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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 : 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 : 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 Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : ITAT Pune remands appeal for reconsideration, citing leniency for a senior citizen taxpayer's advance tax shortfall. Case to be de...
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...
Delhi High Court held that capital gain earned on sale of shares by non-resident is not taxable in terms of Article 13(4) of India and Singapore (DTAA) based on Tax Residency Certificate. Also held that revenue has to accept Tax Residency Certificate and cannot go behind it.
CBDT notifies ITR-7 for Assessment Year 2023-24/Financial Year 2022-23 vide Notification No. 05/2023-Income Tax Dated: 14th February, 2023. MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 05/2023-Income Tax Dated: 14th February, 2023 G.S.R 95(E).—In exercise of the powers conferred by section 139 read with section 295 of the […]
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act without iota of evidence or any cogent reasons is unsustainable and liable to be quashed.
ITAT Mumbai held that capital gain is to be taxed in the hands of legal owner of the property who has transferred the property by registering sale deed. Merely because interest of housing loan is claimed by the son of the assessee, it doesn’t make him the owner of the property.
ITAT Chennai held that rice being specified in schedule is covered within the definition of agricultural produce as per provision of Tamil Nadu Agricultural Produce Marketing (Regulation) Act, 1987. Accordingly, as per Rule 6DD(e)(i) of the Income Tax Rules the same is exempt from disallowance under section 40A(3) of the Income Tax Act.
Calcutta High Court held that order of transfer passed invoking power under section 127 of the Income Tax Act without opportunity of being heard is unsustainable in law.
ITAT Mumbai held that penalty under section 271-1-c of the Income Tax Act not imposable when the addition on account of bogus purchases is done on adhoc estimated basis As adhoc estimated based addition doesn’t tantamount to furnishing of inaccurate particulars of income.
ITAT Mumbai held that initiation of proceedings under section 153C of the Income Tax Act based on documents impounded during the course of survey under section 133A of the Income Tax Act is bad in law and unjustified as no such material were found during the course of search.
Understand Rule 12 of Income Tax Rules & get to know what amendments were made wef 01.04.2023 for AY 2023-24. Learn more
Amendment of Section 43B to boost MSME sector growth & timely payments. Govt. of India passed Budget 2023 to help MSMEs. Find out more.
