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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 : 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 : ITAT Raipur held that dismissal of appeal by CIT(A) without disposing off on merits, merely on account of non-prosecution is unjus...
Income Tax : ITAT Delhi deleted additions made on alleged bogus purchases by Rama Hygienic Products Pvt. Ltd., citing lack of evidence and reli...
Income Tax : Delhi High Court held that provision of section 292B doesn’t include passing of order u/s. 148 overlooking error apparent on the...
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...
It was March 2020, almost 2 years after the first Covid Lockdown. Many youngsters entered the Stock Market first time during this period. Nearly 8,39,81,228 Active accounts are managed by CDSL and NSDL. People started trading intraday, BTST, STBT, Option selling, futures. For them, they are either trading or investing. But from a taxation perspective, […]
An E-commerce seller is a seller who lists its products/services on E-commerce platforms like Amazon, Flipkart etc. The question is whether & what TDS do they require to deduct. The answer is- like any other business, TDS compliance apply to an E-commerce seller just like it applies to any other business & they are required […]
Non filing of Form 10 within the prescribed time u/s 11(2) Exemptions are provided to Charitable & Religious Trusts 1) Unconditionally, u/s 11(1) of the Act to the extent it does not exceed 15% of the income from such property; 2) Conditionally, u/s 11(2) of the Act, without any upper limit on fulfillment of the […]
Supreme Court disallows tax benefits to pharmaceutical company gifting freebies to doctors. Impact on public policy and professional conduct discussed. Full judgment
Rakesh Garg Son Vs PCIT (Rajasthan High Court) Legislature framed the direct tax Vivad se Vishwas Scheme, 2020. It was brought into effect from 17.03.2020. This act contains provisions for settlement of pending direct tax disputes. The petitioner was desirous of taking benefit of the said settlement scheme contained in the Act of 2020 and […]
GRI Renewable Industries S.L. Vs ACIT (IT) (ITAT Pune) It is seen that the assessee offered its income from ‘royalties’ and ‘fees for technical services’ on gross basis, albeit at the concessional rate of tax. The assessee claimed that a sum of Rs.35.67 lakh was received as reimbursement of expenses which was not liable to […]
Vatsal Navnitlal Parikh Vs ITO (ITAT Ahmedabad) We find that additional evidences are produced for the first time before the Tribunal. These documents were not filed before the lower authorities during assessment proceedings due to family disputes. Therefore, in the interest of justice, we deem it fit to remand the matter back to the file […]
GST Vs Krishna Kant Pandey, Laxmi Kant Pandey & Shashi Kant Pandey (Patiala House Court) The present case is of clandestine manufacturing and sale which is covered by Section 132 (1) (a). Although, the punishment and the status of the case has cognizable and non bailable is the same, the evidence of both category of […]
Section 10(38) exempts only a stream of capital gain from tax and not the entire source. So if the assessee incurs loss in sale of equity shares, the gain from sale of which is exempt under section 10(38), then such loss will be allowed to be set off against long-term capital gain from sale of shares as well from sale of other assets.
1. Changes under the head Rates of Income Tax, Cesses and Surcharges, chapter- II, applicable from April 01, 2022 – Assessment year 2023-2024 (i) ‘No changes’ for any type of assessee against the Income tax rates (ii) ‘Reduction’ for non-corporate assessee against the Alternate Minimum Tax (AMT)-Section 115JC (a) For a Co-operative society from 18.5% […]
