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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...
We know that COVID-19 is one of the major pandemic which has affected each and every person in the world. It has also created a big hole in the pockets of people on account of medical treatment for those affected by COVID. In this article we will discuss about how to claim refund of TDS […]
In this article, the author has tried to analyze the applicability of Estoppel Rule, with the penalty on agreed additions by the assessee. Now, at the outset, practically it is not uncommon for an assessee to agree to additions, if he were to be spared from penalty consequent on such admission.
In the case of the assessee at present no finding was recorded in the assessment order that there was concealment of income.The assessee has not furnished inaccurate particulars of its income.True income of the assesseee was declared in the return filed by the assessee after issue of the notice u/ s 148 of the act . And the case of the assessee was made u/s 143(3) of the act on the same returned income.
Main issue involved in the matter was that Employees contribution to VPF was deposited after due dates under explanation to section 36(1)(va) but before the end of relevant previous year is allowable deduction or not.
Jansampark Advertising & Marketing P. Ltd. Vs ITO (ITAT Delhi) Settled position of law as held by the Hon’ble High Court in the case of Haryana Acrylic Manufacturing Co. v. Commissioner of Income Tax 308 ITR 38 [ Delhi] is that the requirement of recording the reasons, communicating the same to the assessee, enabling the […]
DCIT Vs Welspun Projects Limited (ITAT Ahmedabad) It was also argued by the learned DR that there is no provision under the Act for amortization of the expenses. Therefore, the assessee should not be allowed the deduction of the expenses amortized in the year under consideration. Undoubtedly, the assessee has incurred the expenses on the […]
Vodafone Idea Limited Vs DCIT (ITAT Mumbai) In this case Learned Departmental Representative could not disputed the proposition that hearing of the appeal after the last stay could not take place because of no fault of the assessee. Accordingly, we extend the stay for a period of six months from the date of this order […]
1. This section is applicable on domestic companies 2. This section is applicable from the AY 2020-21 3. Effective Tax rate under this section is 17.16% (Tax 15% plus, Surcharge 10% and Cess 4%) 4. The company should be incorporated and registered in India on or after 1st October 2019 5. The company should commenced […]
Understand the tax implications on reconstitution of firms, AOPs, and BOIs under the new taxation regime. Learn about section 9B and its interplay with other related sections.
The determination of residency under the provisions of Income Tax Act, 1961 (‘Act’) is critical in determining the taxable income to be offered to tax in India. One issue that has been noted is with respect to taxation of crew members of ship or individuals leaving for employment outside India during the year and another being the impact of the changes made in residency provision for individuals.
