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Income Tax : Explore the concept of agricultural income under Income Tax Act 1961, including definitions, exemptions, and conditions for income...
Income Tax : IT Dept scrutinizes political donations ₹5L+ for tax fraud. Learn about Section 80GGC/80GGB, penalties, and steps to ensure comp...
Income Tax : Why does tax evasion still thrive despite all the efforts to stop it? And more importantly, what can be done to fix it? This blog ...
Income Tax : Through tax laws on Virtual Digital Assets (VDAs) like cryptocurrencies and Non-Fungible Tokens (NFTs), India has initiated the pr...
Income Tax : Explore evolution of tax laws from ancient times to the modern era, highlighting key changes, global trends, and challenges shapin...
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 Pune remands the appeal of Mula Parisar Serva Seva Sangh regarding TDS refund claim for 2018-19, citing past precedents....
Income Tax : ITAT Chennai sets aside CIT(E)’s rejection of 80G registration for SKNNSM Society, citing inadequate time for response. Case sen...
Income Tax : ITAT directed AO to verify Factory Premises rental income and compute taxability under section 57, allowing proportionate expense...
Income Tax : Delhi High Court directs NFAC to expedite pending appeals, expressing concern over prolonged delays in taxpayer cases, including a...
Income Tax : Delhi ITAT rules Section 56(2)(viib) of the IT Act does not apply to transactions between holding and subsidiary companies, quashi...
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...
ACIT Vs Ajay Jagdishnarain Agarwal (ITAT Mumbai) fter going through the order passed by the CIT(A), we noticed that the property was purchased by Jagdish Narian Agarwal in the year 1974 after paying the full consideration. The original owners/vendors confirmed the transaction and the parties had given requisite confirmation before the district collector. They transferred […]
Transfer of Equity Shares of Unlisted Company- Capital Gains Perspective Applicability of Section 50CA: In case of sale of Unlisted Equity Shares, first thing we have to check that whether the sale consideration is less than the Fair Market value (FMV) or not. If shares are transferred at a price which is less than FMV, […]
We are well aware of the recent rationalization of provisions being made with respect to the transfer of capital asset to a partner on the dissolution or reconstitution of a firm or other Association of Persons (AOP) or Body of Individuals (BOI) (not being a company or a cooperative society) or otherwise.
This question come in the minds of many how to save tax when we sale or transfer residential house property and then invest those amount to buy any other asset. Income tax provides tax exemptions to individual or HUF who sold his old house and from the sale proceeds he purchased another house. Under Section […]
Azamgarh Steel & Power Pvt. Ltd. Vs CPC (ITAT Delhi) 1. ITAT Delhi deletes addition made u/s 36(1)(va) read with section 2(24)(x) of the Income Tax Act, 1961 in respect of contributions received from employees on account of ESI / EPF deposited beyond time specified in respective law but before the due date u/s 139(1). […]
1. Meaning: Income Tax needs to be paid in advance during the financial year instead of lump sum payment at year-end. This is known as pay tax as you earn. 2. Applicability: if total tax payable (on estimated total income) for the financial year is ≥ INR 10,000 3. The amount payable and Due Date: […]
Upon completion of his tenure, here is the outgoing Chairman CBDT, Sh. PC Mody handing over the charge of Chairman, CBDT to Shri Jagannath Bidyadhar Mohapatra, Member, CBDT, who will hold the charge in addition to his regular duties. His service ends in April next year. J.B. Mohapatra, a 1985-batch Indian Revenue Service officer, was […]
New Changes in Public provident fund (PPF) account: The Govt. of India has notified the revised Public Provident Fund Scheme 2019 on 12th December 2019, wherein a few changes have been made primarily related to the account operations. Here are five changes in PPF account rules that you must know: √ Removal of restrictions in […]
Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as […]
Nowadays it has become a common practice for tax regulating authorities or anti-evasion department to charge every assesse with “evasion of tax by way of willful suppression of facts” without properly assessing the books of accounts or any investigation at the time of findings of any short payment of tax. And here the question arises […]
