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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...
United India Insurance Co. Ltd. Vs. Shila Datta & Ors (Supreme Court of India)- The Supreme Court last week widened the scope for insurance companies for resisting claims in road accident cases, especially on the amount of compensation.
ORDER- A N Pahuja: This appeal filed on 15.3.2011 by the Revenue against an order dated 31-01-2011 of the ld. CIT(Appeals)- XX, New Delhi, for the Assessment Year 2005-06, raises the following grounds:-
This is with reference to the facilities available in your TAN account for requesting various files from the TIN central system. The procedure for online request of Consolidated TDS/TCS statements/ Form 16A/ Default file under the ‘TAN Account’ has been enhanced. Salient features of the new procedure are as follows: You may request for Consolidated […]
The National Minority Commission today voiced concern on a proposal in the Direct Tax Code Bill to tax donations for institutions and organisations run by a particular religion or community and is planning to take up the issue with a parliamentary committee examining it. A delegation led by NCM member Keki N Daruwala has sought a meeting with Yashwant Sinha, who heads the Parliamentary Standing Committee on Finance, this week as it feels that the provision will adversely affect minority institutions.
Stepping up measures to recover over Rs 1,00,000 crore of unpaid taxes, the Income Tax (I-T) Department has set up a special cell to track taxpayers who are “untraceable” or have reported inadequate assets to pay back tax demands. The department has also decided to search and approach every possible database or agency, ranging from […]
ORDER NO, 174 OF 2011 The following transfers/postings in the grade of Chief Commissioner of Income Tax are hereby ordered with immediate effect and until further orders:
The contention that this benefit is not available to assessee whose total income is assessed u/s 115JB has no substance. In other words, when the total income is assessed u/s 115JB has no substance. In other words when the total income is assessed and the tax chargeable is computed, it is from that tax which is chargeable, the tax paid under section 88 is given deduction, by way of rebate, under section 87 of the Act. This is the legislative intent. That is a promise to give deduction of the tax already paid. This is the mode in which tax already paid is handed back at the time of final computation.
The Finance Minister of Nepal Mr Pun assured Shri Mukherjee about the safety and security of Indian businessmen visiting Nepal. He sought support of the Finance Minister Shri Mukherjee in completing various projects in Nepal. He also assured that finalization of DTAA between two countries would also be got expedited. He thanked Shri Mukherjee for all his support to Nepal and invited him to visit Kathmandu at the earliest.
The Central Bureau of Investigation (CBI) on Wednesday arrested income-tax officer Ranjan Prakash and chartered accountant Vimal Patangia on the allegation that Mr Prakash demanded Rs. 1.5 lacs from the complainant through the CA concerned for getting favourable order in A.Y. 2009-2010 pending with the ITO.
Notification No. 57/2011 – Income Tax Rules, 1962 were amended, vide notification No. S.O. 2429(E) dated 24th of October, 2011, for (i) extending the time limit of submission of TDS statements by the Government deductors in view of filing of Form No.24G by them; (ii) compulsory uploading of particulars of amount paid without deduction of tax in view of furnishing of declaration under section 197A; and (iii) enlarging the scope for grant of TDS credit to person other than the deductee.
