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Income Tax : Understand India's taxation system, including direct and indirect taxes, their impact, and ongoing reforms to ensure equity and ef...
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 : 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 Delhi held that provisions of section 195 as well as section 40(a)(iii) are not attracted in case of salary paid to staff hir...
Income Tax : ITAT Mumbai held that notice under section 148 of the Income Tax Act issued after a period of six years is barred by limitation. A...
Income Tax : Delhi High Court held that Section 153C as application at relevant time didn’t contemplate two tier recordal of satisfaction. Th...
Income Tax : It was held that considering the provisions of CBDT Circular No. 1916 and the explanation provided by the assessee, the seized gol...
Income Tax : Bombay High Court held that reassessment proceeding u/s. 148 initiated against non-existing company is not sustainable in law in a...
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...
INTRODUCTION According to a Survey India records highest rate of bribery in Asia i.e.39% and highest rate of citizens using personal connections (46%). Worries grew as inflation rate rose from 3.7% to 12.1% over 2001-2010. Bigger scams involving lakhs crores of rupees were into pockets of officials and ministers. Corruption became great hindrance in development […]
Manonmaniam Sundaranar University Vs Joint Director (GST Intelligence) (Madras High Court) The University is renting the property to other institutions and collecting rent from them. Therefore, the second respondent was justified in raising demand for the said service. However, there is no justification in levying penalty. The assessee is not a private entity. The respondents […]
Once the books of account of assessee were rejected for want of supporting vouchers and details then the income of assessee was required to be estimated thus, there were no error or illegality in the impugned order of CIT(A) in estimating the income of assessee by applying N.P. at 1% which was a reasonable and justified.
JCIT Vs Radhe Developers (India) Ltd. (ITAT Ahmedabad) In the case on hand, the assessee has received a sum of Rs. 3.59 crore from Shri Kanjibhai Desai which was treated as unexplained cash credit under section 68 of the Act by the AO. However, the learned CIT (A) was pleased to delete the addition made […]
As per the Income Tax Act 1961 A person making payment to other person upon a threshold limit need to deduct tax. In case of Employer making payment to his Employee in a term of Salary. Employer gives the details of salary in form 16 his total salary paid and credited to his account in […]
Notification No. 08/2021 Central Government notifies ‘Haryana State Pollution Control Board’ a Board constituted by the State Government of Haryana under the Water (Prevention and Control of Pollution) Act, 1974, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification […]
Income Tax Department conducted a search & seizure operation on 19.02.2021, on a group running the biggest private Multi-speciality Hospital in Srinagar with more than 100 beds. Seven premises including 4 residential premises, all in Srinagar, were covered in the search.
If a taxpayer earns any profit on sale of assets then such gain is taxable at special rates prescribed under income tax act 1961. The Income Tax Act, however provides options to save taxes on these capital gain by making investments under specified sections of income tax act. In order to save taxes on profits […]
Legal implications of deposit of Specified Bank Notes (SBNs) vis-à-vis Section 69A of the Income-tax Act, 1961 It has been considerable time since the demonetization of the earlier bank notes of denomination Rs.1,000/- and Rs.5,000/-, also referred to as the Specified Bank Notes (SBNs) was implemented by the Central Government by notification in the Official […]
For reducing the income tax burden and for providing relief from tedious taxation work to the small taxpayers, the Indian government incorporated the presumptive taxation scheme under Section 44AD. Taxpayers opting for the presumptive taxation scheme can declare their income at the prescribed rate and aren’t required to maintain the books of accounts. As per […]
