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Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
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 : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Delhi High Court ruled on the validity of re-assessment proceedings in PCIT-04 vs Ganesh Ganga Investments Pvt Ltd, focusing on bo...
Income Tax : Bombay High Court directs tax revision for an AI-generated invalid return order lacking reasoning, stressing natural justice and h...
Income Tax : ITAT Kolkata rules in favor of Anindya Sarkar, allowing Foreign Tax Credit despite delayed Form 67 filing, citing DTAA provisions ...
Income Tax : During the course of a survey, it was seen that the assessee had defaulted in deducting tax at source on interest paid to AGE Pate...
Income Tax : ITAT Hyderabad held that addition on the basis of loose papers and documents found from the premises of third party is not tenable...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
5.1 The Act mandates a particular head for each type of income, so that the same has necessarily to be assessed under the said head and in the manner provided under the relevant Chapter. As such, the assessee’s contention of being contractually obliged to bear the said expenditure under the relevant (rent) agreement would be of no moment; the assessee being entitled to claim only the deductions as enumerated u/s. 24 of the Act in the computation of its income assessable u/s. 22.
An allotment of shares is a “creation” of shares and not a transfer of shares. There is a vital difference between the two. An allotment is the creation of shares by appropriation out of the unappropriated share capital to a particular person.
The Supreme Court has ruled that the foreign exchange earned by transferring the rights of exploitation of the films outside India by way of lease is admissible for deduction under Section 80HHC of the Income-Tax Act, 1961.
Where during a survey, the assessee surrendered an amount of Rs. 29 lakhs towards “any other discrepancy” but later retracted from the same and the question arose whether the assessee could be assessed despite the said retraction,
Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. Credit is given to the assessee for advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax […]
Domestic shareholders who sell shares of Satyam Computer Services in the open offer made by a strategic investor will have to pay tax on capital gains. Tax will be charged, irrespective of the period of holding the shares, since an open offer is an off-market transaction. In an open offer, the acquirer makes a public […]
The Finance Ministry has turned down a Commerce Ministry proposal to provide relaxation to exporters, reeling under the impact of the global financial meltdown, from payment of FBT, saying such benefits cannot be granted to one section of taxpayers. The issue of relaxing the Fringe Benefit Tax (FBT) norms for foreign travel undertaken for export […]
Under company law, a director of a company is not personally liable for the company’s debts unless a court of competent jurisdiction finds him guilty of misfeasance. Company law proceeds on the basic principle of jurisprudence that a director is presumed to be innocent unless he is proved to be otherwise. These salient principles of […]
The income-tax department has commenced a series of raids on divisions of the state’s electricity department unofficially citing irregularities in tax deduction at source (TDS), while the excise and customs department has sought details on sale of power to consumers. Officials in the electricity department told TOI that they received notices from the IT department […]
19. As per our considered view, at the time of issue of notice, it is sufficient that prima-facie reasons and material should be with Assessing Officer that there is escapement of some income. At the time of issue of notice the Assessing Officer is not required to conclusively establish that there is escapement of income, mere bona-fide reason to believe that there is escapement of income is sufficient for issue of notice
