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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 : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
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 : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
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...
In our considered opinion, the authorities below were not justified in not granting the set off of the brought forward business loss for the reason that the requirement to file return within the time prescribed u/s.139(1) is for carrying forward the loss. Once loss is determined in the return file u/s.139(3), the assessee becomes eligible for set off against the income of the subsequent years irrespective of the fact whether the returns of such later years are filed u/s.139(1) or not. Sec. 80 read with sec. 139(3) requires the submission of return for loss before the due date.
India is pitching for a consensus among G-20 nations on sharing of tax and banking information with retrospective effect, arguing that it was essential to deal with past cases of tax evasion.Stressing that the era of banking secrecy laws was over, Department of Economic Affairs Secretary R Gopalan said it was vital to build a consensus on sharing of past banking data as it would help in investigation of earlier cases of tax evasion.
CIT Vs. Harnarai (Delhi High Court) – In the absence of any material on record to suggest that it was bogus or untrue. It is further evident that there was neither any detection nor any information in the possession of the Revenue which might lead to a conclusion that there was a detection by the Revenue of concealment. Accordingly, the question of law framed is answered against the Revenue and in favour of the Assessee.
Rail passengers needn’t carry a printout of their e-ticket anymore. They can travel by showing an SMS message of the ticket on their mobile phone or a screenshot of it on a laptop/iPad along with original identity proof to be shown to the ticket examiners.
Two Income Tax officers, who were arrested on graft charges, have been suspended from service, officials said here today. I-T officer Kurdaram Verma was arrested last month by anti-corruption bureau while he was accepting Rs 50,000 bribe from a hotel owner in Hanumangarh district. His colleague H K Fulwaria was also found to be involved in the matter following which he was also arrested by the ACB. Both the officers have been suspended some days back and the report has been sent to Chief Income Tax Commissioner office, the officials said.
The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal. The gross tax collection in the first seven months of the fiscal is only about 48.5 per cent of the Rs 5.85 lakh crore target for the entire fiscal.
BJP MP Varun Gandhi on Friday sought names of Members of Parliament and others who have allegedly stashed black money in the accounts of HSBC, Geneva, the details of which have recently been shared with the Finance Ministry. The young MP from Pilibhit in Uttar Pradesh has shot off a six-point RTI application seeking names […]
The government is likely to introduce a Bill that seeks to make it mandatory for all micro-finance institutions to be registered with the Reserve Bank of India and entrusts the task of regulating the sector to the central bank in the Winter Session of Parliament. The Finance Ministry is in discussion with all concerned stakeholders for fine-tuning the draft Micro Financial Sector (Development and Regulation) Bill, 2011, official sources said.
This event has become closely identified with the performance assessment of the state of Indian States on a number of well reasoned parameters. It gives this event certain glamour, some mystique and it may also be fuelling some exam like anticipation of good results, especially among some of my ministerial colleagues from different States who are here. This is no doubt good for garnering ‘media attention’ and as they say for the TRPs. I think it is also good for the health of Indian polity.
Singapore’s agreement with Spain for the avoidance of double taxation (DTA) will come into force on 1 February 2012. The agreement is Singapore’s 68th DTA and will encourage and facilitate cross-border trade and investment between Singapore and Spain, by providing greater clarity on taxing rights and minimising the scope of double taxation between the two […]
