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Income Tax : Kedar Jagdish Mankar Vs ACIT (ITAT Pune) Adv. Sachin P. Kumar successfully represented his client in Foreign Tax Credit dispute be...
Income Tax : Union Budget 2025 overlooked critical tax compliance issues, including TDS on partners’ salary, delays in appeals, marginal reli...
Income Tax : The Finance Bill 2025 rationalizes tax loss carry forward rules under M&A by limiting it to 8 years from the original computation ...
Income Tax : Learn how to achieve tax-free rental income of ₹20,00,000 by leveraging deductions under Section 24 of the Income Tax Act, 1961,...
Income Tax : Request tax order implementation with Income Tax e-Filing portal’s new feature. Raise Request for Order Giving Effect online to ...
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 : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Mumbai invalidates reassessment in Ramlal G Suthar vs. ITO due to improper approval under Section 151(ii) of the Income-tax A...
Income Tax : Bombay High Court quashes reassessment notices issued to a non-existent entity post-merger in City Corporation Ltd vs ACIT, citing...
Income Tax : Bombay High Court addresses Hiralal Malu’s plea for the return of seized jewelry, highlighting disputes between the tax departme...
Income Tax : ITAT Mumbai ruled on TVF Fund Ltd’s appeal regarding tax loss set-off under DTAA. Key issues include carry-forward losses, taxab...
Income Tax : Orissa HC examines TDS prosecution in D.N. Homes case, focusing on COVID-19 delays and reasonable cause under Section 278AA of the...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Income Tax : Finance Ministry designates key Income Tax Dept. IT systems as protected under the IT Act. Learn about restricted access and autho...
Notification No. 28/2009 – Income Tax 2. In the Income-tax Rules, 1962,- (A) after rule 37B, the following rule shall be inserted, namely:- “Credit for tax deducted at source for the purposes of section 199. 37BA. (1) Credit for tax deducted at source and paid to the Central Government in accordance with the provisions of Chapter XVII, shall be given to the person to whom payment has been made or credit has been given (hereinafter referred to as deductee) on the basis of information relating to deduction of tax furnished by the deductor to the income-tax authority or the person authorised by such authority.
Notification No. 27/2009 – Income Tax It is hereby notified for general information that the organization Barasat Cancer Research & Welfare Centre, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2009 in the category of
Notification No. 26/2009 – Income Tax In exercise of the powers conferred by clause (b) of sub-section (2) of the section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby declares the “Umrigar Agiary” complex situated at Fatehganj, Vadodara and “Dokhma Complex” situated at Vishwamitri, Vadodara owned by Parsi Panchayat Charitable Fund, Vadodara to be a place of public worship of renown
Notification No. 25/2009 – Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the Notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes number S.O. 732(E), dated 3rd July, 2001, namely
9. We have considered the rival submissions and perused the record o the case. The short dispute is whether the anticipated loss on the valuation of fixed price contract, in view of the mandatory requirements of AS-7, is to be allowed in the year in which the contract has been entered into or it is to be spread over a period of contract, as was done by the assessee in earlier years
If you are sitting on unrealised losses on equity investments made less than a year ago, here is some consolation. Those unrealised losses can be used to lower tax liabilities for the current financial year. Tax experts are advising investors to book their losses on or before March 31 this year and buy back those […]
Even as the final advance tax numbers are awaited, it appears that direct tax collections this year may find it tough to meet the government’s target. Government officials said direct tax collections are seen at Rs 2.72 lakh crore till today. March collections were at Rs 10,000 crore so far and are running slower than […]
India’s insurance regulator will seek the opinion of the Central Board of Direct Taxes (CBDT) before changing the format of the valuation balance sheet, or Form I, as demanded by private insurers, a top official said. Earlier, the private insurers in the country, through their representative body Life Insurance Council, had approached the Insurance Regulatory […]
Instruction No. 2/2009, dated 9-3-2009 Section 10B of the Income tax Act provides for exemption of income in case of hundred per cent export oriented undertakings subject to prescribed conditions. Explanation 2 (iv) below to the said section defines a “hundred percent export oriented undertaking” as an undertaking so approved by the Board appointed in […]
Notification No. 24/2009 – Income Tax Private provident funds and superannuation funds, that channelise a larger chunk of their corpus equity will not attract income tax, following change in tax rules. The tax-free status would allow more of retirement savings to flow into shares The Central Board of Direct Taxes (CBDT), the apex direct taxes body has now issued a notification, aligning the investment pattern prescribed in its rules
