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Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liabi...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
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 : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whet...
Income Tax : Delhi High Court held that section 153C of the Income Tax Act doesn’t required AO to find or uncover a relationship or an associ...
Income Tax : ITAT Mumbai held that the very basis of which the Assessing Officer formed the belief that the income liable to tax is escaped ass...
Income Tax : ITAT Pune rules mere execution of a development agreement without transfer of possession doesn't trigger capital gains tax. Follow...
Income Tax : Janata Grahak Madhyawarti Vs PCIT-4 (ITAT Pune) Facts of the Case: The assessee, a co-operative society involved in the business o...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
The first question pertains to disallowance of assessee’s claim of deduction on salary paid to doctors, staff and depreciation for car, furniture, etc. in the determination of professional income of the assessee. The assessee’s grievance is that the Tribunal rejected the claim for the reason that the claim was made for the first time before the Tribunal and the assessee never raised the issue in assessment before the officer or in first appeal before the first appellate authority.
The Income Tax (I-T) department has raided 12 Housing Development and Infrastructure (HDIL) premises, reports CNBC-TV18 quoting sources. The raided premises include residences of two HDIL directors. HDIL’s shares dropped 3.85% on the Bombay Stock Exchange on Thursday to Rs308.65. The benchmark 30-stock Sensex rose 0.21% to close at 16,216.86 points. HDIL is listed on both the BSE and the National […]
In A judgment that could have a bearing on the tax outgo of many stock brokers, the Bombay High Court on Friday ruled that depreciation cannot be claimed on stock exchange membership cards, while calculating tax liabilities. The I-T Department’s contention was that a membership card is not capable of diminishing in value due to its use, wear and tear and obsolescence.
what needs to be done by an assessing authority under the Income-tax Act, 1961, in examining the claim of an assessee that the payment made by such assessee was a deductible expenditure under $.37 of the Income-tax Act although called a penalty is to see whether the law or scheme under which the amount was paid required such payment to be made as penalty or as something akin to penalty,
In a nut-shell, it is held that the instance case is one of rendering multi-farious services for production of films by foreign companies in India and handing over the negatives to them in India. This does not involve export or transfer outside India by any means of any film software by the assessee.
Regarding the addition made u/s 41(1), we are of the view that the Assessing Officer has incorrectly invoked this provision. There is neither any remission nor cessation of the liability. The Assessing Officer has simply added all the credits appearing in the balance sheet which could not be hit by Section 41(1).
We have the rival submissions and perused the records. During the year under consideration the assessee society had claimed as exempt a sum or Rs. 10.00 Lakhs received on account of damages for wrongful proceedings against the society taken up before the Deputy Registrar of Co-operative Housing Society. Mr. Manojkumar Goswami & Mrs. Shashi Goswami
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 […]
