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Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
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 : 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 : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : ITAT Mumbai upholds CIT(A) order favoring Fitrite Packers, dismissing Revenue’s appeal over disallowances related to penalty and...
Income Tax : ITAT Pune quashes ₹1,50,000 penalty u/s 271B, citing reasonable cause for delayed tax audit due to impounded records and auditor...
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...
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...
Finance Act 2023 redefines capital gains Introduces amendments in Sec 54, 54F, and 45(5A), caps exemptions, and modifies MLD taxation. Embracing clarity and fairness in capital gain taxation.
ITAT Pune held that as on the date of agreement, the building was not constructed, the date of possession will be considered as actual date of purchase for the purpose of claiming exemption under section 54 of the Income Tax Act.
Budget 2023 introduces changes to audit rules for charitable trusts and institutions under Income Tax Act, with new forms 10B and 10BB effective from April 1, 2023. Audit requirements now hinge on gross receipts, foreign contributions, and overseas income applications.
Section 9 of Income Tax Act, 1961, relates to the income deemed to accrue or arise in India. Income is considered as ‘accruing or arising in India’ if it is earned in India or if it is received in India or if it is received/accruing or arising in any other manner in India.
HC held that, requirement is only for amount of TDS, and not amount eventually deposited with government after deduction and since Employer had deducted TDS from salary of assessee, TDS has to be allowed in intimation under Section 143(1) of Income Tax Act, 1961
Budget 2023 introduces new TDS/TCS provisions for online gaming winnings, revises rates for overseas remittances and tour packages, and adjusts cash withdrawal thresholds for co-operatives. Additionally, removes TDS exemption on interest from listed securities in demat form, effective April 1 and July 1, 2023.
Bombay High Court held that in absence of any finding that non-recovery of tax due from the company can be attributed to any gross-negligence, misfeasance or breach of duty on the part of the petitioner, no order could have been made u/s 179(1) of the Income Tax Act.
ITAT Ahmedabad held that loss on account of non-repayment of loan advanced to subsidiary company for the purpose of incorporation of business is an allowable business loss.
ITAT Delhi held that as per specific provisions covered under section 178(6), Insolvency and Bankruptcy Code, 2016 has an overriding effect on all the acts including Income Tax Act.
Understand the tax implications of winnings from online games with the introduction of Sections 115BBJ and 194BA, mandating a 30% tax rate on net winnings and TDS deductions, effective from 01.07.2023, ensuring compliance with income tax laws.
