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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 : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
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 : Respondent/assessee is a Irish company. It accordingly claimed benefits of the India-Ireland DTAA. ADIR is a wholly owned subsidia...
Income Tax : In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that a...
Income Tax : In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after consid...
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 : 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...
In a recent ruling Gujarat High Court (HC) in the case of Vodafone Essar Gujarat Ltd (hereinafter referred to as VEG/ Transferor/ Tax Payer) [Company petition no. 183 of 2009] on the issue of whether a scheme of demerger of infrastructure assets between group companies for ‘Nil’ consideration could be sanctioned under the provisions of the Indian Tax law (ITL) and Indian Company law (ICL). The decision of the HC discusses various aspects with regard to the validity of the scheme of demerger u/s 391-394 of the ICL, ITL, Indian Contract Act 1872, laws governing commercial taxes like VAT, Stamp Duty etc. The HC concurred with the objections placed by the Tax Authority and rejected the scheme of demerger which was viewed as an attempt to evade taxes including income-tax, stamp duty, VAT and to defraud the Tax Authority for its legitimate right to recover its dues out of the assets of the Taxpayer and other group companies. The HC also agreed that the assets were being demerged to a paper/conduit company for a subsequent tax neutral transfer to another infrastructure company.
If ever there is anything like a good year to die in, it is 2010 — but only if you are a millionaire US citizen. America’s ‘death tax’, which was repealed in 2010, is set to be introduced in the New Year. Formally called the estate tax, it is levied
Rejection of E-TDS / TCS Return – Common errors and course of action for Regular and Correction Returns a. What is course of action in case a regular statement is rejected? A. Please refer to Course of action – regular rejection given below for the
Income tax sleuths unearthed under-invoicing and tax evasion of around Rs 86 crore by Obulapuram Mining Company (OMC), run by Karnataka’s Reddy brothers and also their trusted confidante and state health minister B Sriramulu. The scam that can furthe
Unexplained expenditure u/s. 69C :- Sec. 69C refers to the source of the expenditure and not to the expenditure itself; further, in the absence of any material found during the search, addition of expenditure would not be justified in the block assessment.
Assessee having suspended only its manufacturing activity and not closed down its trading activity, it is not a case of closure of business and, therefore, expenses incurred by it towards severance cost of employees is allowable as revenue expenditur
Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be refunded, after making adjustments, if any, in respect of any interest due from the subscriber on loans taken by him.
The Court has made it clear that though there are no hard and fast rules regarding grant of stay, prudence, discretion and circumspection are called for and stay should not be granted as a matter of course. Considerations about balance of convenience, question of irreparable injury and implications to public interest have to be borne in mind
The assessee filed appeals before the Commissioner (Appeals) against the assessment orders for AYs 2004-05 to 2008-09. Though the appeals were ripe for hearing and the appellate authority had already posted the appeals for hearing on different dates, the AO without considering the pendency of the appeals issued demand notices
Delhi High Court held that the directions passed by the Dispute Resolution Panel (DRY), which is a quasi judicial body, should be well reasoned containing cogent and germane reasons and remanded back the non-speaking direction of the DRY for fresh adjudication.
