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Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandat...
Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...
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 : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
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 Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...
Income Tax : ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual ...
Income Tax : ITAT Ahmedabad held that assessment order passed u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Henc...
Income Tax : During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Com...
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...
ACIT, Mumbai Vs M/s Bajaj Auto Limited (ITAT Mumbai)- From the language of section 205 of the Act, it is clear that the bar operates as soon as it is established that the tax has been deducted at source and it is wholly irrelevant as to whether the tax deducted at source is paid to the credit of the Central Government of not and whether the TDS certificate in Form No. 16 has been issued or not. Also the mere fact that the employer may not issue the TDS certificate to the employee does not mean that the liability of the employer ceases. The liability to pay income-tax if deducted at source is upon the employer.
Asera Software (India) Pvt. Ltd. Vs ACIT (ITAT Bangalore)- With respect to the disallowance of lease cancellation charges it is evident that this loss to the assessee was incurred due to appropriation of security deposit standing with the landlord in lieu of the loss of lease rent to the landlord. As far as the assessee is […]
Ahuja Platinum Properties Pvt Ltd Vs JCIT (ITAT Mumbai)- The availability of interest free funds as given in the earlier part of this order is not in dispute. The Assessing Officer has proceeded on the assumption that the assessee did not establish the nexus between the interest free funds available with the assessee and interest free loans given to the sister concern. In this regard we find that the Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities and Power Ltd., 313 ITR 340 (Bom) had an occasion to examine the question with regard to disallowance of interest, where the assessee is in possession of both interest free funds as well as borrowed funds on which interest was paid by the assessee.
ACIT Vs M/s Aftek Infosys Limited (ITAT Mumbai)- Assessee’ s business is that of computer software services and products development. In order to supply software to its customers as per their requirements, the assessee has necessarily to incur certain expenses which go in making the product customised. When the sale proceeds are considered as revenue receipt, there is no reason for taking such expenses as not revenue because of the fact that there is no enduring benefit to the assessee by incurring such expenses.
CIT Vs. M/s Dehradun Club Ltd. (Uttarakhand HC)- The learned counsel for the appellant submitted that the provision of charging interest under Section 234A, 234B & 234C of the Act is mandatory as held by the Supreme Court in Commissioner of Income Tax Vs. Anjum M. H. Ghaswala & others 252 I.T.R. 1. There is no quarrel with the aforesaid proposition laid down by the Supreme Court, but, at the same time, the assessment order must contain the imposition of interest and, only thereafter, a notice of demand could be issued under Section 156 of the Act.
The Board has received references expressing difficulties in implementation of provisions of Section 194A of the Act in a situation where in the course of the proceedings before Supreme Court/High Court/ any other court or tribunal , one or more than one litigant (hereinafter ‘the depositor’) is directed by the court that a specified amount be deposited in the bank either directly or through the court in order to protect the interest of litigants.
Chairman of the Central Board of Direct Taxes (CBDT) M C Joshi on Friday said on the sidelines of an Assocham function that it has not given direction for targeting anyone for political reasons and action against a member of team Anna would have come in normal manner. A specific case would have come up in normal manner …No direction, anything (has been ) given to anyone to treat any such case in a particular manner.
CIT Vs Savita N. Mandhana (ITAT Mumbai)- There is no dispute that the assessee has already included entire consideration for sale of shares, including what could be attributed to non compete obligations, as capital gains. In this view of the matter, the exercise of bifurcation between consideration attributable to sale of shares and for non compete obligations is rendered academic and infructuous.
Ramesh D. Tainwala (ITAT Mumbai)- For proviso(i) to Sec.28(va)(a) to apply there must be transfer of the right to carry on any business. The Assessee in the present case was not carrying on any business on his own but was the promoter and director of the company whose shares were purchased by the Acquirer
CIT vs. M/s BKI/HAM v.o.f. (Uttarakhand High Court)-Tribunal in the assessment order 1995-96 as well as the appellate authority in the assessment order 1994-95 have categorically given a finding of fact that the entire duration of the contract was from 27th December, 1993 till 26th June, 1994, i.e., less than six months. Article 5 (3) of the treaty provided that in order to constitute a permanent establishment such site or project should continue for a period of more than six months.
