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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 : Delhi High Court sets aside DRP's order in FIS Payment case, directing a fresh review under ITAT rulings on Section 56(2)(viib). K...
Income Tax : ITAT Delhi upholds CIT(A) ruling in Kissandhan Agri case, rejecting tax addition under Section 56(2)(viib). AO’s valuation metho...
Income Tax : ITAT Mumbai ruled in favor of Jamnagar Utilities, allowing CSR donations as deductions under Section 80G, rejecting the Revenue's ...
Income Tax : ITAT Pune ruled that Section 115BBE does not apply to business income declared in a survey. Read the case details and implications...
Income Tax : ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Ca...
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...
The Income Tax department has slapped a Rs 135-crore demand notice on Madhya Pradesh cadre IAS couple Arvind and Tinu Joshi for alleged tax evasion. The department had conducted searches in Bhopal and other premises of the 1979-batch couple during the financial year 2009-10 and after scrutiny of their financial holdings and assets, a tax demand notice has been issued against them a few days back.
It has been reported in some sections of the press that the Central Processing Centre , Bangalore is sending notices for payment of taxes which are as small as Rs. 1/- , 4/- , 6/-, causing unnecessary hardship to assesses . It has been stated that when the refunds for amounts less than Rs. 100/- are not issued by the Income Tax Department, then the demand for less than Rs. 100/- should also not be collected .
Stepping up its offensive against Indians whose names figured in secret LGT Bank accounts abroad, the Enforcement Directorate (ED) has approached the Income Tax department to provide it with I-T returns and other financial statements of these entities. The Directorate, across various cities including Delhi, Mumbai and Ahmedabad, has also recorded the statements of about 15 entities under the provisions of the Foreign Exchange Management Act (FEMA).
Key features of NSDL Return Preparation Utility (RPU) version 2.7 Correction Statements: Mandatory to import consolidated file for validating the Correction statements. Incorporated FVU: FVU version 3.3 and FVU version 2.131 are incorporated. Higher deduction deductee record: For deductee records with valid deductee PAN where tax has been deducted, update is allowed on all fields of the deductee record, except for the column “Remarks (Reason for lower deduction/ no deduction/ higher deduction/ threshold)
SRL Ranbaxy Ltd vs. ACIT (ITAT Delhi) – In the present case, no income was found credited to the account of the collection centers. The loss on account of any damage was to be borne by the collection centers. The expenditure on salary/staff of the collection centers was to be borne by the collection centers
CIT Vs. Monto Motors Ltd. (Delhi HC)- Advertisement expenses when incurred to increase sales of products are usually treated as a revenue expenditure, since the memory of purchasers or customers is short. Advertisement are issued from time to time and the expenditure is incurred periodically, so that the customers remain attracted and do not forget the product and its qualities.
CIT Vs. Wimco Seedlings Ltd. (Delhi HC) – It was held that unless and until there was actual expenditure for earning the exempted income, there could not be any disallowance under section 14A. While we agree that the expression ‘expenditure incurred’ refers to actual expenditure and not to some imagined expenditure, we would like to make it clear that the ‘actual’ expenditure that is in contemplation under section 14A(1) of the said Act is the ‘actual’ expenditure in relation to or in connection with or pertaining to exempt income. The corollary to this is that if no expenditure is incurred in relation to the exempt income, no disallowance can be made under section 14A of the said Act.
Rajinder Mohan Lal Vs. DCIT (ITAT Chandigarh)- impugned gifts cheques were in the name of the assessee and not in the name of the assessee’s daughter, whose marriage was solemnized and the quantum of such gifts were credited by the assessee to his bank account. It is also a fact that the sum of money received by the assessee were not transferred to the bank account of his daughter, whose marriage was solemnized. In view of the above legal and factual discussions and clear findings of the lower authorities, we do not find any infirmity in the order of the CIT(A) and, hence, the same are upheld. This ground of appeal of the assessee is dismissed.
ITO Vs. Landmark Finance Pvt. Ltd. (ITAT Kolkata)- The facts are not disputed that the assessee was dealing shares as trader in shares as well as holding the shares as investment. It is not disputed that the assessee had kept both the portfolios separately and the mode of valuation of stocks held as investment and stock held as stock-intrade was different. The investments were valued at cost and it was shown in the balance sheet only whereas stock-in-trade was valued at cost or market price, whichever was lower and the loss was, accordingly, claimed in the Profit & Loss A/c. and allowed to the assessee.
Whirlpool of India Ltd. Vs DCIT (ITAT Delhi)- In the case of Commissioner of Income-tax vs. Multiplan India (P) Ltd.; 38 ITD 320 (Del), the appeal filed by the revenue before the Tribunal, which was fixed for hearing. But on the date of hearing nobody represented the revenue/appellant nor any communication for adjournment was received. There was no communication or information as to why the revenue chose to remain absent on that date. The Tribunal on the basis of inherent powers, treated the appeal field by the revenue as un- admitted in view of the provisions of Rule 19 of the Appellate Tribunal Rules, 1963.
