Commission at Delhi, Chennai, Kolkota and Mumbai. Download CBDT letter dated 25.11.2011
The indexed cost of acquisition has to be determined with reference to the cost inflation index for the first year in which the capital asset was ‘held by the assessee’. Since the expression ‘held by the assessee’ is not defined under Section 48 of the Act, that expression has to be understood as defined under Section 2 of the Act. Explanation 1(i)(b) to Section 2(42A) of the Act provides that in determining the period for which an asset is held by an assessee under a gift, the period for which the said asset was held by the previous owner shall be included.
Subash Chand Vs. ACIT (ITAT Chandigarh)- In the present case, the AO has found that the assessee has paid a sum of Rs. 27,90,000/- towards purchase of flat/plot and for meeting household expenses in the year under appeal. The assessee could not have paid the aforesaid amount without having the money with him. No material has been placed before us to establish that the assessee had actually been paid by the buyer any money over and above Rs. 8.00 lakhs or that the assessee has actually received from the buyer of the agricultural land over and above Rs. 8 lakhs.
