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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...
Gross direct tax collections during the first quarter of the current fiscal (April – June 2011) were up by 23.91 percent at Rs.104,136 crore as against Rs.84,041 crore. While gross collection of corporate taxes was up 23.49 percent (Rs.68,223 crore against Rs.55,244 crore last year), gross collection of personal income tax was up by 24.63 percent (Rs.35,859 crore against Rs.28,772 crore last year).
These appeals are being disposed of by a common judgement since all these appeals have been admitted on the following substantial questions of law
CIT Vs Mallikarjun Geo resources Associates (Uttarakhand High Court)- The word “production” takes in all the by-products, intermediate products and residual products, which emerge in the course of manufacture of goods.
Dy. CIT v Niten Hasmukhbhai Shah (ITAT Ahemdabad)- Since the finding of Ld. CIT(A) that there was no oral or written contract with the assessee and the Roopal Roadways which is confirmed by the clarificatory certificate issued by Roopal Roadways, was not disputed by the Revenue at the time of hearing before us, we find no infirmity in the order passed by Ld. CIT(A) holding that provision of section 194C(3) of the Act are not applicable in this case and consequently no addition u/s 40(a)(ia) can be made.
ITO vs. Shanaya Enterprises (ITAT Mumbai) – Merely because income is attached to any immovable property cannot be the sole factor for assessment of such income as income from property; what has to be seen is what was the primary object of the assessee while exploiting the property. If it is found, applying such test, that main intention is for letting out the property, or any part thereof, the same must be considered as rental income or income from property. In case, it is found that the main intention is to exploit the immovable property by way of complex commercial activities, in that event, it must be held as business income.
Recently, Income Tax Department searched a large number of private lockers and vaults in the city which resulted in unearthing of unaccounted or unexplained jewellery, gold, diamonds and cash in the lockers belonging to people whose whereabouts are not known ie, benami holdings. While this was going on, separately, Income tax department has made it mandatory for all high value buyers of jewellery to declare or mention their Income tax Permanent Account Number (PAN) to the dealer from whom such purchases are made.
The Special Judge for CBI Cases, Bangalore has today convicted Smt.K.Chandrika (IRS -2004 Batch), the then Assistant Commissioner, Bangalore in a bribery case of Rs.2 lacs. She was sentenced to undergo three years Simple Imprisonment with a fine of Rs.1.50 lacs. The complainant, a Managing Director of Bangalore-based firm, had alleged in his complaint that the accused had demanded a bribe of Rs.10 lacs from him for reducing the tax liability of his firm. The CBI laid a trap and the accused was caught red handed while demanding & accepting a bribe of Rs.2 lacs from the complainant on 2nd January, 2009.
Pulling up the government for the laggardly pace in investigations into the issue of Blackmoney stashed abroad, the Supreme Court on Monday appointed a Special Investigation Team (SIT) headed by former Apex Court judge B P Jeevan Reddy to investigate and monitor steps taken to bring the unaccounted money back home. Another former Apex Court judge M B Shah will be Vice Chairman of the 13-member SIT into which Director of Research and Analysis Wing (RAW) has been inducted.
High Court held that the scope of powers of the Dispute Resolution Panel (the DRP) under Section 144C of the Income-tax Act, 1961 (the Act) is restricted to dealing with only those issues in respect of which variations are proposed as per the draft assessment order and not beyond.
Mitsui & Co India Pvt Ltd v Addl CIT (ITAT Delhi) – Directors of the assessee were entitled to use the vehicles for their personal use in accordance with the terms and conditions on which they were appointed and the perquisites given to the directors formed part of their ‘remuneration’ under the Explanation to section 198 of the Companies Act, 1956, for the purpose of determining their remuneration under section 309 of that Act. Once such remuneration was fixed as provided in section 309 it was not possible to state that the assessee incurred the expenditure for the personal use of the directors. Even if there was any personal use by the directors that was as per the terms and conditions of service and, in so far as the assessee was concerned, it was business expenditure and no part of the expenditure could be disallowed.
