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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 : ITAT Delhi deletes additions against Sanmati Jewellers due to lack of corroborative evidence and delay in 153C proceedings. Read k...
Income Tax : Deloitte Haskins And Sells Vs ACIT (Gujarat High Court) The High Court recently adjudicated a case concerning a writ petition file...
Income Tax : Rajasthan High Court rejected Agarwal Polysacks' plea against IT reassessment under Section 147, holding the company accountable f...
Income Tax : ITAT Chennai ruled in favor of Jayaram Rangan, holding that consultancy fees received as a Managing Director should be taxed as pr...
Income Tax : Bombay High Court clarifies reassessment under Section 147 of the IT Act in CIT-5 vs. Jet Airways, ruling in favor of the assessee...
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...
On October 8, 2021, India and United States joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the United Kingdom) in reaching agreement on the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy.
The Income Tax Department carried out a search and seizure operation on two real estate groups based in Delhi-NCR on 17.11.2021. These groups are engaged in the construction of commercial and residential projects.
Plugging loopholes within Section 50B governing Slump Sale Transactions : Amendments by Finance Act, 2021 This presentation would aim to simply explain what a slump-sale is and proceed to explain the concept of a slump sale in a tax perspective due to several issues faced pertaining to the tax-computation mechanism of a slump sale and […]
Background of Annual Information Statement (‘AIS’) In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 (‘Act’) read with Rule 114-I of Income Tax Rules, 1962 with effect from June 1, 2020. The new […]
Issue faced in Intimation under section 143(1) with respect to Late Fees under section 234F of Income Tax Act, 1961 Currently the Income Tax authority Centralize Processing Centre (CPC) is issuing intimation for Assessment Year (AY) 2020-21 (FY 19-20) as well as AY 2021-22. In the intimation generated for AY 2020-21, the CPC is levying […]
Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the Income-tax Act, 1961
DCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad) CIT(A) has rightly concluded that the agricultural land parcels being situated in the rural area is outside the purview of expression ‘capital asset’ defined in Section 2(14) of the Act. Consequently, the rural agricultural land in question not being a capital asset is not susceptible to tax under […]
A tax is a mandatory charge levied by the government on an individual’s or a business’s hard-earned income during any financial year. While paying taxes is certain and inescapable there are various ways to diminish this burden and one such measure is tax planning. Tax planning is a process of analyzing one’s financial situation during […]
What Is Annual Information Statement (AIS) And Taxpayer Information Statement (TIS) The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year (FY). It contains the information relating to income earned from various sources such as salary, dividend, interest from savings account, recurring deposits, sale and […]
In the case of a company objects or powers which is not stated in the memorandum is prohibited by the doctrine of ultra vires. As a result, an act which is ultra vires is void and it shall not bind the company. Neither the company nor the party to the contract can sue on it.
