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Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
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 : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : ITAT Delhi held that the expenditure incurred on CSR activities may not have direct nexus with the activities of the assessee but ...
Income Tax : ITAT Mumbai held that sale of Dangerous Goods Regulations manuals could not be characterised as ‘royalty’ within the meaning o...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : ITAT Hyderabad rules in favor of Karimnagar DCCB, granting immunity from penalty under Section 270AA. The appeal challenges tax pe...
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...
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...
22. The primary function of the Income Tax Act is to bring the income of various kinds into the tax net. The Income Tax authorities are not concerned about the manner or means of acquiring income. The income might have been earned illegally or by resorting to unlawful means. Illegality tainted with the earning has no bearing on its taxability.
Notification No. 15/2009 – Income Tax In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following further amendments in the Wealth-tax Act, 1957, namely:— 1. (1) These rules may be called the Wealth-tax (First Amendment) Rules, 2009. (2) They shall come into force with effect from 1st April, 2009. 2. In the Wealth-tax Act, 1957 for rule 8C, the following rule shall be
The Central Board of Direct Taxes (CBDT), the apex body for tax matters in India, is actively considering a proposal that will allow income-tax department to ask for information on accounts held by taxpayers in banks abroad. According to a person directly involved in the development, CBDT is considering adding a column in I-T returns […]
44. We have carefully considered the rival submissions in the light of material placed before us. The assessments in the present case have been made u/s 153A of the Act. Section 13A provides that in case a person against whom search is initiated u/s 132A of the Act then notwithstanding anything contained in sections 39, 147,148,149 151 and 153 of the Income Tax Act, the AO shall issue a notice to such person
SSN Moorthy, a 1973 batch IRS officer, was on Saturday appointed as the new chairman of the Central Board of Direct Taxes. He replaces NB Singh. Prior to his new assignment, Moorthy was a member in CBDT from August 2008. The government also appointed Sudhir Chandra, a 1973 batch IRS, in the CBDT as a […]
Facts- The assessee had not debited current year depreciation to the profit and loss account but had disclosed this fact and the quantum of depreciation in the notes appended to the accounts.
Proof of disgraced Satyam founder Ramalinga Raju’s political influence — an issue that is being widely discussed following his January 7 confessions of fraud — was strongly in evidence as far back as 2002, when his company was at the height of its success. A 2002 report filed by the deputy director, investigations in the […]
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand […]
8. We have carefully deliberated on the rival contentions raised by the learned AR and DR. The controversy here revolves around chargeability of interest income to the tax which even though technically accrued as per the mercantile-system of accounting being followed by the assessee, but the same was not accounted for as income in view of the peculiar facts and circumstances of the case wherein there was
6.We have considered the rival submissions. A perusal of the agreement entered into by the assessee to the concessionaires clearly shows that the concessionaires are duty bound to use the premises and the equipment as belonging to the assessee. The agreements also clearly show that the control over the shops is with the company. The tokens for the sale of the milk at the shops are to be purchased by the concessionaires
