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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...
Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from the forenoon of 1st April 2011. Shri. O. K. Narayanan, VP. Shri. N. Barathvaja Sankar, VP.
It’s a great victory for Finance Minister Pranab Mukherjee. Finally Prime Minister Manmohan Singh has cleared the extension of CBDT Chairman Sudhir Chandra for two months beginning April 1.Earlier the PM had rejected the extension proposal.
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 11, 2011, Government of India has approved 14 Proposals of Foreign Direct Investment (FDI) amounting to Rs. 1289.85 crore approximately.
The finance minister retained most of his other proposals, providing only marginal relief to industries such as automobiles, garments, personal computers and printers. On direct taxes, the biggest concession was in the norms for a concessional 15% tax on dividends received from overseas subsidiaries. As against the minimum 50% India holding in such subsidiaries to be eligible for the tax sop, the finance minister has suggested a lower threshold of 26%, benefiting several firms with overseas joint ventures.
Richter Holding Ltd v. ADIT – The Vodafone controversy continues – To determine taxability of acquisition of shares of a non-resident company holding majority shares in an Indian company by another non-resident, it may be necessary for the fact finding authority to lift the corporate veil to look into the real nature of transaction to ascertain virtual facts.
In so far as claiming the amount set out towards warranty is concerned, the apex court in the case of Rotark Controls India P. Ltd. v. CIT [2009] 314 ITR 62 has held that the principle is that the historical trend indicates that a large number of sophisticated goods were being manufactured in the past and the facts show that defects existed in some of the items manufactured and sold, then provision made for warranty in respect of such sophisticated goods would be entitled to deduction from the gross receipts under section 37.
The Enforcement Directorate on Wednseday carried out searches at the Pune residence of Sunil Shinde, the chartered account of businessman Hasan Ali Khan, who is facing charges of money laundering and tax evasion.
India’s government introduced a wide-ranging tax bill into parliament on Tuesday, but opposition to the move threatened to derail one what is one of the coalition’s most ambitious reforms of its second term. In a sign of how corruption scandals are hindering the government, opposition lawmakers immediately forced an adjournment by demanding a debate on accusations Prime Minister Manmohan Singh lied to parliament about a cash-for-votes scandal.
A new section 206AA was inserted in the Act, vide the Finance (No.2) Act, 2009. As per section 206AA, any person whose receipts are subject to deduction of tax at source (TDS), i.e. the tax-deductee shall mandatorily furnish his Permanent Account Number (PAN) to the tax-deductor, failing which the deductor shall deduct tax at source at higher of the following rates.
(1) Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as deductee) shall furnish his Permanent Account Number to the person responsible for deducting such tax (hereafter referred to as deductor), failing which tax shall be deducted at the higher of the following rates, namely:—
