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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...
Under the existing provisions, benefit of any deduction Under Chapter VIA is denied to the businesses which are specified businesses, irrespective of any claim being made and / or allowed. The Finance Bill 2010 proposes to amend section 35AD(3) and Section 80A to provide that the deduction Under Chapter VIA will be denied for the specified business only if the deduction U/s. 35AD is claimed and allowed. The proposed amendment by the Finance Act, 2010 substituting sub-section (3) may give rise to certain interpretational issues.
The Finance Bill, 2010 proposes that the assessee is required to make available such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under Section 3(1) of the Petroleum and Natural Gas Regulatory Board Act, 2006 instead of 1/3rd of its total pipeline capacity. It may be mentioned that the concerned authority has provided in its regulation that gas pipeline network should have 1/3rd of the common carrier capacity, whereas petroleum pipeline network should have 1/4th common carrier capacity.
The Central Board of Direct Taxes (CBDT) has asked income-tax authorities to disallow the forex derivative loss claimed by companies on the basis of ‘marked to market’ valuation. Simply put, forex derivative loss, recognised on MTM basis, would be added back for the purpose of computing the taxable income of the company concerned (assessee).
In a judgement that will clear the air on the tricky issue of the income-tax department’s power to levy penalties on assessees, the Supreme Court has held that a penalty cannot be levied merely because the I-T authorities and taxpayers hold divergent views on calculation of income.
Parts of the new tax provision came into effect from October 1, ‘09, though subsequently the scope was extended in this year’s budget. But if the government does not spell out the details, it can lead to endless litigation. “For instance, `fair value’ has to be defined… Further, a rights issue is always at a discount to the market price, and in this case is the market price the fair value? In the absence of clarity, corporates should be careful while passing a rights issue, so that they don’t come under the tax ambit,” said senior chartered accountant Dilip V Lakhani of Lakhani & Co.
It was alleged in the complaint that the accused served a show cause notice to the complainant U/s 271 (b) of the Income Tax Act. for not filing the Income Tax Returns for the Annual year 2001-2002 & 2002-2003. He demanded a bribe of Rs. 75,000/- for setting the issue by calling off the notice. The complainant did not want to pay bribe and lodged a complaint in CBI. The CBI laid a trap and the accused was caught red handed while demanding and accepting a bribe of Rs. 75,000/- from the complainant. During searches FDR/KVP around Rs. 30.18 lakhs and cash Rs. 25,000/- were recovered.
“Marked to Market” is in substance a methodology of assigning value to a position held in a financial instrument based on its market price on the closing day of the accounting or reporting record. Essentially, ‘Marked to Market’ is a concept under which financial instruments are valued at market rate so as to report their actual value on the reporting date. This is required from the point of view of transparent accounting practices for the benefit of the shareholders of the company and its other stakeholders.
Income of foreign institutional investors (FIIs) from derivatives trading will not be liable to tax in India, the Authority for Advance Rulings has said, clearing the air on taxability of the income of foreign investors trading in Indian securities.
In pursuance of the consultations of the collegium of the I.T.A.T consisting of the President and two senior-most Vice Presidents, the following Members of the Income-tax Appellate Tribunal have been transferred, in public interest, in the same capacity, to the Bench(es) of the Income-tax Appellate Tribunal as shown against their names, with effect from the forenoon of 05.04.2010
The Income Tax Department has decided to reopen assessments for three years, up to 2006-07, for companies paying the minimum alternate tax (MAT)., for companies paying the minimum alternate tax (MAT). MAT, inserted in the Income Tax Act in 1996-97, is meant to make those companies pay tax which earn profit and pay dividend to shareholders but do not pay tax to the government. Under Section 115 JB of the Income Tax Act, such companies pay 18 per cent of their book profit as tax.
