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Income Tax : Explore India's digital taxation measures like Equalization Levy, Significant Economic Presence, and GST on online services. Learn...
Income Tax : Learn about ITR-U, a form for updating income tax returns. Understand eligibility, filing process, deadlines, and additional tax i...
Income Tax : This article explores the evolution of digital taxation, its implications for businesses and economies, the challenges associated ...
Income Tax : In this blog post here, we would like to address the impact of progressive taxation on income inequality in India with regard to t...
Income Tax : This blog compares the Old Tax Regime and New Tax Regime in detail, highlighting their key features and helping taxpayers make an...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
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 : ITAT Surat remands penalty case under Section 271B to AO, ruling that bank transactions alone cannot determine turnover. Fresh con...
Income Tax : ITAT Mumbai restores MITC Metals case for fresh adjudication, ruling that assessment order was not void ab-initio despite ongoing ...
Income Tax : Explanation to Section 14A has only a prospective effect from April 1, 2022, and cannot be retrospectively applied to earlier asse...
Income Tax : ITAT Ahmedabad dismisses Somnath Kelavni Mandal's income tax appeal due to continuous absence in proceedings. Case pertains to une...
Income Tax : ITAT Delhi held that provision of section 43A of the Income Tax Act not invocable when there is only reinstatement of fluctuation ...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
Vide Notification No. 103/2021-Income Tax | Dated: 10th September, 2021 CBDT notifies Tax Exemption to ‘District Mineral Foundation Trust’ . MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 103/2021-Income Tax | Dated: 10th September, 2021 S.O. 3659(E).—In exercise of the powers conferred by clause (46) of section 10 […]
A guiding note for freshers who intends to start Income tax practice with no commerce background I had been a science student with no commerce back ground. But I am in Income tax practice for the last 32 years. A brief background is as under. I completed my BSc. with mathematics from Nehru College, Faridabad, […]
Niho Construction Limited Vs DCIT (ITAT Delhi) Assessee claimed 100% Depreciation on Mobile Phones, each of which cost less than Rs. 5,000/-. But Assessing Officer (AO) restricted the depreciation to 15%, treating them general plant & Machinery. Assessee approached ITAT and AO argued that List of items on which 100% depreciation is allowed is specifically […]
Rangbahar Vs Commissioner of Income Tax (ITAT Mumbai) In this case CIT (Commissioner of Income tax), disallowed depreciation on mobiles, as the assessee has not provided ‘the place of installation’ of Mobile Phones. Vide para 18 of the Revision Order of the CIT was of the opinion that the assessee has not provided “the place […]
Extension of time lines for filing of Income-tax returns (Audit /Non-Audit cases both and Furnishing of belated/revised Return of Income for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for the Assessment Year 2021-22 by the Central Board of Direct Taxes (CBDT) vide Circular No. 17/2021 dated 09.09.2021 […]
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;
Hello friends, here we discussed the provision of transfer of capital asset to partner/member on dissolution or reconstitution of the specified entity [Section 45(4) and section 9B] [W.e.f A.Y. 2021-22]. 1) SECTION 45(4) OF INCOME TAX ACT, 1961 Before Amendment, As per section 45(4), the profits or gains arising from the transfer of a capital […]
Barring private equity partners (India) private limited Vs ACIT (ITAT Delhi) If the Assessee select the option to received Interest on Non-Convertible Debenture at maturity but showing yearly interest in P/L account but offered to tax at the Maturity then AO cannot raise objection. The assessee had subscribed to 7500 NCDs of Rs. 1,000/- each […]
If assessee opts for presumptive taxation it cannot claim any deduction of any expenditure including Depreciation. Since no deduction is allowed the AO is not permitted to add back the income as unexplained expenditure.
South Indian Bank Ltd Vs Commissioner of Income Tax (Supreme Court of India) 1. For purposes of 14A, a presumption can be made that investments have been made out of interest free funds even when there are mixed funds and there is no bifurcation in books of accounts for interest expense. 2. It needs to […]
