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Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : 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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
ITAT Ahmedabad held that as the revenue from selling of bandwidth business of the assessee is shared between the assessee and its parent company, profits eligible to deduction under section 80IA(4)(ii) of the Income Tax Act is reducible.
ITAT Cuttack held that addition towards the unexplained investment for SBN deposits during demonetization period sustained in absence to establish source of the same without documentary evidences.
ITAT Rajkot held that the capital contribution made by the partner of the firm cannot be subject to the addition in the hands of the partnership firm.
ITAT Kolkata held that invoking deeming provisions under section 50C and adopting value of property as per Stamp Valuation authority without referring the matter to Departmental Valuation Officer unsustainable. Accordingly, matter restored to jurisdictional Assessing Officer.
ITAT Delhi held that it is settled principle of law that crates and bottles have been allowed depreciation. Accordingly, the claim of depreciation is allowable.
Learn how to report Long Term Capital Gain (LTCG) on the sale of land and buildings in ITR 2. Follow the step-by-step procedure, complete with illustrations and screenshots, for a hassle-free filing experience. Understand the new ITR forms, filing dates, and more.
सामान्यतः हम यह पाते हैं कि व्यापारिक लेन-देन में किताबों में नगदी कम पड़ जाती है तो हम प्रोप्राइटर या पार्टनर के पूंजी खाते से निवेश बता देंते है. इनके खाते में पैसा कहां से आया, इसके लिए हम माता पिता या रिश्तेदारों से निजी उपयोग के लिए गिफ्ट बता देते हैं जो ज्यादातर कैश […]
Download All-in-One Automated Income Tax Preparation Software for Non-Government (Private) Employees for the Financial Year 2023-24 and Assessment Year 2024-25, as per Section 115BAC of the Income Tax Act. Key Features of this Excel utility include: 1. Seamless preparation of your income tax based on your chosen option under Section 115BAC. 2. Updated Income Tax […]
ITAT Chennai held that strict conditions provided in Rule 37BA should be read in the provisions of Section 199(1) to make it workable in genuine cases where department is sure no double credit is allowed or claimed.
Article explains various types of income that are disclosed under Annual Information Statement (AIS) as instructed by Income Tax Department
