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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 Bangalore held that penalty u/s 271D of the Income Tax Act is leviable on loan taken by way of cash. Notably, repayment of cash loan by way of cheque wouldn’t exonerate the assessee from levy of penalty.
The word ‘black money’ is not defined under the Income Tax Act, 1961, Customs Act, 1962, CGST Act, 2017, Central Excise Act, 1944 and erstwhile Chapter V of Finance Act, 2017 (related to Service Tax). This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.
Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base: Union MoS for Finance Shri Pankaj Chaudhary Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base. This was stated by Union Minister of State for Finance Shri Pankaj […]
ITAT Mumbai held that security charges involve supply of manpower only and the same does not involve carrying on of any work. Accordingly, provisions of section 194C are not attracted for expenses claimed as security charges. Hence, disallowance u/s 40(a)(ia) unjustified.
Partners of an LLP can learn how to file their income tax return under Section 139(1) of the Income Tax Act of 1961 with this guide. ITR 5 is the applicable form for filing an LLP income tax return.
DCIT Vs Yazdani International Pvt Ltd (ITAT Cuttack) ITAT Cuttack that expenditure towards various computer software and stationary and the expenditure towards upgradation of software for filing of return before the ROC and website design is revenue in nature and hence allowable. Facts- The revenue has challenged the action of CIT(A) in deleting the addition […]
ITAT Delhi concluded that grants were given specifically for participation in a particular event held in abroad grant was utilized as per terms and conditions and it was not free for the assessee to use the funds voluntarily. Accordingly approval of CBDT under sections 11(1)(c) of the Act not required.
The Author in this article discusses a decision of tribunal (ITAT) regarding taxation of amount paid by companies for broadcasting Cricket World cup matches during FY 2001-02 and 2002-03 held outside India in the hands of a non-resident. The bench has decided that the amount is taxable as royalty in India.
No prejudice was caused to the Assessing Officer on account of non-complying with the notice u/s 142(1) issued on 05.09.2019 and inaction of the Assessing Officer on the adjournment petition moved by the assessee would also enable the appellant to believe that the time to comply with the extension of time as prayed was granted.
Assessee failed to establish difference amount specified in Form 26AS and returns despite several opportunities – ITAT upheld addition
