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Income Tax : Advance tax is a system under which taxpayers are required to pay their taxes in installments throughout the financial year instea...
Income Tax : Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ens...
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 : 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 Pune allows Karad Urban Co-Op Bank to claim depreciation on AFS investments as per RBI guidelines, following judicial precede...
Income Tax : Gujarat HC orders 6% interest on delayed tax refunds under DTVSV Act, citing principles of natural justice. Refund delays due to a...
Income Tax : ITAT Chennai held that when cash is sourced out of recorded debtors, provisions of section 69A of the Income Tax Act could not be ...
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 : 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...
CIT Vs Tweezerman (India) Pvt. Ltd. (Madras High Court) The short question involved in the instant case is as how to compute the total turnover while considering the claim for exemption under Section 10B of the Act. The assessee is engaged in the manufacture of certain articles which are being exported and during the manufacturing […]
CORRIGENDUM to Notification No. 101/2021-Income Tax [G.S.R. 616(E)] Dated: 6th September, 2021 related to removal of Requirement of using DSC for efiling of submissions in e-proceedings. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 102/2021 – INCOME-TAX CORRIGENDUM New Delhi, the 7th September, 2021 G.S.R. 619(E).—In the notification of the […]
Audit of accounts of certain persons carrying on business or profession: Section 44AB, first time inserted by the Finance Act, 1984, by the Finance Minister Shri Pranav Mukharji with effect from 1st April 1985. At that time there was so opposed of this section, by business persons, professional persons and particularly by Tax Advocates and […]
Finance Act 2021 made an amendment in sub-sections (11) and (12) of section 10 of the Income Tax Act to provide that interest accrued on a provident fund account of any person to the extent it relates to the contribution made by the employee over and above Rs. 2,50,000 (Rs. 5,00,000 in case where employer is not […]
Requirement of using DSC removed for efiling of submissions in e-proceedings CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings CBDT notifies Income Tax 14C related to Prescribed manner of authentication of an electronic record under electronic verification code under sub-clause (b) of clause (i) of sub-section (7) […]
Compare a situation where there is a pair of same-twin, one of whom is your employee. For some purposes, whether the sibling brother of your employee can replace your employee just because he is same-looking? The reason for the title because the Finance Act, 2021 has substituted section 148 with effect from 1-Apr-2021 and a […]
Mohan Lal Vs JCIT (ITAT Jaipur) Magistrate had convicted the assessee on the complaint filed U/s 138 of the N.I. Act by Shri Aditya Kumar Sharma but that does not ipso facto mean that assessee has taken or accepted any loan or deposit or any specified sum in cash from the said Aditya Kumar Sharma. […]
1. The Government had capped the tax-free interest earned on provident fund contribution by employees to a maximum of Rs. 2.5 lakh in a year vide Budget 2021-22. 1.1 Section 10(11) and 10(12) of the Income Tax Act provides an exemption for the statutory provident fund and recognized provident fund respectively. Till 31st March 2021, […]
Central Government is pleased to appoint Shri G. S. Pannu, Vice-President of the Income Tax Appellate Tribunal, as President of the Tribunal in officiating capacity with effect from the forenoon of 6th September, 2021, till the regular President is appointed or until further orders, whichever is earlier.
In the recent union budget our Honorable Union Finance Minister increased the threshold limit for mandatory audit Under Section 44AB of the Income Tax Act, 1961 to Rs 10 Crores in cases where 95% or more transactions are done in digital mode.
