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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...
A proposal to tax bank transactions to help some of the global economies tide over the current financial crises will be opposed by India at the G-20 summit, even as it will ask rich countries not to abruptly withdraw their stimuli packages, officials said on Friday.
D.O. No. FTS-799468/2010- MEMBER (R) You may be aware that the Tax Credit Statement (in Form 26AS) in respect of each PAN holder is being compiled by the Income Tax Department on real time basis. Such statements are available for online view to the PAN holder, to enable him/her to take timely corrective steps in case of missing gaps. It is thus considered desirable to increase the awareness about the same among all sections of society.
The Income Tax department will soon launch an Internet-based grievance redressal system for taxpayers to lodge their complaints with taxman. The new online facility will also enable taxpayers to register their complaints and put applications to the I-T Ombudsman present in 12 cities across the country including Mumbai and Delhi, the two topmost tax paying regions respectively.
In a bid to plug the tax loophole foreign investors use by routing their money to India through Mauritius, the government has sought amendments in its bilateral treaty with the island nation and offered cash compensation for revenue loss on account of the changes.
The securities transaction tax (STT) is here to stay even under the proposed new regime for direct taxes slated to come into force from April 1 next year. But the rate of STT now hinges on the firming up of a revised taxation regime for capital gains and the flow of funds to the capital market, a senior Finance Ministry official said.
Corporate earnings from trading in certified emission reduction or carbon credits has caught the eyes of income-tax department. Tax authorities plan to closely look at companies found active in carbon trading after finding non-payment of taxes on such earnings.
ITR 5 is applicable to firms, Association of Firms (AOPs) and Body of Individuals ( BOIs). Income Tax department on Friday releases the online return filing software utility in respect of ITR-5 for A.Y. 2010-11 which can be downloaded from the link given below:-Download ITR-5 E-filing Return Preparation Software For A.Y. 2010-11
Can there be any reasonable justification for more exemption to females. Is it just gender biased taxation. Suppose a woman is working as a clerk and earning salary of Rs 190000, similarly a man is working in the same office in the same designation as the woman is and earning same salary of Rs 190000, then in such case man will be paying tax of Rs 3000 and woman will be paying no tax. Is it equality before law? Isn’t it violation of article 14 of the constitution?
To check the menace of international cross border tax evasion, the Union Ministry of Finance has approved eight income tax units within the Indian missions overseas, Finance minister Pranab Mukherjee said.The Union Finance Ministry has already set up two income tax overseas units within the Indian missions in Singapore and Mauritius, and recently approved eight more such units to facilitate seamless flow of tax-related information from abroad.
Any profits or gains arising from the transfer of a capital asset is taxable as ‘capital gains’ and is deemed to be the income of the tax payer in the financial year in which the transfer takes place. Similarly, income of every kind, which is not specifically taxed under any of the specified heads of income, like salary, house property, business income etc., and unless specifically exempt, is subject to tax under the head ‘income from other sources’.
