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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 Mumbai rules on Nickunj Eximp case: Disputes over bogus purchases, demonetization cash deposits, and assessment procedures....
Income Tax : The Delhi High Court quashed a tax reassessment notice issued to Indus Towers Ltd. for AY 2009-10, citing procedural lapses and mi...
Income Tax : ITAT Mumbai condones a 314-day delay in Atlantic Bio Medical Pvt. Ltd.'s appeal, citing a bona fide mistake in tax filing and a ri...
Income Tax : Gujarat High Court rules that a jurisdictional assessing officer cannot override the faceless assessment scheme under Section 151A...
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 : 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...
OFFICE ORDER NO. 46 OF 2022 The following officers in the grade of Pr. CCsIT / CCsIT are, hereby, ordered to hold the charge(s) as indicated against their names, in addition to their substantive charge/additional charge(s), if any, being held by them, with effect from 01.03.2022 and until further orders: –
Role of Double Taxation Avoidance Agreement (DTAA) and General Anti-Avoidance Rules (GAAR.) In Treaty Shopping To understand treaty shopping we need to understand what a DTAA is, A double tax avoidance agreement is a tax treaty agreed by two states to ensure that a tax payer is not taxed twice for the same income, this […]
Tax Holiday is an initiative by the government that gives away a tax reduction or even exemption in certain cases. In India like developing countries it is used to attract foreign investment. When the government wishes to boost certain production of goods or a sector of industries it grants a scheme of tax holidays. However, […]
Commodities Transaction Tax (C.T.T.), is a tax payable to the central government on trades made on commodities. CTT was first proposed in 2008 and received violent opposition as commodity trading was at a beginning stage in India, and levying such tax could lead to a dip in commodity trades. CTT was brought before parliament again […]
ITAT Held that the assessee is eligible for deduction u/s 80 IB of the Income Tax Act on fertilizer subsidy received by it. Accordingly, we hold that the fertilizer subsidy income received by the assessee is income derived from the business of the industrial undertaking and is eligible for deduction u/s 80 IB of the income tax act.
In the present case, the AO, apart from relying upon some opinion of rent from property broker firms and websites, does not appear to have made any independent inquiry on the adequacy of the rent being charged by the respondent/assessee from Hamdard Dawakhana (Wakf).
Income Tax dispute: Anugraha Shelters challenges capital gain assessment. Joint Development Agreement not treated as possession under sec.53A of Transfer of Property Act.
Interest earned from investments made with Co-operative Bank, not being Co-operative Bank was not deductible either under section 80P(2)(d) or under section 80P(2)(a)(i). Such interest income was to be assessed as income from other sources, however, deduction under section 57 was to be given in respect of expenditure for earning interest income.
Pavel Garg Vs ACIT (ITAT Delhi) Annual value of house property cannot be determined on ad-hoc basis when rent realized by assessee in subsequent years is on record ITAT finds that the AO has computed 10% of the value of investments in house property whereas the ld. CIT(A) reduced the amount to 5% of the […]
Refex Industries Limited Vs DCIT (ITAT Chennai) From the factual matrix as enumerated in preceding paragraphs, it could be gathered that the assessee was engaged in refrigerant gases which are used mostly in Air Conditioners, refrigerators and refrigerating equipments. With a view to expand its business and with a view to facilitate import of gases, […]
