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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 : 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 Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
Delhi High Court held that subsidy received from Government of Goa for establishing an industrial unit in a backward area is capital receipt. Further, as subsidy was not intended to meet part of cost of assets, no adjustment against cost of asset could be ordered.
Explore the importance of Document Identification Number (DIN) in Income Tax Notices in India, how it enhances tax administration, its legal implications, and recent judicial pronouncements concerning DIN validity.
ITAT Chennai held that in case of banking companies were shares & securities are held as stock in trade, dividend income is considered as business income, and consequently, provisions of Sec.14A of the Act, cannot be applied.
Safeguard yourself from fake income tax notices in the digital age. Learn to verify notices with a Unique Document Identification Number (DIN) and utilize the official e-Filing portal for authentication. Stay cautious and follow the step-by-step process to ensure the legitimacy of communication. Protect your financial interests by adopting preventive measures.
ITAT Mumbai held that disallowance towards payment of PF & ESIC u/s 36(1)(va) unjustified as the amount is deposited before the due date of return of income u/s 139(1) of the Income Tax Act.
ITAT Pune held that addition towards on-money receipts sustained based on seized document by invoking the statute presumption under section 292C of the Income Tax Act.
ITAT Gauhati held that deduction of tax at source not liable as payment of rent was made to assessee who are not liable to pay tax in terms of exemption u/s 10(26) of the Income Tax Act. Accordingly, assessee cannot be held to be ‘assessee in default’.
Explore the nuances of Income Tax Assessment for Associations of Persons (AOP) and Bodies of Individuals (BOI) for the Assessment Year 2024-2025. Understand the computation of Gross Total Income, available deductions, applicable tax rates, and special incomes. Delve into the amendments proposed in the Finance Act 2023, including the introduction of Section 115BAC with revised tax rates. Stay informed about the latest tax slab for AOP and the surcharge rates. Get expert insights into the amendments and their implications.
Understanding the tax slabs and regimes for the Assessment Year 2023-24 is crucial for individuals and HUFs. In this article, we delve into the options available, the differences between the Old Tax Regime and the New Tax Regime, and the impact on exemptions and deductions. Let’s unravel the complexities and help you navigate the tax landscape.
ITAT Mumbai held that addition towards unaccounted cash receipts on the basis of seized documents i.e. rough notes duly supported with corroborative evidence sustained.
