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Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...
Income Tax : Delhi HC ruled WGF Financial Services can't claim bad debt deduction under Sec. 36(1)(vii) as furnishing guarantees wasn't its reg...
Income Tax : Switzerland halts the unilateral application of the MFN clause under its tax treaty with India from 2025, following the Indian Sup...
Income Tax : Explore 151 FAQs on Finance Bill 2025, covering tax provisions, IFSC benefits, TDS/TCS, transfer pricing, and more for informed fi...
Income Tax : Compare GST and Income Tax search and seizure processes, highlighting key differences in scope, authority, and taxpayer rights. Le...
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 Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of...
Income Tax : Bombay High Court held that passing of ex-parte order without affording a reasonable opportunity of being heard to the assessee is...
Income Tax : Bombay High Court held that reopening of assessment without fresh tangible material based upon mere change of opinion is unsustain...
Income Tax : Delhi High Court directs tax authorities to review show-cause notices uploaded before 16 January 2024 and develop remedial measure...
Income Tax : Bombay High Court upholds AO's addition for unverified bogus purchases in PCIT vs. Kanak Impex. Decision based on Section 69C and ...
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...
High Court held that Work from home after availing the maternity benefit could be given only in case where the nature of work assigned to the woman is such that it is possible for her to work from home.
Lufthansa German Airlines Vs DCIT (ITAT Delhi) The question is whether the User Development Fee (UDF) collection charges paid by AAI to the Lufthansa German Airlines (Assessee) is income derived from operation of aircraft not liable to tax in India as per Article 8 of DTAA between India and Germany. As the effective management of […]
CBDT extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the IT Act,1961. The application for registration or approval in Form No. 10AB can be filed upto 30th September, 2022. *** CBDT extends last date for filing of Form No.10AB for seeking registration […]
Taxpayers who have not linked their PAN with Aadhaar will be required to pay a fee of Rs. 500 up to three months from 1st April, 2022 and a fee of Rs.1000 after that, while intimating their Aadhaar. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 30th […]
Cryptocurrency and Income Tax Clarification on the taxation of cryptocurrency in India was highly awaited for the crypto holders. With the introduction of Budget 2022, the government has announced taxation norms on the same. Key pointers regarding income tax implications on cryptocurrencies in India are as follows – 1. Cryptocurrency – Meaning as per Income […]
Udaya Sounds Vs PCIT (Kerala High Court) Title deeds of the petitioner are retained by the Income Tax department under the colour of a search and seizure for the last more than twenty-two years. Alleging that the retention of the said documents are contrary to law, petitioner has approached this Court seeking directions to return […]
Goregaon Sports Club Vs ACIT (Bombay High Court) It is one of those blatant cases of breach of principles of natural justice and total non application of mind. In the assessment order, the Assessing Officer is referring to a show cause notice dated 12th April 2021 by which the DAO proposed modification in returned income […]
Finance Act, 2022 received the assent of the President on the 30th March, 2022. Full text of the same is as follows:- MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th March, 2022 The following Act of Parliament received the assent of the President on the 30th March, 2022 and is hereby published […]
CBDT notifies ITR Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V and ITR- Ack for Assessment Year 2022-23/Financial Year 2021-22 vide Notification No. 21/2022 Dated 30th March, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 21/2022-Income Tax | Dated: 30th March, 2022 G.S.R 231(E).—In exercise […]
Provisions of TCS shall not apply to a buyer being an individual who is not a resident in India and who is visiting India. Hence, a domestic tour operator is not required to collect tax on sale of overseas tour package to non-resident individuals visiting India.
