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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
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 : ITAT Chandigarh held that amount in locker being cash received on sale of flat which is already assessed to capital gain. Accordin...
Income Tax : ITAT Raipur held that providing unreasonably short period of time of six days for furnishing reply vide notice issued u/s. 148A(b)...
Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
the unabsorbed depreciation relating to assessment year 1997-98 to 1999-2000 is to be dealt with in accordance with the provisions of section 32(2) as applicable for assessment year 1997-98 to 1999-2000.
A dispute often arises when the payer of the amount to the non-resident feels that the amount to be remitted by him is not recipient’s income chargeable under the Indian Income-tax Act. Should the payer in such a case deduct tax at source? It was bel
Vodafone Essar Cellular Ltd. v. ACIT On this issue, the Kerala High Court observed that it was the SIM card which linked the mobile subscriber to the assessee`s network. Therefore, supply of SIM card by the assessee-telecom company was only for the purpose of rendering continued services to the subscriber of the mobile phone. The position was the same so far as recharge coupons or e-topups were concerned which were only air time charges collected from the subscribers in advance under a prepaid scheme.
The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs). The rules on CFCs, proposed under the Direct Taxes Code, are aimed at ensuring that all companies and individuals pay tax on income arising from investments overseas.
Petroleum ministry has asked the finance ministry to rework the Direct Taxes Code Bill 2010 so that oil and gas producers can continue to enjoy the existing tax breaks which are being grandfathered to their full extent.In a letter to revenue secretar
Circular No. 6/2010-Income Tax 2.As Regional Rural banks (RRB) are basically corporate entities (and not cooperative societies, they were considered to be not eligible for deduction under section 80P when the section was originally introduced. However, as section 22 of the Regional Rural Bank Act provides that a RRB shall be deemed to be cooperative society for the purposes of the Income tax Act 1961, in order to make such banks eligible for deduction under section 80P, CBDT issued a beneficial Circular No. 319 dated 11-1-1982, which stated that for the purpose of section 80P, a Regional Rural Bank shall be deemed to be a cooperative society.
Mahesh Bhupathi, best known for his winning ways on court, has claimed that he had reimbursed his tennis-trainer father C G Krishna Bhupathi the Rs 28.5 lakh he spent on him for the period 1989-90 and 1993-94—four years in total. The tennis ace has c
Indian-listed shares:-Long-term capital gains on transfer of the above securities (where securities transaction tax is payable) would continue to be eligible for a 100% deduction, and remain exempt from tax. The DTC has reduced the tax burden substantially for short-term small investors. Short-term capital gains on such securities (taxable at 15.45%) would be eligible for 50% deduction and thereafter taxed as per the normal slab rates applicable. Effectively, the tax under DTC would range between 5% and 15%, depending on the tax bracket in which an individual falls. Small investors (with an income between Rs 2 lakh and Rs 5 lakh) would pay only 5% capital gains tax.
The Finance Ministry has pitched for lifting curbs on wheat exports so that India could take advantage of the crop’s scarcity in the global market due to production loss in countries like Russia and Pakistan. India could make use of the global scarci
The Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) are required to file Form 24G as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. In case of an office of the Government, where tax has been paid to the credit of Central Government without the production of a challan associated with deposit of the tax in a bank, the PAO / CDDO / DTO or an equivalent office (herein after called as AO in this document) government is required to file Form 24G.
