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Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Indian crypto investors who thought they could dodge taxes by trading on foreign platforms like Binance are in for a rude awakenin...
Income Tax : Erroneous application of Section 87A rebate has led to tax demand notices for eligible taxpayers, while others receive undue benef...
Income Tax : Explore the major amendments in Finance Act, 2025 compared to 2024, covering Income-tax Act changes, compliance updates, tax refor...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Delhi upholds CIT(A) decision, ruling reassessment under Section 147 beyond jurisdiction due to lack of failure on the assess...
Income Tax : ITAT Delhi rules reassessment invalid as AO initiated it while rectification proceedings were pending. Cites Supreme Court ruling ...
Income Tax : Bombay HC dismisses Revenue appeal vs Vodafone Essar (AY 08-09). Upholds ITAT view: Call centre payments fall under TDS Sec 194C (...
Income Tax : ITAT Mumbai ruled that a show-cause notice must be issued before rejecting an 80G application. The case involved a trust's inadver...
Income Tax : ITAT Pune addressed appeal delay in Altekar vs. ITO, focusing on unexplained fixed deposits and CIT(A)'s limitation dismissal....
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Mobile phones, being an integral part of our lives have gone beyond the use of just calling or sending SMS. This mobile application is another convenient feature on the mobile that makes your tax calculation and planning simpler, even while you are
The Central Board of Direct Taxes (CBDT) has clarified that the Income Tax Department is currently scrutinizing only a handful of cases relating to takeovers, mergers and acquisitions; not 380 or 100 as reported in some sections of the media. Tax scrutiny is an ongoing process and the numbers vary from year to year. This has already been stated in replies to several Parliament Questions
INSTRUCTION NO. 8/2010 [F.NO. 275/73/2009-IT(B)] DATED 8-12-2010 In the present system of processing of e-TDS returns, the returns are processed online and mismatch report showing defaults on various accounts is generated. Based on this mismatch report, the assessing officers issue show-cause notices to the deductors and take follow up actions. 2. It has come to the notice of the […]
Whether, only because the assessee can deal in shares as per the memorandum of objects, any transactions undertaken by the assessee for sale or purchase of shares, in the earlier years is to be treated as business transaction, and the gains and loss resulting from the same to be assessed under the head business income and not capital gains.
Centralized Processing Center (CPC), Bangalore has begun processing of returns for AY 2010-11. Till 10/12/2010 it has processed over 15 lakh e-filed returns of AY 2010-11 in ITRs 1, 2, 3, 4 and issued refunds in over 1.6 lakh cases
The Finance Ministry has begun its maiden investigation into over 100 offshore “financial structuring deals” undertaken by Indian business entities in foreign tax havens to allegedly evade the taxman’s net.
The government’s official auditor, Comptroller and Auditor General (CAG), has mooted lower corporate taxes to stop many non-resident firms from misusing the Double Taxation Avoidance Agreements (DTAAs) on account of higher levies in India.
Having scrutinised more than 380 merger and acquisition deals from 2007-08, the Income Tax department is expected to soon slap entities concerned with notices for tax totalling several crores of rupees.
As a general rule, levy of penal interest us 234-A, us234-B and us 234-C for alleged delay in depositing taxes has held to be mandatory by the Supreme Court in the case of CIT vs. Anjum M.H. Ghaswala [2001] 252 ITR 1 {SC}. Unless there is no expre
Delhi High Court rules on penalty under Sec 271(1)(c) in CIT Vs Nalwa Sons. Case involves tax assessment, book profits, and disallowed deductions. Read more.
