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Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liabi...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
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 : Delhi High Court held that section 153C of the Income Tax Act doesn’t required AO to find or uncover a relationship or an associ...
Income Tax : ITAT Mumbai held that the very basis of which the Assessing Officer formed the belief that the income liable to tax is escaped ass...
Income Tax : ITAT Pune rules mere execution of a development agreement without transfer of possession doesn't trigger capital gains tax. Follow...
Income Tax : Janata Grahak Madhyawarti Vs PCIT-4 (ITAT Pune) Facts of the Case: The assessee, a co-operative society involved in the business o...
Income Tax : Delhi High Court held that once addition on the basis of which reasons recorded for reopening of assessment under section 147 of t...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
An outsourcing contract to Infosys, India’s second-largest software company, has resulted in an unexpected reprieve for those with income to hide from the taxman. Irked by the contract, under which Infosys is processing tax returns filed online, and rattled by the prospect of more outsourcing, officials of the investigation wing of the income-tax department, the arm of the tax administration that conducts raids, have refused to step out of their offices for at least a month.
Payment made to Avaya International Sales Ltd., Ireland (ASIL) in respect of activation charges is a payment for buying a standard product/software. The payment made to ASIL can neither be said to be as ‘Royalty’ nor is covered under the provisions of ‘Fees for Technical Services’. The assessee is not liable to deduct tax at source on the payment made to ASIL as the income of ASIL is not liable to tax in India for the above payment.
The much awaited Direct Taxes Code Bill is likely to be introduced in the ongoing monsoon session of Parliament itself, the Revenue Secretary, Mr Sunil Mitra, has indicated. “We do expect the DTC to be introduced in Parliament in this session. This is what the Finance Minister has promised in public forum and we intend to do our best to make it happen,” Mr Mitra told reporters on the sidelines of a CII event here.
Notification No. 69/2010-Income Tax In exercise of the powers conferred by clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 484(E), dated the 30th May, 2001, the Central Government hereby fixes, with effect from the 1st day of September, 2010, 8.5 per cent., as the rate referred to in the said clause.
This is the time of the year when tax payers look forward to getting refunds from the IT Department if eligible. But for roughly seven out of 10 cases, income tax refunds have remained elusive for no fault of the tax payers. The income tax department maintains that it is also not at fault. According to senior taxmen, they reject an overwhelmingly large number of eligible cases every year for what they call the incidence of missing entries.
Tamil Nadu Magnesite Ltd. Vs. CIT (Madras HC) – In view of the law laid down by the Hon ble Supreme Court in Commissioner of Income Tax v. Gujarat Electricity Board (cited supra), after passing of an order under Section 143(3) of the Act, intimation under Section 143(1)(a) of the Act gets merged with the said order under Section 143(3) of the Act and the intimation under Section 143(1)(a) of the Act does not any more independently survive for rectification by the Assessing Authority under Section 154 of the Act.
Income tax – Sec 32(1) – Assessee-company claims depreciation on trucks registered in the name of Director – Revenue disallows – Tribunal allows the appeal – held, since the vehicles have been purchased in the name of the Director only for convenience sake and rents have been credited to the company’s account and even tax has been paid on the same, depreciation cannot be disallowed now as it is in effective possession of the company – Revenue’s appeal dismissed : ALLAHABAD HIGH COURT;
The Assessing Officer added the difference between purchase price disclosed in the sale deed and purchase price of the property adopted for the purpose of paying the stamp duty to the total income of the assessee as income from unexplained sources. The Commissioner of Income-tax (Appeals) deleted this addition by holding that section 50C is a deeming provision for the purpose of bringing to tax the difference as capital gain.
The assessee had received interest free deposit in respect of shops given on rent. The Assessing Officer added to the assessee’s income notional interest on the interest free deposit at the rate of 18 per cent simple interest per annum on the ground that by accepting the interest free deposit, a benefit had accrued to the assessee which was chargeable to tax under section 28(iv).
In a case where the partnership deed does not specify the remuneration payable to each individual working partner but lays down the manner of fixing the remuneration, would the assessee- firm be entitled to deduction in respect of remuneration paid to partners?
