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Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Stay on top of important compliance deadlines including GST, ESI, PF, SEBI, and Income Tax filings, with detailed due dates and fo...
Income Tax : Confused about the TDS rate on rent under Section 194-IB for FY 2024-25? Learn when to apply 5% or 2% based on the Union Budget 20...
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 : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
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 : Karnataka HC remands Lalitamba Pattina Souharda Sahakari Niyamita’s case to AO, questioning denial of Section 80P deduction on i...
Income Tax : ITAT Delhi rules in favor of Arvind Kumar Agarwal, allowing Section 10AA deduction despite late return filing. Tribunal highlights...
Income Tax : ITAT Ahmedabad rules on Aprameya Engineering’s appeal against tax rate denial under Section 115BAA due to delayed Form 10-IC f...
Income Tax : The writ petitioner impugns the order dated 27 March 2018 in terms of which the respondent has come to reject applications filed b...
Income Tax : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
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 Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Calculation of Taxable and Non-Taxable Interest Under EPF/GPF | Income Tax (25th Amendment) Rules, 2021 The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable. Any interest […]
8 Amendments in Finance Bill 2022 to overturn established judgements Unsuccessful Appeal Submissions Turned into Explanatory Memorandum to Finance Bill!! Just 1 less than 200, i.e., 199. Well yes Friends, that is the total page count of this year’s Memorandum explaining the provisions in the Finance Bill 2022, and going through these 199 pages of […]
Ashish Tandon v. ACIT (2019) 103 taxmann.com 315 / 199 TTJ 137 / 176 DTR 353 (Ahd.) (Trib.). HELD THAT – Sale of a technical concept, that the assessee developed on his own, with respect to website malware monitoring, assessable as business income. FACTS OF CASE; A technical concept was conceptualized by assessee-employee to safeguard […]
Budget 2022 was an interesting Budget. There were different expectations from various stakeholders of the Indian Economy. While Salaried individuals expect an increase in the threshold limit of deductions available under Section 80C, 24(b), HRA and the like, business class expect operational reforms in the areas pertaining to indirect taxes. While MSMEs expect increased support […]
It not the entire sales consideration which is to be brought to tax but only the profit attributable on the total unrecorded sales consideration which alone can be subject to income tax
Sanjay Singhal Vs Union of India (Rajasthan High Court) In this case search and seizure was carried out way back in the year 2018 which culminated in passing the orders of assessment in the year 2021. Thereafter, the petitioners have filed appeal before the Appellate authority exercising their right of appeal. While the appeal is […]
Tax Deduction at Source on transfer of certain immovable properties (other than agricultural land) [Section 194-IA] Analysis of Section 194-IA20 1. Person liable to deduct TDS u/s 194-IA Any person (transferee), other than the person referred to in section 194LA, responsible for paying to a resident transferor any sum by way of consideration for transfer […]
As we approach the year-end, it’s time to review the tax savings options for the individuals (especially salaried class) to save on taxes and earn some value out of the investments made. It has been seen that people generally don’t review their income structure timely and at the time of filing of returns, they realize […]
BENEFITS FOR RETIRED EMPLOYEES – UNDER INCOME TAX LAW > Higher Basic exemption limit > Exemption from tax on amount received as Gratuity, Commuted Pension, Leave Encashment and from Provident Fund > Higher deduction for Medical Insurance Premium > Higher deduction limit for interest from Banks and Post Office ………….and many more BENEFITS UNDER DIRECT […]
S.P. Velayutham Vs ACIT (Madras High Court) Mere failure to pay the tax in time without any intention or deliberate attempt to avoid tax in totality or without any mens rea to avoid the payment, the word employed ‘wilful attempt’ cannot be inferred merely on failure to pay tax in time. If the intention of […]
