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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
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 : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
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...
Get the latest clarification from CBDT on Rule 114F(5) of the Income Tax Rules, 1962. Know the status of Treaty Qualified Retirement Fund and more.
CBDT issues a corrigendum notification, No. 53/2023-Income Tax, dated 26th July, 2023, to rectify an omission in Notification No. 37/2023-Income Tax, dated 12th June, 2023. The correction involves the insertion of Annexure-II to Form No. 34E.
ITAT Chennai held that addition towards unexplained money under section 69A of the Income Tax Act sustained as cash deposited during demonetization period cannot be said to be cash gifts received during occasion of marriage in December 2015.
Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80P for AYs 2018-19 to 2022-23.
Tax season is upon us, and if you are an individual earning income, you must be aware of the approaching Income Tax Return (ITR) filing due date of 31st July 2023. Filing your ITR is not only a legal obligation but also a responsible citizen’s duty to contribute to the nation’s growth. It is crucial to adhere to the deadline and ensure your tax affairs are in order to avoid penalties and unnecessary hassles.
This article compares Mutual Funds and Fixed Deposits from a tax perspective, highlighting the advantages of Mutual Funds in terms of tax efficiency and higher returns.
This article examines the tenability of levy of interest u/s 234B in cases of excess refund claimed by taxpayers under the Income Tax Act, 1961.
In the case of Smt. Aruna Tiwari Vs. PCIT, the ITAT Raipur ruled that a non-est assessment order cannot be revised by the CIT under Section 263 of the Income Tax Act.
Bombay High Court held that the amount of tax refunded to the Petitioner, including interest, is to be reduced while determining the amount of disputed tax under KVSS as the Petitioner had not disclosed and calculated tax properly.
In a tax case of Rajesh Poddar Vs ITO, the Bombay High Court set aside the order and directed re-adjudication due to failure in providing reasons for reopening the assessment.
