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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
We have attached herewith Income tax Calculator for Assessment year 2010-11, 2011-12 and 2012-13. The user have to select A.Y. for which he want to calculate Tax, Type of Assessee and have to input this taxable income in field provided. Once he provide these details calculator automatically calculates his tax liability and also gives below the Income tax Rate Chart which is Applicable to such Assessee in that Assessment year.
Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improvement and Index if sale is made in financial year 2011-12 or later. Cost Inflation Index for financial Year 2011-12 is 785 and for financial year 2012-13 the Index will be announced somewhere in August 2012.
Atma Ram Properties Pvt Ltd vs. DCIT (Delhi High Court) – In the present case, as already noticed, the Income-tax Officer, Azamgarh, subsequent to the completion of the original assessment proceedings, on making an enquiry from the jurisdictional Income-tax Officer at Calcutta, learnt that the Calcutta company from whom the assessee claimed to have borrowed the loan of Rs. 50,000 in cash had not really lent any money but only its name to cover up a bogus transaction and, after recording his satisfaction as required by the provisions of section 147 of the Act, proposed to reopen the assessment proceedings.
In view of large number of consumer complaints, the Government is considering setting up an inter-ministerial committee to look at ways and means to check false and misleading advertisements effectively. This was stated by PROF. K.V. THOMAS while delivering key note address at conference on ‘Strengthening Self Regulation of Advertising Content’ organized by the Advertising […]
Union of India & ANR. Vs. Pradip Kumar Kedia Etc. (Supreme Court)- The wait list of candidates recommended by the Selection Board, has not been given effect to. Under sub-rule (3) of Rule 4 of the Rules, the Central Government after taking into consideration the recommendations of the Selection Board make a list of persons selected for appointment as members.
If your refunds, rectifications, other matters like not getting orders to give effect to the Appellate orders, etc. are pending since long, reminders not bringing any results, you may make application under the RTI Act to the Commissioner of Income-tax (CIT), under whose jurisdiction you are assessed to tax. The CIT has to dispose your application within thirty days of the receipt of the request (S. 7 of the RTI Act). In other words, normally you will get your work done within these 30 days; i.e., Assessing Officer will send the required orders like intimations, orders u/s. 154, etc. with refunds, etc. and the CIT then will reply to your application within 30 days, stating that your application has been attended and you must have received the refund orders, etc. At times, there may be delay in getting some refunds as in my case, but you will get them ultimately.
ACIT Vs Modi Revlon Pvt Ltd (ITAT Delhi) – When non-resident technology partner does not pass on proprietary right to assessee on transfer of knowhow, the royalty paid by the assessee under a knowhow transfer agreement is revenue expenditure
DCIT Vs. M/s CMR Design Automation Pvt Ltd (ITAT Delhi)- Assessee was paying Shri Mahesh Chandra as share holder a sum of Rs. 25 lacs per annum as salary. This compared very favourably with the salary being disbursed in the industry in which the assessee was placed. Moreover, all disbursements to Sh. Mahesh Chandra was cleared by Board Resolutions. The profit of the assessee company has also arisen phenomenally during the year. In other words, commission and bonus paid to Sh. Mahesh Chandra was an incentive, which was directly related to the profitability of the company.
The Supreme Court on Monday admitted a special leave petition filed by former Union Law Minister and senior counsel Shanti Bhushan for treating his heart as a ‘plant’ for the purpose of granting him income tax wavier on expenses incurred on heart surgery.
NEW DELHI: In a double whammy for investors who lost their money in the Rs 400 crore Citibank Gurgaon scam as the Income Tax department has initiated a re-assessment of tax returns of these people to ascertain whether the money invested was reflected in their annual returns. The department’s various tax assessment wings will undertake […]
