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Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
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 : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : ITAT Delhi held that the expenditure incurred on CSR activities may not have direct nexus with the activities of the assessee but ...
Income Tax : ITAT Mumbai held that sale of Dangerous Goods Regulations manuals could not be characterised as ‘royalty’ within the meaning o...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : ITAT Hyderabad rules in favor of Karimnagar DCCB, granting immunity from penalty under Section 270AA. The appeal challenges tax pe...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
ITAT Surat held that penalty under section 271(1)(b) of the Income Tax Act not leviable merely because the assesse couldn’t make compliance due to some bonafide reasons.
Understand the mandatory filing of Income Tax Returns (ITR) for individuals, HUFs, and entities. Explore cases where filing becomes obligatory, including income limits, business turnovers, and specific scenarios. Get insights from a practicing chartered accountant. Contact for personalized guidance. Disclaimer: This information blog is for knowledge purposes and not a solicitation. Reach out to CA Atif for further assistance.
ITAT Delhi held that addition under section 69A of the Income Tax Act sustainable on failure to provide reasonable explanation of the sources and justification of heavy denomination cash gifts.
ITAT Mumbai held that addition under section 68 of the Income Tax Act on the basis of mis-reporting of insurance company is unsustainable in law.
Missed the ITR deadline No worries! Learn how to file your Income Tax Return for the last three years using ITR U form. Follow step-by-step instructions, gather documents, and avoid penalties.
Cost Inflation Index (CII) is an index used in India to measure the rate of inflation in the economy. It is used to adjust the purchase price of an asset, such as property or gold, for inflation when calculating capital gains tax.
Whether Duty drawback and DEPB received as an incentive for exports can be said to be derived from the business of industrial undertaking and thus eligible for the benefits of Section 80-IB of Income-tax Act, 1961?
Explore the impact of the Finance Act, 2023 on non-resident and not ordinarily resident individuals in India. Changes in tax deductions, deemed income, presumptive taxation, TDS rates, and more explained.
Generally, it is seen in the Tax Treaties and Model Tax Conventions that, the Article 5 Clause 7 provides for that an entity which is resident of contracting state who is controlled by another entity who is resident of other contracting state will not be considered as PE in other contracting state.
ITAT Cochin held that as assessee dutifully declared interest income of deceased wife’s deposit in his return, assessee is duly eligible to get credit of his deceased wife’s TDS.
