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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...
The Finance Minister, Smt. Nirmala Sitharaman, has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha on 22rd March 2021. Lok Sabha has passes the finance bill 2021 with all these changes on 23rd March 2021. 127 changes have been proposed to the original Finance Bill, 2021 which was introduced in […]
As we are approaching end of the financial year, there are certain tasks which we need to complete by 31st March 2021. Some of such task includes Submitting the details of salaries received from earlier employer, Submit the proof of expenses to your employer, Verifying quantum of deductions available from your bank records, Payment of […]
ACIT Vs Gajalaxmi Steel Pvt. Ltd. (ITAT Pune) There is no dispute on the fact that the Assessing Officer made addition based on the estimation with reference to the consumption of electricity. the Assessing Officer had made the addition of Rs 7,65,23,877 on the basis of wrong presumption/ assumptions. I find it quite baffling that […]
The Finance Bill, 2021 was passed in the Lok Sabha on 23rd March 2021. The salient features of the bill include: – Reduced compliance burden for senior citizens of age 75 years & above -Tax incentives for Affordable Housing and Affordable Rental Housing -Reduction in Time Limits of Re-opening of Assessment -Setting up of Dispute […]
HLS Asia Ltd. Vs DCIT (ITAT Delhi) Prima facie after looking at provisions of Section 17 and the concept of Director under the Companies Act and thus has a relationship as an employee to the Company. Besides this, the fees which is termed as sitting fees is the part and parcel of remuneration of the […]
Sections 10 and 11 of Vivad se Vishwas empower the Central Government / Central Board of Direct Taxes to issue directions or orders in public interest or to remove difficulties. In order to facilitate the taxpayers, clarifications under the said sections in form of answers to frequently asked questions (FAQs) were issued vide circular no. 9/2020 dated 22nd April. 2020 (covering FAQ 1-55) and circular no. 21/2020 dated 4th December, 2020 (covering FAQ no. 56-59).
1. Preliminary The importance of Indian laws is not hidden from anyone. Every Indian should have basic knowledge of Indian laws and the Constitution. My profession is belonging to tax laws and I have written so many articles on tax and other laws till date. But this is the first time when I am writing […]
Finance bill 2021 was introduced in Lok Sabha on 01st February 2021 and the same is passed by Lok Sabha with around 127 Amendments on 23rd March 2021. Download Finance Bill 2021 as passed by Lok Sabha Govt proposes 127 amendments to Finance Bill, 2021 Lok Sabha Passes Finance Bill 2021 (Read Parliament Proceedings) Full […]
Zynga Game Network India Pvt. Ltd. Vs DCIT (ITAT Bangalore) We note that Ld.AO/TPO has applied filter of more than Rs. 1 crore, but did not put an upper limit to the filter. This Tribunal in case of Genesis Integrating Systems India Pvt Ltd vs DCIT reported in (2012) 53 SOT 159 and various other […]
Sulzer Pumps India Limited Vs DCIT (ITAT Mumbai) As mentioned earlier, for the year under consideration, the assessee has paid a sum of Rs.51,28,703/- as Cess in the return filed by it. It did not claim the amount paid, as deduction in the return filed by it for AY 2012-13. However, in the light of […]
