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Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
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 held that an incomplete document recovered from an employee's laptop could not justify an addition under Section 69 w...
Income Tax : The ITAT held that once registration under Section 12AB was ultimately granted on the basis of the original application, the doctr...
Income Tax : The ITAT Chennai ruled that funds received by a Chartered Accountant for remitting clients' taxes could not be treated as unexplai...
Income Tax : ITAT Mumbai held that appellate forums can entertain additional claims even without a revised return. The matter was remanded to t...
Income Tax : The Telangana High Court held that recovery proceedings under Section 226(3) cannot automatically extend to a daughter's bank acco...
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...
There has been a substantial increase in small businesses with the growth of transport and communication and general growth of the economy. A large number of businesses and service providers in rural and urban areas who earn substantial income are outside the tax-net. Introduction of presumptive tax provisions in respect of small businesses would help […]
Enhancement of limit for disallowance of expenditure made in the case of transporters Under the existing provisions of the Income-tax Act, where an assessee incurs any expenditure, in respect of which payment in excess of Rs 20,000 is made otherwise than by an account payee cheque or account payee bank draft, such expenditure is not allowed as a deduction.
The government has merged the Authority for Advance Rulings (AAR) for direct and indirect taxes, the two arms of Finance Ministry, where overseas firms and Non-Resident Indians can know their tax liabilities.To further enhance efficiency in tax administration, I intend to merge the two Authorities for Advance Rulings on Direct and Indirect Taxes by amending the relevant Acts, Finance Minister Pranab Mukherjee said unveiling the budget for 2008-09.
According to the new proposal of the Union Budget 2009-10, any property received from a non-relative where the value is in excess of Rs 50,000 in a particular year will be considered as income in the hands of the recipient. Earlier, gifts in the form of cash from non-relatives were exempted up to a limit […]
New Income Tax Rate slabs for Individual, HUF, Women, Senior Citizen for A.Y. 2010-11 & F.Y. 2009-2010 Basic exemption for individual tax payers was increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister on Monday. The current income tax exemption […]
No changes made in the Corporate Tax rates. For the Limited Liability Partnerships, the provisions of Income Tax are the same as applicable in the case of Partnership Firms formed as per the Indian Partnership Act’ 1932.
194C- Under this section earlier there was same Rate of TDS in respect of Payment to all the class of the Assesses. Now finance minister has changed the rates and provided that that any person shall deduct tax at source at the rate of one per cent,if the payee is an individual or a Hindu undivided family or at the rate of two per cent. in the case of any other person, on payment to a resident contractor for carrying out any work.
The assessee claimed that its entire receipts were exempt from tax u/s 10 (29). The AO took the view that only income “derived” from warehousing was exempt and not other income. The AO’s stand was confirmed by the ITAT. The AO levied penalty u/s 271 (1) (c) for concealment of income which was deleted by the Tribunal with the finding that though the claim was wrong, the assessee
With regard to the question as to whether Panna Bai was the benamidar of Dwarka Prasad Agarwala or not, the TRO, held that without doubt the transaction was benami and the real owner of the property at 13,Kalipukur Lane (Road), Sheoraphully, Hooghly, was Dwarka Prasad Agarwala and Panna Bai, wife of Dwarka Das Agarwala, was the ostensible fictitious owner.
Speeding up the process of filing income-tax returns and making it more convenient, a software called `Uttam Sewa’ has been prepared by the department concerned to facilitate the work of over three lakh assessee across city and Mohali. Scheduled to be launched in the city by July 15, the software will not only ensure a […]
