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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 : 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 : Gujarat High Court held that reopening of assessment based on borrowed satisfaction without there being any link between informati...
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...
Repayment of Home Loan comprises of 2 components – Principal and Interest. Treatment of repayment of principal and interest are governed by 2 different sections of the Income Tax Act, 1961. Section 80C of the Income Tax Act allows for a deduction of payment of principal component and it is allowed on the basis of […]
Vide Notification No. 3/2022-Income Tax | Dated: 11th January, 2022 CBDT notifies Tax Exemption to ‘International Financial Services Centres Authority’, Gandhinagar, Gujarat, an authority constituted under sub-sections (1) and (3) of section 4 of the International Financial Services Centres Authority, Act, 2019 (50 of 2019), in respect of the specified income under section 10(46) of […]
SLV Housing Development Corporation Vs ACIT (ITAT Bangalore) The tax authorities have pointed out time gap in getting a tax audit report from a new CA. However, it is a known fact that it might have taken some time to severe relationship with the earlier CA. However, the fact remains that the tax audit report […]
Rena Sahakari Sakhar Karkhana Ltd. Vs PCIT (ITAT Pune) We find that the issue that a co-operative society would be entitled for claim of deduction under Sec. 80P(2)(d) on the interest income derived from its investments held with a co-operative bank is covered in favour of the assessee in the following cases: (i) M/s Solitaire […]
Pushp Steel and Mining Private Ltd. Vs PCIT (ITAT Delhi) The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisionary jurisdiction under section 263 of the Income Tax Act, 1961 can be exercised in a very gross case of inadequacy in inquiry by Assessing Officer subject to the pre-requirements provided […]
Joint Representation Letter of CA’s in Thanjavur, Thiruvarur, Nagapattinam, Mayiladuthurai and Cuddalore Districts. CAs wrote to FM on the difficulties faced while using the new Income-tax e-filing portal and Request for waiver of late filing fees, penalties, interest, etc.,
‘Annual Information Statement’ is a new statement recently introduced by the Income Tax Department. ‘Annual Information Statement’ is prepared on the basis of various information grabbed by the department from different returns/ sources like TDS/ TCS, SFT etc. The present article explains one of the information categories, namely, ‘Balance in account’ as covered under ‘Annual […]
Randox Laboratories India Private Limited Vs ACIT (ITAT Bangalore) Â The facts on record reveal that the Transfer Pricing Officer under a misconception that the assessee has undertaken manufacturing activity has rejected RPM. Learned DRP has also not examined the facts in proper perspective. Rather, learned DRP has recorded an erroneous finding by stating that in […]
The new ‘Annual Information Statement’ shows/ reflects the complete picture of the financial details, of the taxpayer, which are available with the income tax department from different sources. ‘Annual Information Statement’ covers wider details as compared to Form 26AS. Notably, once the ‘Annual Information Statement’ is completely operational and validated, the same will replace the […]
The meaning of the expression ‘substantial part of business’ for the purpose of Section 2(22)(e) Introduction Section 2(22)(e) of the Income Tax Act, 1961 will not be attracted if the company making the payment by way of loans or advances, have made such payment in the ordinary course of its business and lending of money […]
