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Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
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 : 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 : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
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...
Tax collections during the current fiscal are likely to exceed the budgetary target by about Rs 37,000 crore, at Rs 7.82 lakh crore, in light of robust growth of the economy. “The Budget target of tax revenue has been revised upward to Rs 7.82 lakh
It is hereby notified for. general information that the organization Arogyadham Global Aids Research Foundation, Muzaffarnagar has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the income-tax Rules, 1962 said Rules), from Assessment Year 20111-12 and onwards in the category of ‘Other Institution’, partly engaged in research activities
Mumbai: TV channels have reported that Income Tax department have raided the premises of Bollywood divas Katrina Kaif and Priyanka Chopra. Raids began early morning at the official and residential premises of the two actresses. The reason for rai
Appellants filed writ petition before the High Court for quashing the aforesaid order dated 24th April, 2001 of the appropriate authority rejecting their show cause and deciding to file criminal complaint. However, since the prosecution had already been launched against the appellants, the Division Bench of the High Court directed for treating the writ petition as an application under Section 482 of the Code of Criminal Procedure Code. Ultimately, the learned Single Judge by order dated 10th October, 2002 dismissed the same and while doing so observed as follows: “In the present case also, it is clearly stipulated in para 1 of the lease deed that the lease was extendable purely at the discretion and option of the Lessee on the second part for a further period of nine years. On a conjoint reading of paras 1 and 12 of the lease deed, it becomes clear that lessor intended the lease to last for 18 years. The lessor could not have refused to renew/extend the lease after first term if the lessee complied with the conditions for renewal/extensions. So in view of explanation to Section 269UA(f)(i) of the Act, the total terms of the lease will be 18 years no matter whether it is for a single term of 18 years or two terms of nine years each or three terms of six years each or six terms of three years each. Whether the subsequent terms are described as extensions or renewals is immaterial for the purpose of Section 269UA(f)(i). If the aggregate of the original term and stiupulated extension/renewal comes to more than 12 years, such a lease will fall under the purview of explanation to Section 269UA(f)(i) of the Act and it will be considered to be a lease for not less than 12 years thereby making the provisions of Chapter XXC of the Act application thereto.”
Provisions of section 56(2)(v) applied only to gift on or after 1-9-2004. Prior to introduction of section 56(2)(vii) by the Finance Act, 2009 w.e.f. 1.10.2009, gifts in kind were outside the purview of section 56(2)(v) or (vi).
Once provisions of Municipalities Act are applicable to notified area and they are treated as a separate class of self-governing institution then they have all the ingredients of a municipality and, therefore, they are covered by clause (ii) of section 10(20)
Transfer of an asset is a primary condition which must be satisfied before a receipt can be treated as capital gain and/or capital loss u/s 45. The transaction regarding surrender of US-64 units for converting the same into Unit Trust of India 6.75% tax free bonds in terms of the scheme of the Unit Trust of India would not amount to transfer for purpose of section 45.
Notification No. 5/2011 – Income Tax WHEREAS, an Agreement between the Government of the Republic of India and Bermuda as authorised by the Government of the United Kingdom of Great Britain and Northern Ireland for the Exchange of Information with respect to taxes was signed at New Delhi on the 7th day of October, 2010
Dissemination of informations, furnishing guidelines and suggesting plans of action aimed at uniformity and seamless quality in business dealings of participating group entities do not per se amount to making available to them technical knowledge and experience possessed by EMEIA to a substantial extent; There is no transfer of technical know-how in that pro
Where it has not been established before the Court that there has been any failure on the part of the Commissioner(Appeals) or the Tribunal to take into consideration relevant and germane circumstances; consequently, it would not be appropriate or proper for this Court to substitute its own conclusion of fact for a conclusion which has been arrived at by the Tribunal.
