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Income Tax : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
Income Tax : A detailed comparison of key provisions in the Income Tax Act, 1961, and the proposed Income Tax Bill, 2025, highlighting major ch...
Income Tax : Stay updated with 2024 US individual tax filing details, including deadlines, tax rates, forms, and standard deductions. Learn abo...
Income Tax : बजट में गैर-पेंशनभोगी वरिष्ठों को कर राहत न मिलने ...
Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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 : ITAT Raipur held that order of transfer of case under section 127 of the Income Tax Act without granting opportunity of being hear...
Income Tax : Kerala High Court held that court cannot interfere with order of settlement commission if challenge is merely that Settlement Comm...
Income Tax : ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasona...
Income Tax : In the matter abovementioned ITAT allowed the appeal of the assessee after deleting the addition made u/s 68 after observing the f...
Income Tax : Respondent/assessee is a Irish company. It accordingly claimed benefits of the India-Ireland DTAA. ADIR is a wholly owned subsidia...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
Finance minister Pranab Mukherjee may have some good news for the salaried class in his forthcoming budget, with the government considering a Rs 20,000 raise in the income tax exemption limit from the current Rs 1.60 lakh per annum. Government sources said the move is aimed at putting money into the hands of people hit by sharp rises in the prices of essential commodities.
India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as money laundering. Talking to mediapersons onboard the aircraft while returning from Paris after attending the G-20 summit, Finance Minister Pranab Mukherjee said: “India has initiated negotiations with other countries to prevent the black money from being stashed in foreign banks.
The government has sent notices to 18 Indians who have stashed away unaccounted money in Liechestein’s LGT Bank, asking them to pay Rs 24.66 crore (Rs 246.6 million) as taxes.
Delhi Tribunal Ruling –- the Transfer Pricing Officer (TPO) cannot determine the arm’s length price of an international transaction, which has not been referred to him by the Assessing Officer. When brand name is owned by the Associated Enterprise (AE) and the assessee incurs more than normal expenses on advertisement, marketing and promotion (AMP), the TPO cannot make adjustments considering that the AE did not reimburse the assessee for excess AMP expenses. [Amadeus India Pvt Ltd v. ACIT (2011-TII-22-ITAT¬DEL-TP)]
M/s. Brahma Associates Vs. CIT, Pune – Revenue was not justified in confining the deduction only to projects having commercial area upto 10% of the BUA because once the basic argument of the revenue that the housing projects with commercial user are not entitled to Section 80IB(10) deduction is rejected, no restriction could be imposed. If the project is approved as a “housing project” deduction u/s 80-IB(10) is allowable irrespective of the commercial area;
An association may engage in activities which can be described as mutual and in other activities which are not mutual; in such a case, the principle of mutuality has to be confined to transactions with members possessing the essential character of mutuality; the two activities can in appropriate cases be separated and the profits derived from transactions which do not fulfill the requirements of mutuality can be brought to tax.
Standing Committee on Finance Chairman Yashwant Sinha today suggested raising the income tax exemption limit from Rs 1.6 lakh to Rs 2 lakh in the Budget apparently to provide relief to common man reeling under the impact of high inflation.
The total income tax arrears in the country stood at Rs 2,48,927 crore on April 1, 2010, and the Central Board of Direct Taxes (CBDT) is tasked to monitor all outstanding dues of above Rs 10 crore, Parliament was informed on Tuesday. In a written reply in the Rajya Sabha, Minister of State for Finance S S Palanimanickam said the total outstanding arrears which stood at Rs 2,13,646 crore as on April 1, 2009, further increased to Rs 2,48,927 crore at the start of the current fiscal.
The government may raise the income tax exemption limit in the upcoming Budget to provide some relief to the taxpayer from inflation, Goldman Sachs said today. “Income tax relief can be provided to lower income brackets to compensate for inflation. This could take the form of raising the tax exemption limit from the current Rs 1.6 lakh,” it said in a report.
Design of the National Tax Headquarters has been finalized after holding an open competition in association with the Council of Architecture (CoA). Out of the 133 prequalified architects, 58 had participated in the competition. The entries were adjudged by an eminent jury comprising five architects and four non-architects. M/s Vistaar Architects & Planners, a Mumbai based architect firm finally won the design competition held by the Department of Revenue for the construction of National Tax Headquarters on Kasturba Gandhi Marg in the national capital. The results of the competition were announced yesterday by the Ministry of Finance.
