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Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : Section 119(2)(b) allows delayed ITR filings with valid reasons. Revised limits, conditions, and judicial insights guide this less...
Income Tax : Get the complete TDS rate chart for FY 2025-26, including key rates, thresholds, and compliance notes for various payments under t...
Income Tax : ITAT Mumbai resolves the controversy on surcharge for trusts/AOPs taxed at MMR. Learn about the decision favoring slab-based rates...
Income Tax : Check the TDS chart for FY 2025-26, covering various payments like salary, dividends, winnings, rent, and more. Understand the app...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
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 : ITAT Surat overturns CIT(E)'s rejection of Rotary Club's 12A registration, citing denial of fair hearing opportunity; matter resto...
Income Tax : Delhi ITAT dismisses revenue's appeal, holding cash advance for property purchase intended as investment not subject to Section 40...
Income Tax : ITAT Ahmedabad rejects revenue's objection on additional evidence, affirming CIT(A) acted within Section 250(4) powers, deleting a...
Income Tax : Bombay High Court dismisses Anil Ambani's urgent plea against a tax notice, imposes ₹25,000 cost for creating artificial urgency...
Income Tax : Ahmedabad ITAT upholds deletion of ₹1 Cr addition for Radhika Diamonds, noting cash sales were duly recorded and business activi...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Income Tax : CBDT notifies Greater Mohali Area Development Authority for income tax exemption under section 10(46A), effective from assessment ...
The arena of International taxation has always been quite complex as much as it has been exciting (for tax practitioners in particular). What with residency rules, PE provisions, TP regimes, 195 issues and DTAAs, in fact, it will be more exciting as
Notification No. 86/2010-Income Tax Whereas, an Agreement and the Protocol between the Government of Republic of India and the Government of the United Mexican States for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 10th day of September, 2007
Kerala High Court dismisses Fed. Bank’s appeal, ruling against 60% depreciation on EPABX and mobile phones. No merit found in prior period expenditure dispute.
The argument that section 90 & 91 are confined to USA Federal taxes and not to USA State taxes and that therefore the bar in s. 40(a)(ii) does not apply to USA State taxes is not acceptable because any payment of income-tax is an application of income as held in Inder Singh Gill 47 ITR 284. Further, the scheme of ss. 90 & 91 does not discriminate between Federal taxes and State taxes and though the India-USA DTAA confines the credit only to Federal taxes, the assessee will be entitled to relief u/s 91 in respect of both taxes as that will be more beneficial to the assessee vis-à-vis tax credit under DTAA. Consequently, the bar against deduction in s. 40(a)(ii) will apply to USA State taxes as well though the assessee will be entitled to credit in respect of USA State taxes.
India’s income tax department will look into tax issues in a loans bribery case, a finance ministry official said on Thursday. The IT (income tax) department will certainly look into any tax angle involved in the matter, the Central Board of
Seeking the help of a friendly official or agent of a foreign bank to open a bank account overseas may not be a good idea as tax sleuths have their eyes on them and could soon be knocking at your doors.Income tax sleuths are keeping a close watch on
Union Budget- Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxes PRESS NOTE [F.NO.334/5/2010-TRU], DATED 22-11-2010 In the context of formulating the proposals for the Union Budget of 2011-12, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may […]
The income-tax (I-T) department has issued show-cause notices to a few television channels and production houses for allegedly not deducting tax at source (TDS) on payments made towards professional and technical services for three-and-a-half years
As a pawnee/pledgee, the assessee does not have absolute rights over the shares. He could sell the security in a manner contemplated by law. In case the proceeds were greater than the amount due to him, he had to pay the surplus to the pawnor.
Commission paid to agents for services rendered outside India is not chargeable to tax in India and there is no obligation to deduct tax u/s 195. As Agent was not a performer, his income was not covered under Article 18 of the DTAA but was covered by Article 7 and as the services were rendered outside India and there was no PE, the same was not assessable to tax in India.
