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Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Tribunal ruled that audited books and quantitative reconciliation supported the genuineness of agricultural commodity purchase...
Income Tax : The Delhi ITAT held that additions made on transactions unrelated to the reasons recorded for reopening were beyond the Assessing ...
Income Tax : The ITAT Chandigarh held that once registration under Section 12AB had been directed to be granted, the primary basis for rejectin...
Income Tax : The Delhi ITAT found that the Assessing Officer lacked legal authority to reopen assessment years lying outside the ten-year block...
Income Tax : ITAT Chennai restored the matter to the Assessing Officer after finding that the assessment and appellate proceedings were conclud...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Rates of Income Tax- No change in the basic exemption limit and the tax rates for individuals. Corporate tax rates proposed to be reduced from 30% to 25% over the next four years, starting from next financial year. For FY 2015-16, it is 30% same as last year. Additional surcharge @ 2% being levied on income exceeding Rs. 1 crore. This surcharge would be levied in place of Wealth-tax which is proposed to be abolished.
Download PPT in PDF format on Amendment in Direct and Indirect taxes proposed by Finance Bill 2015. Download PPT by Heads up team on Budget 2015
Krishna, Honorable Finance Minister Mr. Arun Jetley has declared the Budget before Holi on 28th February. Everyone’s favorite festival Holi is approaching. Holi will be celebrated both by sprinkling colours and by teasing friends, similarly, the Budget has got some good and some bad comments at its different levels. Let’s discuss the knowledgeable and interesting topic of Holi of Budget or Budget of Holi.
Shri Jaitley Announces Measures to Improve the Ease of Doing Business with Simplification of Tax Procedures in Finance Bill 2015 The Union Finance Minister Shri Arun Jaitley in his Budget Speech in Lok Sabha today announced measures to improve the ease of doing business so as to achieve ‘Minimum Government and Maximum Governance’. He sought […]
No Change in the Rate of Personal Income-Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16 Surcharge @12% Levied on Individuals, HUFs, AOPs, BOIs, Artificial Juridical Persons, Firms, Cooperative Societies and Local Authorities Having Income Exceeding Rs 1 Crore The Union Finance Minister Shri Arun Jaitley in his Budget Speech […]
The Finance Minister Shri Arun Jaitley has said that the Corporate Tax Rate is proposed to be reduced from the current 30% to 25% over the next 4 years. In his Budget Speech in the Lok Sabha here today, Shri Jaitley said this is expected to lead to higher level of investment, higher growth and […]
The question sought to be raised in this appeal relates to the deduction under section 80O of the Income Tax Act, 1961 (“Act” for short). The Tribunal has considered this question taking into account the calculations made by the Assessing Officer
Various proposals have been made in the Budget 2015-16 which would lead to greater stability, clarity and continuity in the economy and the petroleum and natural gas sector. Subsidies will continue so that there is no adverse impact on the general public. As stated by the Finance Minister, the Government is committed to the process […]
Tax Rates No change in the basic exemption limit and the tax rates of individuals Corporate tax rates proposed to be reduced from 30% to 25% over the next four years, starting from next financial year. The existing rate of tax on Income by way of Royalty and Fees for technical services in case of […]
Budget 2015 introduced in India on 28.02.2015 has made significant changes as far as International taxation are concerned. Major ones include:- Reduction in rate of tax on non-residents for royalties/fees for technical services from 25% to 10%, Offshore funds not to be taxable in India in respect of fund manager located in India.
