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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
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 : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Assessee having failed to prove the identity of the non-resident donors who are said to have gifted substantial amounts to him from their NRE accounts by producing them personally or copies of their passports and also failed to prove the creditworthiness of the said donors, the alleged gifts cannot be treated as genuine, more so since the assessee had no direct relationship with the donors, there was no occasion for making the gifts, and there was no contact between the parties for almost ten years before the time of said gifts.
This has been made clear in the proviso to s. 220(2) as per which where as a result of order under ss. 154, 155 and 245D etc. amount on which interest is payable is reduced the interest would be reduced accordingly. Therefore the interest under s. 220(2) will be legally leviable from the date of default in payment of demand by the assessee till the date of admission of the application by the assessee by Settlement Commission under s. 245D(1).
Where a hospital engaged consulting doctors and provided them with consulting chambers with secretaries assistance and the fees collected from out-patients and paid to the consultants each day after deducting certain amount towards rent and secretarial assistance, it was not a case of payment of professional fee and neither s. 192 nor s. 194J was attracted and the hospital cannot be treated as assessee in default for not deducting tax from such payments.
Of the three years, the CIT granted stay for two years and directed the AO to realize the demand for AY 2010-11 amounting to Rs. 7.69 crores. No reasons were given for the decision. Despite the stay granted by the CIT, the AO issued garnishee notices u/s 226 (3) for the entire amount of Rs. 59.06 crores. The assessee filed a writ petition to challenge the same. HELD allowing the Petition:
Get ready to shell out more tax up front on any income received if you are unable to provide your permanent account number from April 1. The tax deducted at source, or TDS, on payments could be as high as 20% for those not quoting PAN against the regular rate of 2%-10%.
Importantly, it is an astronomical financial stress if the entire investment process has to be completed within a couple of months. Let’s understand this with a few numbers: Relief under Section 80C — Rs 100,000.Relief under Section 80CCF (for infrastructure bonds) — Rs 20,000. Relief for medical insurance (self) — Rs 15,000 (premium). Relief for dependent (parents) — Rs 20,000 (premium).
Yesterday was the last day for filing income tax returns. Most take comfort from the fact that since tax has been deducted by their companies, filing returns can be delayed. But, the latter is equally important. Income Tax returns for financial year 2009-10 can be filed till July 31 without any penalty. But what if you have not filed returns for 2008-09 as well? The income tax (I-T) department is lenient here and allows you to file back-dated returns for the past two years. In other words, returns of A.Y. 2009-10 can be filed till March 2011.
The taxpayer, Porrits & Spencers (Asia) Limited, is a public limited company incorporated under the Companies Act, 1956. It is in the business of manufacturing of engineered fabrics and industrial textiles. During the financial year 1990-91 it purchased, on credit, 2.5 million units ofUS64 (the units) of Unit Trust of India (UTI ) on 21 May 1990 at the prevailing market rate of Rs. 15 per unit. As per the certificate issued by UTI, such units were transferred to the taxpayer on 30 May 1990. The taxpayer received a dividend of Rs. 4.5 million on the said units on 6 July 1990.
Notification No. 19/2010-Income Tax S.O. It is hereby notified for general information that the organization B.M. Birla Scientific & Technology Centre, Jaipur has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said rules) from Assessment year 2009-2010 onwards
For serial number 80 and the entries relating thereto, the following serial number and entries shall be substituted namely.
