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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...
Union Finance Minister Shri Pranab Mukherjee will inaugurate two day high level International Seminar on “Adopting Tax System and International Tax Rules to the New Global Environment: A Shared Challenge for India and the OECD” tomorrow at Vigyan Bhawan. In the two day International Seminar , discussions would be held in separate sessions on the issues pertaining to transfer pricing, global trends in tax reform, implications for international tax arrangements, international dispute resolution and elimination of double taxation among others. This is for the first time that such high level international seminar is being held in India in association with Organisation for Economic Cooperation and Development (OECD). About 150 representatives from about 30 member countries of OECD along with those of International Monetary Fund(IMF), World Bank and tax officials from India are expected to participate in this two day international seminar.
Union Finance Minister Calls for Strong Measures to Reverse the Ongoing Trend of Illicit Outflows from Developing Countries and Exploitation of their Natural Resources Through Abusive Transfer Pricing Schemes; Inaugurates two Day High Level International Seminar on ‘Adopting Tax System and International Tax Rules to the New Global Environment: a Shared Challenge for India and the Oecd’; India Oecd to Strengthen Ongoing Cooperation on Tax Related Issues Through three Year Partnership Programme.
Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. We have developed a toolbox… We have enabled ourselves to declare (tax havens) as non-cooperating jurisdiction and countries as and when the situation arises. We will take appropriate steps, Finance Minister Pranab Mukherjee told reporters here today.
Tamil Nadu State Transport Corporation (Kum Div I) Limited Vs JCIT (ITAT Chennai)- The Tribunal has held that the assessee-company has discharged its interest liability and instead of making payment in cash it has issued share capital to the Government as per the G.O. in question. Hence, the provisions of section 41(1)(a) of the Act are not attracted at all. Therefore, the conversion of the payment in the share capital has to be treated as proper discharge of interest payments. This decision is applicable to the facts of this case mutatis mutandis. In view of the above decision, we are of the considered opinion that this issue stands allowed in favour of the assessees in all these appeals.
India will introduce a bill in the monsoon session of parliament that will enable confiscation of illegal money stashed in India by foreigners, Finance Minister Pranab Mukherjee said Monday. We will introduce the bill in monsoon session,’ Mukherjee said while addressing a joint press conference with Organisation for Economic Cooperation and Development (OECD) secretary general Angel Gurria.
At a time when the government is accelerating efforts to strengthen the country’s taxation system , India and rich countries’ club OECD will deliberate on challenges to international tax rules on Monday. Co-operation in global tax matters have gained prominence , especially after the G-20 crackdown on tax havens, which are being used to park unaccounted money worth billions of dollars. Finance Minister Pranab Mukherjee will address a seminar on ‘Adapting Tax Systems and International Tax Rules to the New Global Environment: A Shared Challenge for India and OECD’ .
Pune Income Tax Appellate Tribunal on the issue of deductibility of portfolio management fees in computing ‘capital gains’ under the Indian Tax Laws (ITL) held that such fees was directly connected to the acquisition and sale of securities and was incurred in the normal course of the investment activity. It was held that the payments would be allowed as a deduction in computation of capital gains under the ITL.
Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But ‘if it is a tax evasion alone, it is a civil offence,’ the official said. He, however, asserted that ‘if there is an element of illegality about the source of income or if funds are used for illegal purpose…we can think of classifying these as criminal tax offences’.
M/s Total Securities Ltd Vs DCIT (ITAT Mumbai) – Whether penalty paid by a registered broker is not a fine for any infringement of law and hence allowable – Whether admission fee paid by the assessee to stock exchange for acquiring membership is revenue – Whether salary paid to directors can be disallowed on the ground that the assessee has failed to prove the genuineness of services rendered when similar payments have been allowed in subsequent years – Whether payments made to arbitragers and jobbers is covered by 194C and hence the same is not allowable if TDS is not deducted.
M/s. Perfetti India Ltd. Vs. ACIT (ITAT Delhi) Considering all the aspects and principle of consistency propounded by the Hon’ble Supreme Court in the case of Radha Swami Satsand vs. ITO reported in 193 ITR 321, we are of the opinion that loss suffered by the assessee on account of exchange rate fluctuation is allowable expenditure in this year also. The assessee may not be able to produce evidence of the utilisation of the capital before the AO but from the orders of the AO in earlier years and in subsequent years impliedly, it is ascertainable that it is used for the working capital which is in a revenue account.
