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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...
Impact of Uniform Civil Code (UCC) on Hindu Undivided Family (HUF) as an income tax Unit There is growing demand for implementation of Uniform Civil Code (UCC) in India. In addition to other implications, it will also impact the concept of Hindu Undivided Family as an income tax unit. I thought of writing about its […]
The Petitioner contended some of the directions issued by the Respondent are bad in law because the Respondent has delegated upon a special auditor the work which he himself was required to do thereby is in the nature of investigation. Such directions cannot be segregated from the other directions and therefore submitted that the entire order containing the directions be quashed and set aside.
The Petitioner is an assignee of right, title and interest of the credit facilities to Borrower which is now in liquidation and the Petitioner has a secured and a prior charge over the attached properties of the Borrower. The Petitioner, due to the prior charge, has been aggrieved by the order of the Respondent which is seeking Income Tax dues from the Borrower.
The object of the provisions of Section 40A is to curb the flow of black money and not to put an impediment to the trade and Business The Hon’ble Tribunal accepted the plea of the assessee The writ petition of the CIT was reject ted by the Hon’ble PB and Hr. High Court The plea […]
The Finance Act, 2021, has inserted Section 194Q, in Income Tax Act, 1961 with effect from 01.07.2021, to provide for the deduction of tax (TDS) on certain purchases. The TDS has to be deducted if the value or aggregate purchase value exceeds Rs. 50 lakhs during the previous year. As per Finance Act, 2021, Section […]
Development Commissioners are requested that any laboratory or institution which have been accredited for Good Manufacturing Practice (GMP) and Good Laboratory Practice (GLP) may be accepted as recognized laboratory or institution for quality testing or research and development under Rule 50(3) and their certificate may be accepted as required in Proviso to Rule 50(3) of SEZ Rules, 2006.
Hitachi Hi Rel Power Electronics Pvt. Ltd. Vs DCIT (Gujarat High Court) A.O. could be said to have overlooked or rather ignored the jurisdictional requirement of a satisfaction in accordance with para 3.4 of the instruction No.3 of 2016 referred to above that there ought to be an income or potential of an income arising […]
Here’s all you need to know about the Relief when salary, etc. is paid in arrears or in advance: There are cases wherein an employee, may get salary arrears in the current year, for any past year/s due to pay revision. And when this additional arrear is added with the current year’s income, the tax […]
Bharatkumar Kalubhai Ghadiya Vs ACIT (Gujarat High Court) In the case on hand also, the Assessing Officer has reason to believe that the petitioner is a beneficiary of accommodation entry and basis for formation of such belief is several inquiries and the investigation by the Investigation Wing, Ahmedabad and report thereof. The reasons for the […]
Wipro Limited Vs JCIT (Karnataka High Court) Karnataka High Court allowed the additional 3% interest on the delayed Income Tax Refund to Wipro ( Petitioner) from the Deputy Commissioner of Income Tax (DCIT) (Respondent). The Petitioner approached the Writ Court to challenge the order in which the Respondent, DCIT, denied additional 3 percent interest on […]
