Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
Income Tax : A detailed comparison of key provisions in the Income Tax Act, 1961, and the proposed Income Tax Bill, 2025, highlighting major ch...
Income Tax : Stay updated with 2024 US individual tax filing details, including deadlines, tax rates, forms, and standard deductions. Learn abo...
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...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
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...
Notice of Non-functioning Benches from period of 14.09.09 to 17.09.09 The Following Benches will Not function during the period from 14.09.2009 to 17.09.2009 “H”, “I”, “K”, & “WT”
Tally.ERP 9 – Auditors’ Edition provides you, as a CA, the facility to print Form 3CD with the required Annexure, to file Tax Audit returns under section 44AB. Using Tally.ERP 9 – Auditors’ Edition, you can now directly print Form 3CD. You can print the Form after completing the Tax Audit from within Tally.ERP 9 – Auditors’ Edition or externally. The form is easy to fill and comes with some very useful features:
The accused, Bhupen Dalal (l) and his son Milan. As per standard procedure, the cupboard had been kept in one of their offices by Income Tax officials. Seventeen years since they started their investigations against Big Bull Harshad Mehta’s associate and securities scam accused Bhupen Dalal and his son Milan, an unbelievable bungle has surfaced in […]
As per the aforesaid newly inserted section 115WM, nothing contained in Chapter XII-H shall apply, in respect of any assessment for the assessment year (AY), commencing on 1.4.2010, or any subsequent AY. In other words, the fringe benefit tax (FBT) has been abolished from the AY 2010-11, onwards, i.e. from the financial year (FY) 2009-10, onwards.
We have considered the rival submissions and perused the material on record. In our considered view , the reasons advanced by the learned CIT for refusing to grant continuation of recognition u/s 80G(5) are superfluous and do not stand to legal scrutiny within the meaning of section 80G(5).
So far as addition u/s 40A(3) is concerned, the undisputed facts are that assessee has purchased raw hides/skins for the purposes of manufacturing leather and leather products from local producers either directly or through their agents. Even though the Assessing Officer issued letters to various producers and some of these have come back unserved but it does not prove that the producers of the skin from whom assessee had made purchases are non-existent.
The revision u/s. 263 is not like the reopening of the assessment where once the assessment is reopened entire assessment is open before the Assessing Officer to be reconsidered in accordance with law. In the revision proceedings, the CIT cannot travel beyond the reasons given by him for revision in the show cause notice.
The provisions of the section contemplate to rectify any mistake apparent from record and non-consideration of any argument advanced by either party for arriving at a conclusion is not an error apparent on record, although it may be an error of judgment and the same cannot be rectified u/s. 254(2) of the Act, as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. Ramesh Electric & Trading Co. (1993) 203 ITR 497,502 (Bom).
Where the assessee-society was storing the controlled commodities in its godowns as part of its own trading stock, it was not entitled to claim deduction for the margin of profit between issue price and sale price of the controlled commodities under section 80P(2)(e).
Limited liability partnership (LLP) is essentially a partnership constituted in corporate form which has a separate legal identity distinct from its partners. Its primary advantage is the benefit of limited liability, a feature not prevalent in general partnerships. Liability of an LLP’s partners is restricted to the extent of their individual contributions to the LLP; […]
