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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 : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
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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 : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
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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...
Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provisions of section 35(1)(ii) provide for a weighted deduction from business income to the extent of 125 per cent of any sum paid to an approved and notified scientific research association or to a university, college or other institution to be utilized for scientific research.
Under the existing provisions of section 35(2AB) of the Income-tax Act, a company is allowed weighted deduction of 150 per cent of the expenditure (not being expenditure in the nature of cost of any land or building) incurred on scientific research on an approved in-house research and development facility.
Section 12AA provides the procedure relating to registration of a trust or institution engaged in charitable activities. Section 12AA(3) currently provides that if the activities of the trust or institution are found to be non-genuine or its activities are not in accordance with the objects for which such trust or institution was established, the registration granted under section 12AA can be cancelled by the Commissioner after providing the trust or institution an opportunity of being heard.
Section 10AA was inserted in the Income-tax Act by the Special Economic Zone Act, 2005 with effect from 10.2.2006. Through the Finance (No.2) Act, 2009, section 1 0AA(7) of the Income-tax Act, 1961 was amended and the words “by the undertaking” were substituted for “by the assessee” with effect from assessment year 2010-11 and subsequent assessment years.
The Finance Minister, in the Budget today, changed the tax slabs for men, women and senior citizens. The highest tax slab has now been raised from Rs 5 lakh to Rs 8 lakh. The FM has also increased the limit of deduction available under section 80C. He has allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh. The FM has also increased the limit of deduction available under section 80C. He has allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh.
Manufacturing companies will have to shell out an additional Rs 25,500 crore on 2 per cent increase excise duty for the financial year 2010-11. The rise in excise duty accounts for 21 per cent of profit before tax of manufacturing companies studied here.
In 2009, when I presented the interim Budget in February and the regular Budget in July in this august House, the Indian economy was facing grave uncertainties. Growth had started decelerating and the business sentiment was weak. The economy’s capacity to sustain high growth was under serious threat from the widespread economic slowdown in the developed world.
In Ishikawajima-Harima Heavy Industries 288 ITR 408 the Supreme Court held {on a misreading of s. 9 (1) (vii)} that in order to be chargeable to tax in the hands of the non-resident, fees for technical services had to be rendered in India as well as utilized in India. It held that if both conditions were not fulfilled, the fees for technical services was not chargeable to tax in India.
The General Budget 2010-11 has carried forward the process of reforms in tax administration in the country. The citizen-centric initiative “Sevottam” which was launched as a pilot project at Pune, Kochi and Chandigarh, will be extended to four more cities this year. The centralized processing centre at Bengaluru is now fully functional and processing around 20, 000 tax returns daily.
The Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, provides boost to the research and development (R&D) activity across all sector of economy. Weighted deduction on expenditure incurred on in-house R&D has been enhanced from 150 per cent to 200 per cent.
