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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...
Income tax department has issued notices u/s 148 for reassessment proceedings of previous financial years in the month of March-21. CBDT’s notification No. 20/2021, dated 31-03-2021, issued in exercise of the powers conferred by section 3(1) of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TLA Act, 2020) extended the last for issuance of notice u/s 148 up to 30.06.2021. However, the validity of the notices issued after 31.3.2021 is challenged in many High Courts by filing a writ petition.
Tax exemption to ameliorate stress due to COVID-19 The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years. This was stated by Minister of State for Finance […]
DCIT Vs Sahara India Sahkari Awas Samiti Ltd. (ITAT Delhi) In DCIT v. Sahara India Sahkari Awas [ITA Nos.2481 & 2482/Del/2011 and CO Nos.221 & 222/Del/2011 decided on July 19, 20201] Sahara India Sahkari Awas (Respondent), a cooperative society of Sahara India group and is engaged in the business of development and construction of residential […]
Goa Carbon Ltd Vs JCIT (Bombay High Court at Goa) In the present case, the Assessee, apart from submitting an unsigned chart, allegedly based on the books of account maintained by the Assessee, had failed to produce on record any material in support of the substantial variation between the cost price and the market price. […]
TCS under Section 206C(1H) and Imposing Higher Rate of TCS under Section 206CCA As we know there are provisions which provides for collection of tax at source for certain specified category of goods however there was no provision of tax collection at source for sale of goods in general. Now with the intent to establish […]
The issue with respect to tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts. Being a subject matter of discussion for a number of years, closure for the same has been achieved after the Ruling of the Apex Court of India.
Global Minimum Tax, Equlization Levy & Section 195, Section 9B & Section 45(4), New Judgements, Filing ITR & Tax Audit Report; Section 194Q & Section 206AB, New Registration of Trusts, Section 148 Notices & TDS/TCS Changes – vide Finance Act, 2021 Global Minimum Taxation 2 Pillar Approach – Pillar 1 Scope – 1. Multinational enterprises […]
Central Government allocates jurisdiction among Competent Authorities authorized under section 5(1) of Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 for the purpose of section 7 of the Prohibition of Benami Property Transactions Act 1988 MINISTRY OF FINANCE (Department of Revenue) (COMPETENT AUTHORITY CELL) New Delhi Notification No.02 of 2021 | Dated: 19th […]
The first appeals against the Assessment Orders can be filed before the concerned Commissioner of Income Tax (Appeals). The procedures for disposal of these appeals have been changed under the Faceless Appeal Scheme implemented from 25th September 2020. The objective of the scheme after the faceless assessments is to eliminate human interface from the first […]
Two-pillar solution for Tax challenges arising from Digitalisation of Economy and consensus of majority of OECD/ G20 member countries (including India) Executive summary Certainty is one of the basic cannons of taxation. With the globalisation of economy when Multi National Enterprises (MNEs) starting setting up businesses across the globe, levy of tax in multiple countries […]
