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Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Income Tax : Analyzing if increased TDS thresholds and reduced rates enhance taxpayer liquidity or just shift tax payments to advance tax. Read...
Income Tax : Overview of Income Tax Sections 69A, 69B, on unexplained income, investments, and expenditures. Key cases and interpretations incl...
Income Tax : Recent changes in India's income tax structure, particularly the introduction of rebates, have led to some confusion among taxpaye...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : ITAT Pune held that delay in filing audit report in Form 10CCB due to technical problem is justifiable and hence denial of claim u...
Income Tax : ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable...
Income Tax : Aadhunik Infrastructure Development Pvt. Ltd. Vs DCIT (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” ha...
Income Tax : ITAT Nagpur rules in ITO Vs N. Kumar Housing, addressing ₹5.2 crore addition under Sections 41(1) and 68. Liability cessation an...
Income Tax : ITAT Pune rules in Ramchandra Jadhavrao vs. ACIT that no penalty under Section 271(1)(c) applies if income is declared in return p...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Held that payment of federal taxes on the different between FMV and the grant price establishes that assessee is paying tax treating the value of shares as perquisite. Accordingly, provisions of section 49(2AA) are applicable. Cost of acquisition of share cannot be FMV.
INTRODUCTION : The Section 44AD of the Income Tax Act, 1961 is a presumptive business income section. This section is generally applicable in the cases of large number of tax payers. This section is thoroughly related with Section 44AA (liability for compulsory maintenance of books of accounts) and Section 44AB (liability for getting books of […]
Held that principle of res judicata is not applicable to decision of revenue authorities and, therefore, decisions given in an assessment for an earlier year are not binding either on assessee or on department in a subsequent year.
Held that a domestic transaction of purchase from the related party is not required to be considered as a specified domestic transaction under section 92BA.
Held that the assessee entered into forex derivative transaction with the ICICI Bank to hedge the foreign currency risk involved in the transaction. Thus, expenses claimed were revenue in nature as the derivative transaction entered into by the assesse was not in the nature of speculative transaction.
Held that fees like entrance fees as well as life membership are part of the corpus fund and accordingly are in the nature of capital receipt.
Understand the new section 194R and its impact on perquisites provided in cash to employees or partners. Learn about the TDS deduction and its implications.
Baid Trade Fina Pvt. Ltd. Vs ITO (ITAT Kolkata) Facts in brief are that the assessee filed its return of income on 26.09.2010 claiming TDS of Rs. 79,028/- as per Form 26AS, however in the intimation/order dated 25.04.2011 u/s 143(1) of the Act, the assessee was not granted the credit of TDS without assigning any […]
If an assessee has cash available prior to demonetization and if he opted to deposit the same multiple times, there is no prohibition in law for such deposits.
Phool Singh Vs ITO (ITAT Delhi) ITAT do not find any merit into the objection of the assessee that the land in question being agricultural land cannot be treated as capital asset. The sale-deed itself goes to demonstrate that what was being transferred was an industrial land. Therefore, there is no ambiguity on these facts. […]
