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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...
The importance lies in the fact that we prepare accounts and financial statements, close our books of accounts based on financial year, we compute our taxes for the financial year, pay taxes and file returns based on turnover or income of the financial year only. Not only this, we ought to make investments to save on taxes within the financial year to avail tax benefits.
Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%. There is no change in the rate of surcharge of 2.5% in case of foreign companies.
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Entire scheme of the eligibility, powers and procedure before the settlement commission was overhauled by Finance Act, 2007, w.e.f. 1.6.2007. In the overhauled scheme, search / requisition cases covered by the provisions of section 153A of the Act were not allowed to take benefit of the settlement commission. It also excluded the cases of related persons whose documents were seized as provided for in Section 153C of the Act.
Section 282B was inserted by the Finance Act (No. 2) Act, 2009, with effect from the 01-10-2010. Under this provision, an income tax authority is required to allot a computer generated Document Identification Number before issue of every notice, order, letter or any correspondence to any other income tax authority or assessee or any other person and such number shall be quoted thereon.
Under the existing provisions, appeal u/s. 260A of the Act against the order of the Income Tax Appellate Tribunal can be filed with the High Court within a period of 120 days from the receipt of the order of the ITAT. Prior to introduction of the appeal provisions u/s. 260A w.e.f. 1st October, 1998, there were provisions of filing reference application before the High Court u/s. 256 of the Act, which also provided for similar period of 120 days from the receipt of the order of the ITAT.
Finance Act, 2009, introduced several provisions in the Act to treat LLP as a partnership firm for the tax purposes in all respects. The Finance Bill, 2010, takes the process of amendment further, primarily for small companies having turnover of Rs. 60.00 lacs or less, by amending sections 32, 35DDA, 43, 47, 47A, 49, 72A and section 115JAA , primarily aimed at providing tax neutrality for conversion of the private limited companies and unlisted public companies into LLP.
The Income Tax Act, 1961 provides an incentive for units in SEZs under section – 10AA. The exemption is required to be calculated based on profits earned by such units from their export. The provision of Sec – 10AA(7) provides the way in which the exempted profit is required to be determined as under:
This section was introduced by the Finance Act, 2007, for encouraging investment in the hotels and convention centers in the National capital territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Gaziabad. This provision was introduced specifically for giving impetus to investment for ensuing common wealth games.
Section 80IB(10) allows 100% of the profits as deduction from a housing project, provided it complies with various conditions stipulated therein. The said section provided that the housing project should be completed on or before the 31st March, 2008 (for projects for which the approval was granted prior to 1.4.2004) or before expiry of a period of 4 years from the date of approval (in cases where the approval was granted after 1.4.2004).
