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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 : 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...
Though the reliefs claimed in these four writ petitions are different, the core issue raised in all these four writ petitions is, whether any income chargeable to tax in India has accrued or arisen or deemed to have accrued or arisen in India to New Cingular Wireless Services Inc
Vide Order No 122 of 2011 dated 15.7.2011 the CBDT has transferred and posted Deputy / Assistant Commissioners of Income-tax with immediate effect
The BM Munjal-promoted Hero Group has paid Rs 811 crore as capital gains tax for buying out erstwhile partner Honda from their joint venture — Hero Honda , Central Board of Direct Taxes (CBDT) today said. Hero has paid the entire tax amount of Rs 811 crore in two tranches, Rs 100 crore in March and Rs 711 crore in April, at the highest rate of 22%. They have not sought any concession, a CBDT spokesperson told PTI.
DCIT, Chennai Vs M/s Aban Offshore Ltd (ITAT Chennai) – Whether disallowance u/s 40(a)(ia) is warranted for deduction of tax @ 1% on subcontract where the sub-contract is entered into to fulfill the conditions of the main contract and the same is not independent to the main contract ?
Shri Prodip Kumar Bothra vs Commissioner of Income-Tax (Calcutta High Court)- A partnership firm cannot take advantage of the ownership of a property owned by its partner in his individual capacity for the purpose of getting benefit of taxation and in the same way, a partner also in his individual capacity cannot treat the right of possession exercised by the firm in any property as his own right of possession so as to get benefit of taxation.
These are cross appeals by the assessee and the revenue except for the AY 2004-05 for which the assessee Shri Hitesh S Doshi has filed cross objection against the respective orders of the CIT(A) for the assessment years 2003-04, 04-05 and 06-07.
J. K. Industries Limited Vs CIT (High Court of Calcutta)- The expenditure may not have been incurred under any legal obligation, but yet it is allowable as business expenditure if it was incurred on grounds of commercial expediency. Thus, the borrowed fund advanced to a third party should be for commercial expediency if it is sought to be allowed under section 36(1)(iii) of the Act.
July is the month of the year which provides us lots of rains after dry hot days, when freshness and life retunes to schools and college, when mangos are in plenty and there is happiness all around. July is also the month when one has to file his or her annual income tax returns for the previous year ended in March. 31st July is the last date to file tax returns for individuals and those whose accounts are not subject to any audit. The options available to assessee is to do it himself or to call on his chartered accountant who can file the tax returns by just asking for few informations and papers. Tax returns are however, now a days an easy job as returns can be filed with case and online.
This appeal under section 260A of the Income-tax (“Act”), 1961 is at the instance of an assessee and is directed against an order dated September, 2002, passed by the Income-tax Appellate Tribunal, “B”Bench, Kolkata in Income-tax Appeal bearing ITA No. 1449 (Cal)/2000 for the Assessment Year- 1997-98 and thereby dismissing the appeal preferred by the assessee. Being dissatisfied, the assessee has come up with the present appeal.
Navelkar Estates Developers v CIT and ITO (Mumbai HC) The main contention of Shri V. R. Tamba, learned Counsel appearing for the Petitioner is that the reasons have not been furnished to the Petitioner/Assessee for issuing notice under section 148 of the Income Tax Act. Therefore, the Assessee is not in a position to file objections to the issue on notice.The learned Counsel appearing for the Petitioner points out to the case of GKN Driveshafts(India) Ltd. v. Income Tax Officer and others (2003) 1 SCC 72) wherein the Hon’ble Supreme Court has held that the Assessing Officer is bound to furnish the reasons within a reasonable time so that the Assessee can file objections to issuance of notice and the Assessing Officer is bound to dispose of the same by passing a speaking order.
