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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 advance...
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...
1. Have you missed the ITR filing deadline in anticipation of another extension from 31st Dec 2021? No worries. You still have a chance to file your ITR by 31st March 2022. The due date of ITR filing for individuals, whose accounts are not to be audited has been extended twice – first from the […]
Nokia India Pvt. Ltd. Vs ACIT (ITAT Delhi) Conclusion: In present facts of the case, the Hon’ble Tribunal observed trade incentive to distributor, trade discounts and issuance of handsets on Free of Cost as business expense. Facts: The assessee company filed its return of income on 30.11.2013 declaring total income at Rs.5,35,77,93,880/-. Later, the return […]
Harish N. Salve Vs ACIT (ITAT Delhi) Conclusion: In present facts of the case, the Hon’ble Tribunal held that providing scholarships to students in foreign university is a business expenditure. Facts: Assessee is an Advocate by profession and is stated to derive income from Business, Capital Gain and Other Sources. Assessee filed his return of […]
There is a merciful part tucked away among us all. What’s more, the possibility of getting out there and working on something for society additionally probably entered our thoughts ordinarily. Be that as it may, how continually have we felt complimentary to do it? We get so up to speed in our everyday lowly that […]
पिछली 21 दिसंबर 21 को देश में 25 से ज्यादा शहरों और लगभग 11 राज्यों में अबतक की सबसे बड़ी आयकर रेड चीनी मोबाइल कंपनियां जि़ओमी, ओप्पो और वन प्लस पर की गई और ऐसा बताया गया कि हजारों करोड़ रुपये के अपवंचन की संभावना है. अगस्त महीने में भी दूरसंचार उपकरण बनाने वाली […]
In continuation of my writing on the taxation of the top 25 GDP rated countries, South Korea with its unique income tax for individuals deserves special treatment. I got the latest information from the web site of National Tax Service, (NTS) the government owned one to help with tax information. Proper reference is given at […]
There is a lot of interpretations and confusion among the taxpayers and other stakeholders regarding the two newly inserted sections – Section 45(4) and Section 9B of Income Tax Act. This article is confined to give the simplified interpretation of the above mentioned section which are related to transfer of Money, Capital asset or Stock […]
Sudhir Kumar Hasija Vs ACIT (Madras High Court) The main contention of the learned counsel for the petitioner is that the prosecution itself has been launched under the wrong premise that the petitioner has not filed his return, but the fact remains that the petitioner was issued with two Pan cards bearing numbers AKKPS7295P and […]
ITO Vs Mayuri Constructions (ITAT Hyderabad) The brief facts of the case are that the assessee is a firm engaged in the business as civil contractor filed its return of income for the AY 2008-09 on 14/10/2008 declaring total income of Rs. 65,254/-. Initially, the return was processed U/s. 143(1) of the Act and thereafter […]
Nearly 5.89 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as on 31st December, 2021, the extended due date. More than 46.11 lakh ITRs were filed on 31.12.2021.
