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Income Tax : Overview of Finance Act 2025 changes: capital assets, fund manager relocation, search case assessments, and more. ...
Income Tax : Learn about Section 194-IB of Income Tax Act, requiring individuals paying monthly rent exceeding ₹50,000 to deduct TDS at 2%. U...
Income Tax : DPIIT's Startup Recognition Program offers benefits like tax exemptions (80IAC), funding access, IP protection, and compliance eas...
Income Tax : Analysis of Form 3CD amendments effective April 1, 2025. Understand the impact on tax audits, MSME reporting, and cross-border com...
Income Tax : Understand TDS on rent for individuals: thresholds, rates, and compliance procedures as per Section 194-IB....
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : Bombay High Court quashes income tax notices to Srimani Basu due to improper service from address discrepancy, grants fresh hearin...
Income Tax : ITAT Ahmedabad overturns 12A and 80G renewal rejections, citing lack of examination by CIT(E) and violation of natural justice....
Income Tax : The assessee is a limited company engaged in the business of Unit manufacturing homogenized and pasteurized milk and manufacturing...
Income Tax : Regarding disallowance under section 10AA, Tribunal found that services provided by appellant to foreign customers from the SEZ di...
Income Tax : The entire procedure subsequent to obtaining further information, documents or evidence has not been gone through in case of the P...
Income Tax : Finance Ministry exempts 80CCA withdrawals from TDS under Section 194EE. Individuals withdrawing after notification date are affec...
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
This judgment emphasizes the fact that total amount of transfer pricing adjustment cannot exceed the absolute amount of revenue realized by the associated enterprise from third parties and idle capacity adjustment should be allowed to the taxpayer to improve the comparability analysis.
The Finance Ministry today said it has uncovered around Rs 44 crore of untaxed money parked by 18 Indian nationals with LGT Bank in the European tax haven of Liechtenstein and have raised a tax demand of Rs 24 crore. “Assessments have been made against total 18 individual cases involving total assessed income of Rs 43.83 crore and total demand of Rs 24.28 crore (has been raised),” Minister of State for Finance S S Palanimanickam told the Lok Sabha in a written reply.
PAYMENT made in kind too is liable to be taxed in India, said the Supreme Court in a ruling last month. The apex court in July dismissed an appeal filed by Kanchanganga Sea Foods, an Andhra Pradesh-based company, which was asked to pay tax on the payment it made to a Hong Kong-based firm Eastwide Shipping.
On the run from the law for one year and now out on bail, fake doctor Munir Khan managed to monitor the production of his younger son Munish’s debut film. Titled Payback (any reflection of the victims’ sentiments is purely coincidental), the film, produced by his elder son Sarosh, is slated to release in November.
There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get himself free from the requirement of maintaining regular books of accounts u/s 44AA.
Mutual funds will have to be careful while transferring redemption proceeds to non-resident investors, as they (mutual funds) could be categorised as “agents” by the tax department. This could have implications for the fund houses, as they will have to bear responsibilities such as payment of advance tax, and compliance with other provisions of the I-T Act.
The Finance Ministry today said that it too is verifying the documents to check financial irregularities in award of works related to the Commonwealth Games.
Haven’t got your income tax (I-T) refunds? Here is the reason – the department has not processed close to 20 lakh returns filed by taxpayers in Mumbai. The issue was taken up by Chief Commissioner of Income Tax, Mumbai, P. P. Srivastava, who recently took charge, during a meeting with senior officials on Thursday.
Income Tax (I-T) investigation has started probing vendors and contractors involved in supply of goods and execution of works for Commonwealth Games stadiums. Surveys are being conducted to verify books of accounts and record transaction details.
The billions of rupees stuck in courts and rising tax litigation have invited the attention of finance minister Pranab Mukherjee as he pushes through a major reform in the country’s tax regime.
