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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...
Tribunal was not right in law in holding that the transactions for purchase and sale of 25 lacs units called `US-64′ of the assessee with the Bank, after holding that those transactions were genuine, were (a) not bona fide transactions, (b) entered into with a motive to avoid liability for tax etc.
Notification No. 21/2010-Income Tax In exercise of the Powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the income-tax authorities specified in column (2) of the Table below shall, for the purposes of the functions under section 144C of the said Act, be subordinate to the income-tax authority specified in column (1) of the said Table, namely
The Supreme Court has dismissed the appeal of the income tax authorities who had insisted on imposing penalty on Reliance Petroproducts Ltd for alleged concealment of income and furnishing inaccurate particulars. The firm had claimed expenditure made for paying interest on loans incurred by it by which amount it bought IPL shares by way of its business policies.
To outsmart tax evaders who resort to delete their financial data or hide it in password-protected devices during search operations, the I-T department has started including portable forensic labs and experts in its team. The department has unearthed links to more than Rs 1,000 crore money in the last few searches with the help of cyber forensics, according to sources.
assessee therefore, cannot be subjected to the exercise of the jurisdiction under s. 263. Therefore, the Tribunal was not justified in upholding the order of the CIT, passed under s. 263, directing the AO to include the sum of Rs. 1,75,32,600 in the total income of the assessee under s. 41(1), in the previous year, relevant to asst. yr. 1982-83
Thus, the view taken by AO cannot be said to be erroneous which will render the assessment order as erroneous. Neither the AO has drawn incorrect assumption of facts nor AO has rendered incorrect application of law when he accepted the claim of the assessee that advertisement and publicity expenses were allowable as business expenditure
Under s. 158BB, the procedure for computing the undisclosed income of the block period has been given. It provides that the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, in accordance with the provisions of this Act, on the basis of evidence found
A computer error in the office of the income tax department is causing anxiety to scores of taxpayers across the Mumbai city. Several salaried employees have received notices from the department demanding up to a few thousand rupees as penalty for deferment of tax payment. Officials admit it is a mistake and have set up a counter at the Bandra-Kurla Complex office to redress the issue.
One Bench of the Tribunal decided an appeal in favour of the assessee. However, another Bench refused to follow that decision even though the facts were the same on the ground that the earlier decision did not address the grievance of the Revenue and did not consider all the facts and did not lay down a clear ratio
Chiranjjeevi Wind Energy Ltd. v. ACIT (ITAT Chennai)- Income Tax – Section 80IB(2)(iv) – Determination of whether a business activity of “assembling” amounts to manufacturing for relief u/s 80IB – whether employment of temporary workers is enough to claim the relief – YES
