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Income Tax : A detailed comparison of key provisions in the Income Tax Act, 1961, and the proposed Income Tax Bill, 2025, highlighting major ch...
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Income Tax : बजट में गैर-पेंशनभोगी वरिष्ठों को कर राहत न मिलने ...
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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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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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 : In the matter abovementioned ITAT allowed the appeal of the assessee after deleting the addition made u/s 68 after observing the f...
Income Tax : Respondent/assessee is a Irish company. It accordingly claimed benefits of the India-Ireland DTAA. ADIR is a wholly owned subsidia...
Income Tax : In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that a...
Income Tax : In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after consid...
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 : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
The Indian income-tax law requires any person who makes remittance to a non-resident to withhold appropriate tax which corresponds to the income-tax liability of the non-resident. Essentially, there are three modes available to the remitter to determine the Withholding Tax (WHT) liability. The remitter could approach the Authority for Advance Rulings (‘AAR’) for a ruling, or the Indian Revenue for a WHT order.
“Search and Seizure”, the origin of these provisions will in a few years celebrate its golden jubilee. It was since 1956 that the provisions of search and seizure made its first entry into the Income Tax Act. Section 132 was totally substituted by the Finance Act, 1964. After section 132 underwent a through overhaul in the year 1976, to committees had made certain recommendations on search and seizure provisions (i) The Raja Chellaiah Committee and, (ii) The Kelkar Committee. It is seen that the recommendations affecting the substantive law have been given effect to in respect of majority of such recommendations; the assessee friendly measures recommended by these committees have not been given any serious considerations.
The assessee earned a profit on sale of shares held as stock-in-trade. This profit was offered as profit from a ’speculation business’ and was set off against a ’speculation loss’ brought forward from an earlier assessment year. The AO took the view that the profit from sale of shares was not from a ’speculation business’ on the ground that the assessee
The assessee claimed deduction u/s 80HHC which was allowed to the extent of Rs. 32.17 crs by the AO. The claim included DEPB license sale proceeds. The CIT revised the assessment u/s 263 on the ground that s. 28 (iiia) did not apply to a DEPB license and its proceeds were not eligible for deduction u/s 80HHC. The assessee filed an appeal before the Tribunal
Misbehaviour may lead to some injury, damage or harm to the interest of the assessee or his reputation or it may only hurt his feelings and sentiments, religious or otherwise, Depending on facts, the action will lie by way of challenge of the proceedings under article 226 if the search is done in an irregular and illegal manner.
In case of search conducted at the site office of the Builder and the supervisor gives a statement that the rate of flat per sq. ft. is Rs. 4,500/- and the Builder gives the statement that the rate of flat per sq. ft. is Rs. 1,500/-. Then whether the statement given by the Supervisor supercedes the statement of the Builder and whether the same can be relied upon?
Income Tax department is understood to have detected an evasion of Rs 502 crore (Rs 5.02 billion) by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country. The department has detected evasion in two companies– Bhushan Steel and Bhushan Power and Steel after it undertook action at 11 premises in cities like Delhi , Chandigarh, Ghaziabad, Raigarh, Ranchi, Mumbai and Kolkata .
The finance ministry is hoping to recover about Rs 10,000 crore from non-resident service providers to oil and gas explorers in India. Finance Minister has inserted a clarification in the Finance Bill 2010-11 that will stop these companies and other service providers who had so far used a simpler tax regime to claim a lower tax rate.
Mumbai based lawyers, doctors and film professionals are under Income-Tax department scanner, the department is planning to carry out a series of raids on such professionals, on grounds of incomplete disclosures. According to people familiar with the development, the department got into action after reports that a low-profile Mumbai-based lawyer had an unreported income of Rs 8 crore in his bank account.
Notification No. 13/2010-Income Tax S.O. It is hereby notified for general information that the organization Public Health Foundation of India, New Delhi, 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
