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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...
Ministry of Finance announces robust growth in direct tax collections for FY 2023-24, with a 12.73% increase in gross collections and a remarkable 30.13% surge in refunds.
Explore the Madras High Court judgment in Angusamy Gounder Subbu Rathinamun vs. Assistant Commissioner. Insights on Section 143(2) notice in income tax assessments.
ITAT Chandigarh held that addition on account of failure to provide necessary explanation in respect of source of cash deposits in bank confirmed without considering explanation set aside with one more opportunity to assessee in the interest of substantial justice and fair play.
ITAT Bangalore held that the interest income received on temporary Fixed Deposits is eligible for exemption under section 10AA of the Income Tax Act.
ITAT Delhi held that provisions of section 50C of the Income Tax Act applies only in case of transfer of land or immovable property. Invocation of deeming provision of section 50C in case of mere transfer of right in property accrued under agreement without transfer of title is unjustifiable.
Learn how to report F&O losses in ITR 3 with this step-by-step guide. Understand the eligibility criteria for filing ITR 3, including the treatment of F&O income, intraday transactions, and other sources of income. Follow the guidelines to file your tax return accurately and comply with Income Tax regulations.
This case revolved around purchase of a property from twenty co-owners, where assessee was treated in default for non-deduction of TDS. Assessee argued that demand resulted in double taxation as taxes already been paid.
Delhi High Court sets aside assessment orders due to non-consideration of Ssapp Overseas Pvt Ltd’s request to file a belated reply, citing a violation of natural justice.
ITAT Delhi quashed revisional order in Havells India Limited Vs PCIT case due to unfulfilled prerequisites for invoking Section 263 of IT Act.
In the case of Navyug Cotton Company vs. ITO, ITAT Pune held that deduction for claimed bad debts can be allowed based on write-off, thereby eliminating the requirement to prove that debt actually became irrecoverable
