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Income Tax : Article explains provisions related to income from house property, calculation of such income, exemptions available, and applicabl...
Income Tax : Learn the key differences between tax avoidance and tax evasion in India, legal provisions, real-world cases, and government measu...
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 : 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 : Guwahati High Court's landmark judgment on the tax rate for carbonated beverages containing fruit juice as per FSSAI Regulation 2....
Income Tax : Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “busine...
Income Tax : ITAT Hyderabad held that trade advances, in the nature of commercial transactions, cannot be characterized as ‘loans or advanceâ...
Income Tax : M/s. GRR Holdings is a firm was incorporated on 31.01.2014 with two partners Shri Gaddam Shyam Prasad Reddy & Shri Syed Fayaz Moha...
Income Tax : ITAT Jaipur held that issuance of notice under section 148 of the Income Tax Act by ACIT, Jaipur, is illegal and liable to be quas...
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...
Oracle Financial Services Software Limited Vs DCIT (Bombay High Court) Existence of the reason to believe that income chargeable to tax has escaped assessment is a jurisdictional condition for invoking the power under section 147 of the Act, 1961, both within and beyond a period of four years from the end of relevant assessment year. […]
Hindustan Petroleum Corporation Ltd. Vs Union of India (Bombay High Court) The Respondents filed Central Excise Writ Petition No. 60 of 2018 against the Petitioner and was pending before this Court. On 27/12/2019, the Petitioner opted for settling the said SVLDR scheme by filing necessary SVLDRS-1 declaration. The said application however was rejected on the […]
We hold that there is no question of treating the amount withdrawn by the assessee as partner from the partnership firm namely M/s SKA Enterprises in the nature of loan and advance and treat it as deemed dividend under section 2(22)(e) of the Income Tax Act. None of the ingredients of section 2(22)(e) stand satisfied in the instant case.
Office Order pursuant to CBDT Order No. 304 of 2021 dated 08.11.2021- In pursuance to the above and in exercise of the powers conferred by Explanation to sub-section (1) of section 120 of the Income-tax Act, 1961 as also section 59 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), it is hereby ordered that the officers referred to in column (3) of the table hereunder, in the grade of Commissioners of Income-tax shall exercise the powers and perform the functions of the Income-tax Authority
EFFECTIVE TAX PLANNING TOOLS FOR LAST MINUTE RESORT FROM CAPITAL GAIN TAXES The financial year is coming to a close. Are you worried about the capital gain taxes on the income generated from Stock Market/Mutual Funds in the Bull Run? If so, it is important to plan your long-term capital gains in equities as they […]
The Supreme Court on Thursday said the daughters of a male Hindu dying without a will would be entitled to inherit self-acquired and other properties obtained in the partition by the father.
The Income-tax department requires companies to submit a statement of Specified Financial Transactions (SFT). SFT reporting is mandatory for certain reporting entities from Finance Act 2014 by introducing section 285BA followed by additions made in Finance Act 2020 through notification no. 16/2021, dated 12-03-2021. This article focuses on SFT reporting which is applicable to the companies and documents require for reporting such transactions.
Vide Notification No. 10/2022 – Income Tax | Dated: 21st January, 2022 CBDT notifies Tax Exemption to National Skill Development Corporation, a body constituted by Central Government, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 10/2022-Income […]
PCIT (Central) Vs Agson Global Pvt. Ltd. (Delhi High Court) 1. Dismissing a bunch of appeals against deletion of addition u/s 68 towards Share capital/ share premium, bogus purchases and deposit in bank account, the Hon’ble Delhi High Court vide judgment delivered on 19.01.2022 (yesterday) has held that where the ITAT decided the matter based […]
Southern Gujarat Income Tax Bar Association Vs Union of India (Gujarat High Court) In today’s hearing through Video Conference, Mr. Y.K. Singh, DGIT (Systems) and Mr. Krishnamurthy, Additional Director General of Income Tax, also joined in the discussion. We had the advantage of hearing Mr. Singh as well as Mr. Krishnamurthy. Mr. Singh and Mr. […]
