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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...
Explore the tax implications of converting physical gold to Electronic Gold Receipts (EGRs) in India, with insights on the latest Budget 2023 amendments. Discover how to invest in EGRs and the significance of the government’s move.
File your Income Tax Return (ITR) online for Assessment Year 2023-24. Explore the step-by-step guide, benefits of online filing, and key forms (ITR 1 and ITR 4).
Myth 1: TCS applies to all foreign payments made by Indian companies. Fact: This is a myth. Tax Collected at Source (TCS) is a provision under the Indian Income Tax Act that requires the collection of tax at the source of specific transactions. However, TCS does not apply to all foreign payments made by Indian […]
Amendment in Income tax Rules, 1962, insertion of new rule 133 for prescribing calculation of net winnings for online games, notification of revised Form No. 16, Form 24Q, Form 26Q, Form 27Q, and Form 27EQ – Notification No. 28/2023-Income Tax | Dated: 22.05.2023 Central Board of Direct Taxes ICBDT) has issued Notification No. 28/2023-Income Tax […]
Section 206AA cannot be understood to override the charging Sections 4 and 5 of the Act. It has further held that the provision in Section 206-AA has to be read down to mean that where the deductee i.e., the overseas resident business concern conduct sits operation from a territory, whose Government has entered into a DTAA with India, the rate of taxation would be as dictated by the provisions of the treaty.
The company sold unlisted shares of an Indian private limited company and filed its return with NIL income and declared long-term capital losses after applying proviso 1 to section 48 of the Income Tax Act (Act).
Circular No. 5 of 2023, issued by CBDT, provides guidelines for the implementation of section 194BA of Income-tax Act, 1961. This section pertains to the deduction of income tax on winnings from online games.
By examining the intricacies of Section 115JH and its impact on the residential status of foreign companies in India, this article aims to provide valuable insights for companies navigating the complexities of the Indian taxation system.
ITAT Jaipur held that being a debatable issue there was a reasonable cause for non-deduction of TDS on specified transactions and accordingly penalty under section 271C of the Income Tax Act not justified.
ITAT Delhi held that NAV method adopted by the assessee is one of the recognized methods provided in rule 11UA of the Rules. Accordingly, the addition made u/s. 56(2)(viib) of the Act, is hereby directed to be deleted.
