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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...
6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid as provided in section 115JAA of the Act has to be given before charging of interest u/s 234A & 234B or after charging of interest u/s 234A and 234B of the Act, in the later years, when such credit is claimed. Even, before the substitution of Explanation 1
The assessee purchased the Indira Vikas Patra during the financial year 1997-98. The Indira Vikas Patras are shown as investment in the books of assessee since 1997-98. The Indira Vikas Patras are issued for certain denominations at half of the face value. The period of maturity varies on the basis of rate of interest and accumulation thereof. As per the provisions of Indira Vikas Patras
The Income Tax department (I- T department) had more than 2.35 crore tax returns pending for processing at the beginning of this financial year; the Rajya Sabha was informed today. “There was a pendency of 2,35,74,618 income-tax returns for processing u/s 143(1) of the Income Tax Act 1961, as on April 1, 2009,” Finance Minister […]
Wrong selection of ITR :- One may sorely miss the old ‘one size fits all’ SARAL forms for the sheer ease and convenience of filling up the one page return, but they were not e-friendly. It was also cumbersome to attach a whole lot of supporting documents and spend a day away from the office […]
The following benches will not function during the period 27.07.09 to 31.07.09 and the cases are adjourned to respective dates. Please see separate Notice:- “A-1, B-1, E-1, SMC & WT:” “K” Bench cases will be heard by “L” Bench
The applicant is a company incorporated in the United States and is a leading manufacturer of engineered bearings, alloys etc. The applicant has a significant shareholding in an Indian listed company, which was initially set up as joint venture with Tata Iron and Steel Company.
The Powai police has arrested a chartered accountant (CA) for cheating the owner of a leading pharmaceuticals company, Genom Biotech Pvt Ltd, of Rs 40 lakh. After the fraud, the accused had resigned from his job to avoid getting caught, said the police. The 34-year-old chartered accountant, Rajesh Ranjan, and the owner of GBPL at […]
`Happy to help you’ may remind you of the famous ad of a private telecom services company, but the Income Tax (I-T) department is also eager to tell large corporate taxpayers roughly the same thing.So, client executives and relationship managers — so far confined to the private sector and especially service providers — have now made an entry into the tax department, too.
The Supreme Court will decide whether mutual fund brokers can resort to a process (dividend stripping) of creating a short-term loss to avoid tax. A Bench headed by Justice S H Kapadia has issued notice broking firms on a batch of petitions filed by the income-tax department challenging the Bombay High Court judgment that a broker […]
NSDL has put a notice on his website mentioning that they will verify Identity and address of a certain percentage of PAN applications although they haven’t mentioned much detail about the mode of visit, timing, within how much day of application, who will be authorized to visit etc. The notice on NSDL website is as […]
