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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : 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...
HC find no substance in AO’s reason to believe that income chargeable to tax has escaped assessment in as much as there is no mention of any tangible material that led to his conclusion. The entire process is triggered on a change of opinion as to the calculation of tax payable by the assessee.
Baldev Kumar Vs ITO (ITAT Delhi) On perusal of the assessment order, it appears that the assessee has deposited cash amount to Rs.19,49,553/- in the savings bank account in Financial Year 2011-12 relevant to Assessment Year 2012-13 in question. The Assessing Officer attempted to make inquiry on the source of such cash deposits but however […]
Interstate purchase of capital goods by assessee shall not affect benefit under Section 15(1) of Karnataka Value Added Tax Act, 2003: HC
Presumption that Petitioner beneficiary of accommodation entries based on statement of third party was disproved. Consequently, onus would be on AO to provide reasons to disbelieve bank statements and supporting documents for reopening the assessment.
CBDT notifies Food Safety and Standards Authority of India under Section 10(46) of Income Tax Act, 1961 vide Notification No. 26/2023-Income Tax Dated: 10th May, 2023 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 26/2023-Income Tax | Dated : 10th May, 2023 S.O. 2155(E).—In exercise of the powers conferred by […]
CBDT notifies Pune Metropolitan Region Development Authority under Section 10(46) of Income Tax Act, 1961 vide Notification No. 25/2023-Income Tax Dated: 10th May, 2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 25/2023-Income Tax | Dated : 10th May, 2023 S.O. 2154(E).—In exercise of the powers conferred by clause (46) […]
ITAT Delhi held that proviso to Section 147 of the Income Tax Act gets applicable as reopening of assessment is initiated after four years of original assessment. Accordingly, re-opening of assessment based on mere change of opinion is unsustainable.
Supreme Court held that ITAT accepted the rectification deed reducing the amount from Rs. 15,94,06,500/ to Rs. 5,24,27,354/ without questioning the factum of refund of differential amount. Accordingly, matter remanded back for fresh consideration.
ITAT Delhi held that the amounts advanced for business transaction between the parties would not fall within the definition of deemed dividend under section 2(22)(e) of the Act.
Meena Nayyar Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that no additions can be made de hors any incriminating material for assessment under Section 153A of the Income Tax Act. The aforesaid observation was made by the Delhi ITAT, when appeals […]
