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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...
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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 : 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 : ITAT Mumbai rules on Radiant Life Care's appeal against disallowance under Section 14A of the Income Tax Act. Key interpretation o...
Income Tax : ITAT Mumbai rules CBDT notification cannot deny S. 80IB(10) deduction to SRA projects approved before 01/04/2004, citing legislati...
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 : 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...
Read the Punjab and Haryana High Court’s decision in CIT vs. Ms. Jagriti Aggarwal on Section 54 claim under the Income Tax Act. Legal insights provided.
Notification No. 54/2011 – Income Tax Whereas, an Agreement between the Government of the Republic of India and Government of the British Virgin Islands for the exchange of information relating to taxes was signed at London. UK on the 9th day of February, 2011; And whereas, the date of entry into force of the said Agreement is the 22nd day of August, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with Article 14 of the said Agreement;
NC Notification No.104/2011 – Income Tax [F.No.V.27015/4/2011-SO(NAT.COM)]/S.O. 2302(E), dated 3-10-2011 -In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said “National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval, namely:—
The last date for receipt of the Applications called for vide reference cited for empanelment of persons from the Retired Additional / Joint Commissioners of the Income tax Department who had during their tenure in the department had served in the Income tax Appellate Tribunal for representation of departmental cases before the Income tax Appellate Tribunal, Chennai in respect of tax matters, is extended till 10.10.2011.
The Income Tax department has sent notices for scrutiny to two NGOs associated with former IPS officer and Team Anna member Kiran Bedi, who said she is open to any investigation. The I-T notices to NGOs Navjyoti and India Vision Foundation sent yesterday pertain to certain exemptions enjoyed by them under various provisions of the Income Tax Act, sources said.
Sandvik Asia Limited Vs. DCIT (ITAT Pune)- The Issue before the tribunal was whether interest paid on income tax due can be set off against interest received on income tax refunds under the Income Tax Act, 1961. Before the Division Bench (DB) of the Pune Tribunal, there was a difference of opinion between the Members and, accordingly, the issue was referred to the Third Member for a majority opinion. The Third Member held that the interest paid and interest received from the Tax Authority cannot be set off against each other and the whole of the interest received is taxable under the Income Tax Act, 1961.
Facts- The taxpayer is a tax resident of Mauritius. BG Exploration & Production India Ltd (BG) is a co-venturer with ONGC Ltd and Reliance Industries Ltd, who are party to the production sharing agreement for Panna, Mukta and South Tapti contract areas.
Dalmia Pvt. Ltd. Vs CIT (Delhi High Court)- It is well settled that audit objection on the point of fact can be a valid ground for reopening of assessment. In the case of New Light Trading Co. vs. Commissioner of Income Tax, (2002) 256 ITR 391 (Del), a Division Bench of this court after referring to the decision of Supreme Court in CIT vs. P. V.S. Beedies Pvt. Ltd. (1999) 237 ITR 13 (SC), has held as under (at page 393) :’In the case of P. V. S. Beedies Pvt. Ltd. [1999] 237 ITR 13, the apex court held that the audit party can point out a fact, which has been overlooked by the Income-tax Officer in the assessment.
CIT Vs Splender Construction (Delhi High Court)- When the land which was held as stock in trade for several years is converted into investment just before the sale, it can be said that the assessee did so to pay lesser taxes, and it amounts to furnishing inaccurate particulars, warring levy of penalty . If Merits Successively Rejected, Issue “Not Debatable.
Shri Homi K. Bhabha Vs ITO (ITAT Mumbai)- Ordinarily neither the assessee nor the Revenue can be allowed to re argue the same issue over and over again, when it has already been decided by a coordinate bench of the tribunal.
