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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...
Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.24 percent (Rs.24,075 crore as against Rs.23,780 crore).
Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the ‘loss’ incurred by an assessee in ‘dividend-stripping’ transactions cannot be disallowed on the ground that it was ‘tax-planning‘. The department’s SLP against the said judgement has been dismissed by the Supreme Court today, 6th July 2010.
In a ruling affecting the way multinational companies use brand names in India, and the tax demands raised on payments in this regard, the High Court here has laid down some principles in this regard. It did so while setting aside an order by Income Tax authorities to disallow as a deductible expense the royalty paid by Maruti Suzuki India to its Japanese parent, Suzuki Motor Corporation, for using the latter’s ‘S’ logo on cars sold in India.
In a crackdown on offshore tax evasion, American authorities have begun a criminal probe into HSBC individual account holders, who may not have disclosed their accounts in India. Indian Finance Ministry officials admitted that authorities in New Delhi “must have passed on the information to their US counterparts as part of bilateral or multilateral agreements”.
In CIT vs. Samsung Electronics 227 CTR 335 the Karnataka High Court has confined its decision to the issue of responsibility of the assessee u/s 195 in deducting tax at source before making remittances to non-residents. Even though the court held in favour of the Revenue on the application of the TDS provisions, the court made it clear in paragraph 78 that it has not examined the question of tax liability of the non-resident assessees in respect of the payments received from assesses in India.
This decision of the HC reiterates the principle of the binding nature of an AAR ruling and clarifies that a subsequent adverse AAR ruling in respect of another taxpayer, even if given under comparable facts, cannot disturb this position. An AAR ruling continues to be binding unless there is a change in law or facts, which would require the Tax Authority to follow the procedure provided in the ITL. Also, the HC has clarified that the CIT cannot invoke its revisionary jurisdiction to set aside an order passed by a subordinate tax officer who follows a binding AAR ruling.
The right to subscribe for additional offer of shares/ debentures on rights basis comes into existence when the company decides to come out with the rights offer. Prior to that, such right, though embedded in the original shareholding, remains inchoate. The same crystallizes only when the rights offer is announced bythe company.
The ITAT answered the question in favour of the tax payer by holding that an appeal can be filed against the order of the AO giving effect to the MAP resolution. Further, ITAT held that the percentage of 10% be applied to net income after reducing the commission paid to the Indian agent.
Loss of a unit not eligible for any tax holiday cannot be set off against profits of the eligible unit for the purpose of computing deduction
The applicant is a company incorporated in Japan and is engaged in the business of providing „Products Lifecycle Management? software solutions, applications and services. These software products are standardized and not customized or tailor-made. It markets its products in India through a distribution channel of third party resellers comprising Value Added Resellers („VAR?) who resells the software to end-users.
