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Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Learn about Sovereign Gold Bonds (SGBs), including eligibility, investment limits, interest rates, redemption, and tax implication...
Income Tax : Rental income from sub-letting is taxed as "Income from other sources," not "Income from house property." Deemed ownership rules a...
Income Tax : Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance ...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary�...
Income Tax : ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the o...
Income Tax : ITAT Ahmedabad held that deduction under section 54 of the Income Tax Act towards Long Term Capital Gains admissible even when ret...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Stud farm owner Hassan Ali Khan tops the list of direct tax defaulters in the country. The outstanding demand against Khan as on March 31, 2009, is a whopping Rs 50,345 crore. In a written reply in the Rajya Sabha on Tuesday, minister of state for finance S S Palanimanickam gave the names of Top 100 defaulters of direct taxes worth Rs 1.41 lakh crore.
Refund on appeal, etc. – Where, as a result of any order passed in appeal or other proceeding under this Act, refund of any amount becomes due to the assessee, the Assessing Officer shall, except as otherwise provided in this Act, refund the amount to the assessee, without his having to make any claim in that behalf:
The CBI has closed the corruption case registered against S K Sharma, former director general (investigation) of income tax due to lack of evidence .The special court recently accepted the closure report.In 2007, Sharma was accused of abusing his official position by obtaining illegal gratification from directors of two private companies in Pune and Mumbai […]
Many co-operative housing societies collecting transfer premium from the transferee would heave a sigh of relief by the Mumbai High Court decision dated 17th July, 2009. So far the income tax authorities in the State of Maharashtra and the Mumbai Tribunal were following the Mumbai Special Bench Decision in the case of Walkeshwar Triveni CHS
The government has withdrawn tax benefits enjoyed by consortia of foreign and Indian engineering firms undertaking infrastructure projects, in a move that may hit the sector plagued by severe capacity deficit. The Central Board of Direct Taxes (CBDT) has withdrawn a 20-year-old instruction that provided tax exemption and lower tax rates to foreign firms setting up […]
Government is considering the inclusion of new provisions in the existing tax laws, called Controlled Foreign Corporation (CFC) laws, as suggested by the Kelkar Task Force on tax reforms.In view of a spurt in overseas investment by Indian companies, it has become necessary to frame CFC laws to prevent loss to the exchequer, the official […]
Most countries have Controlled Foreign Corporation (CFC) laws that enable authorities to levy such taxes. These laws effectively check the governments’ revenue loss due to the transfer of undistributed dividends to offshore tax havens like Isle of Man, Cayman Islands and Mauritius. Indian tax authorities, for long, have maintained that there is a need to […]
Section 14A of the Central Excise Act provides that:- If at any stage of enquiry, investigation or any other proceedings before him, any Central Excise Officer not below the rank of an Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise having regard to the nature and complexity of the case and the […]
Bench functioning Notice From 03.08.09 to 06.08.09 The Following Benches will not function during the period 03.08.09 to 06.08.09:- ” A-1, B-1, E-1 , K, L & WT ” The cases are adjourned to respective dates. Please see separate Notice.
Notification No. 59/2009 – Income Tax It is hereby notified for general information that the organization The Eye Research Foundation, Chennai, 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 2008-09 onwards in the category of
