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Income Tax : Stay updated with 2024 US individual tax filing details, including deadlines, tax rates, forms, and standard deductions. Learn abo...
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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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
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...
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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 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 : 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 : 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...
Ministry of Human Resource Development has proposed to introduce a scheme for full interest subsidy during the period of moratorium on loans taken by students belonging to economically weaker sections from the banks under the Education Loan Scheme of the Indian Banks’ Association (IBA) for pursuing any of the approved courses of studies in technical and professional streams from recognised institutions in India.
After hearing learned counsel for the appellant and going through the mpugned order, we do not find any merit in the instant appeal. It is the conceded position that in the assessee’s balance sheet, the aforesaid liabilities have been shown, which are payable to the sundry creditors. Such liabilities, shown in the balance sheet, indicate the acknowledgment of the debts payable by the assessee. Merely because such liability is outstanding for the last six years, it cannot be presumed that the said liabilities have ceased to exist. It is also conceded position that there is no bilateral act of the
The Government has clarified that while remitting consular receipts abroad, diplomatic missions in India will be required to submit only a self certified undertaking in Form No 15CA to the remitter bank and they are not required to obtain a certificate from an accountant / certificate of Assessing officer in Form 15CB. A circular No.9 of 2009 to this effect was issued by Central Board of Direct Taxes, here today.
“The vision and values of the Constitution are facing challenges. It is up to us to safeguard the Constitution and its values from such challenges. As has been said the Constitution has not failed us. We have to ensure that we do not fail the Constitution”, said Shri Mukul Wasnik, the Minister for Social Justice and Empowerment while welcoming Shri K. G. Balakrishnan, Chief Justice, who delivered the Ambedkar Memorial lecture on ‘Constitutional Values and the Promotion of Labour Welfare’, here today.
Letter [F.No. 404/10/2009-ITCC], dated 1-12-2009 Many queries have been received regarding the applicability of Instruction number 95 dated 21.8.1969 vis-à-vis Instruction number 1914 dated 2.12.1993. Many assesses are taking the plea that Instruction No. 1914 does not supercede Instruction No. 95 dated 21.8.1969. 2. Instruction No. 95 dated 22.8.1969 was an assurance given by the […]
The undisputed fact which is confirmed by the learned counsel for the assessee, Shri Porus Kaka is that, no e-mail, correspondence, bill or any other documents or evidence pertaining to the impugned assessment year 2003-04 has been furnished or filed before the assessing officer during the assessment proceedings despite requests to do so. Shri Porus Kaka on this undisputed fact wants us to rely on the copy of the e-mail correspondence of 27-10-1997 of one Ms. Sonali Surajhita. For ready reference, the copy of the e-mail which is so heavily relied upon by Shri Porus Kaka is extracted hereinbelow:
To ensure impartiality in adjudication of transfer pricing disputes, the Central Board of Direct Taxes (CBDT) has decided that commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel. This panel is being set up by CBDT to resolve disputes arising from transfer pricing assessments.
The finance ministry has rebuffed the petroleum ministry’s recent proposal to give income tax breaks to entities producing natural gas under exploration permits given during the first seven rounds of Nelp (national exploration licensing policy). Explorers like ONGC, RIL and Essar were hoping to book tax-free profits from those blocks.
The Finance Act, 2009 inserted a new section 144C in the Income-tax Act providing an alternate mechanism to resolve tax disputes of the foreign companies expeditiously. The Finance Minister, taking cognizance of delays, which take place in any tax litigation, declared in the parliament that “The dispute resolution mechanism presently in place is time consuming and finality in high demanding cases is attained only after a long drawn litigation till the Supreme Court.
The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for the government to achieve its direct tax target for the year.
