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Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
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 : 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...
Recent negotiations between the Competent Authorities (CAs) of India and the USA under Article 27 of the India-US tax treaty (Tax treaty), which deals with the Mutual Agreement Procedure (MAP), provides for a dispute resolution mechanism where the CAs shall endeavor by mutual agreement to resolve the situation of taxpayers subject to taxation not in accordance with the provisions of the Tax Treaty.
The Finance Ministry has decided to arm its tax authorities with exhaustive financial and personal data of Indian residents who use the exemption clauses under the Double Taxation Avoidance Agreement (DTAA) and escape paying taxes in one of the countries. The ministry will request countries, including the US and Switzerland to supplement their data on Indian residents with PAN card information and other vital details.
The rebate will also be allowed for bonds issued by Industrial Finance Corporation of India, Infrastructure Development Finance Company and any other non-banking finance company classified as an infrastructure finance company. The Reserve Bank of India (RBI) recently classified L&T Infrastructure as an infrastructure finance company.
Although the revised draft Direct Taxes Code (DTC) has suggested the continuation of profit-linked incentives for existing SEZ units and developers, they are likely to come under the ambit of Minimum Alternate Tax (MAT). The revised draft of DTC has recommended the rate of MAT at 2 per cent of the value of gross assets as the final tax. The provision, if adopted, would negate the very objective of the SEZ policy, as the developers and units would then end up paying MAT, based on their book profits, which will be a final tax.
The tax-free infrastructure bonds proposed in this year’s budget will have a minimum tenure of 10 years and a lock-in period of at least five years, allowing lenders to raise the much-needed long-term funds for the sector. The guidelines issued by the government on Friday said that only a select financial institutions will be allowed to issue these long-term infrastructure bonds.
E-filing Mandatory for Individual and HUF who required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable
CIT vs. Kalpataru Colours and Chemicals (Bombay High Court)- S. 28 (iiid) provides that “any profit on the transfer” of the DEPB shall be business profits. Under Explanation (baa) to s. 80HHC, 90% of “the sum referred to in s. 28(iiid)” has to be reduced from the business profits. Under the third Proviso to s. 80HHC (3), in the case of an assessee having an export turnover exceeding Rs. 10 crores, the profits referred to in s. 80HHC (3) can be increased by 90% of “the sum referred to in s. 28 (iiid)” only if two conditions are satisfied.
Cooperative sugar mills in Maharashtra have appealed to the Union finance ministry to stop the insistence on tax deduction at source on the income of cane harvesting and transport contractors. The Federation of Cooperative Sugar Mills in Maharashtra says the income tax authorities refuse to recognise that these labour contractors don’t even have PAN cards and were earlier exempted from the tax deduction at source (TDS) rule. It has asked the ministry to intervene and get a ‘No TDS’ certificate to these people.
In a significant ruling, the Supreme Court has ruled that taxpayers can legally reduce their liability through dividend-stripping, a term used for selling mutual fund units at a discount post-dividend. An apex court bench headed by Chief Justice SH Kapadia has said there is nothing wrong in dividend-stripping after getting the tax benefits. The bench further said such dividend stripping after availing of the tax rebates cannot be termed as abuse of law.
The Central Government have specified bonds to be issued by (i) Industrial Finance Corporation of India; (ii) Life Insurance Corporation of India; (iii) Infrastructure Development Finance Company Limited; and (iv) a Non-Banking Finance Company classified as an infrastructure finance company by the Reserve Bank of India; as “Long-term Infrastructure Bond” for the purpose of section 80CCF of the Income Tax Act, 1961.
