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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 : 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 : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
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 : 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...
Till date of conversion, interest paid on CCDs cannot be treated as interest on equity & interest is allowable as expenditure u/s. 36(1)(iii)
Bad debts Adjustment against previously created provisions constitutes actual writing off of bad debts in books of accounts & Allowable
from online gaming. This includes both the winnings withdrawn and the remaining amount of net winnings in the user account at the end of the financial year. If the net winnings are received wholly or partly in kind, and the cash portion is insufficient to cover the entire TDS liability, the payer must ensure that the required tax has been paid before releasing the winnings.
Section 194BA was introduced by Finance Act 2023 to deduct TDS on net winnings from any online games. Manner of computation of net winning has been prescribed in Rule 133 of Income-Tax Rules, 1962.
Understand TDS implications under section 194IA of the Income Tax Act for the transfer of immovable property. Learn about the minimum limit, who should deduct TDS, and scenarios where TDS may not be applicable. Explore relevant case law to grasp the nuances of TDS on property transactions.
Sanath Kumar Murali Vs ITO (Karnataka High Court) Petitioner challenged the order u/s 148A(d) for AY 2016-2017 & sought for quashing 148 notice before the Karnataka High Court. Notice u/s 148A(b) was issued to the petitioner stating that information was received which suggested that income chargeable to tax for the AY has escaped assessment within […]
Explore the possibility of claiming deductions under Sections 54 and 54F of the Income Tax Act simultaneously for a single residential house property. Learn about the recent case law involving M/s. Sudhakar Traders, which sheds light on the importance of Proper Officer’s authorization in issuing notices under Section 61 read with Rule 99 of the CGST Act. Stay informed about the conditions and implications of claiming these exemptions concurrently.
ITAT Mumbai remanded the matter for adjudication of bona fide belief of TDS exemption in case of LTC relating to foreign travel vis-à-vis default u/s 201(1) and 201(1A) of the Income Tax Act.
Discover the process of condonation of delay for non-filing of income tax returns due to genuine hardship under Section 139(1) or (4) of the Income Tax Act. Learn about the mandatory filing deadlines, consequences of delayed filing, and the relief provided by Section 139(8A) of the Finance Act, 2022. Explore the conditions and procedures for condonation, including the application process and authorities involved.
ITAT Hyderabad held that for re-assessment beyond a period of 4 years, recording of satisfaction by the CIT is a must under the Income Tax Act, 1961. In absence of the same, re-assessment proceedings are invalid.
