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Income Tax : Taxation plays a key role in reducing income inequality through progressive tax policies, redistribution, and public services. Lea...
Income Tax : Understand tax obligations for freelancers in India, including GST, deductions, advance tax, and compliance strategies to manage t...
Income Tax : The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without...
Income Tax : Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications an...
Income Tax : Bombay High Court, in Chamber of Tax Consultants v. Director General of Income Tax (Systems) (2025), ruled that flaws in the ITR u...
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 : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Chandigarh held that treating capital gains earned on sale of shares as bogus merely on the basis of warning letter of SEBI w...
Income Tax : Bombay High Court invalidates reassessment notice under Section 148 of the Income Tax Act, citing failure to meet jurisdictional c...
Income Tax : ITAT Jaipur held that exercise of revisionary power under section 263 of the Income Tax Act on the basis of audit objection is not...
Income Tax : Bombay High Court dismisses Shandilya Properties LLP's petition challenging an income tax assessment order, directing them to exha...
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 Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
ITAT Delhi held that disallowance u/s 40(a)(ia) of the Income Tax Act unjustified as there was due compliance with provisions of section 194C(6). Violation of provisions of section 194C(7) doesnot attract disallowance u/s 40(a)(ia) of Income Tax Act.
Navigate the complexities of Capital Gains Tax on the sale of shares. Uncover the tax implications based on holding periods, LTCG, STCG, and loss scenarios. Expert insights from a GST and Income Tax Practitioner. Contact at 9024915488.
New v/s Old tax regime Income tax calculator for FY 2023-24has been designed specially for salaried class persons who are having age less than 60 years and does not have income from Business or Profession and Capital Gain. This is only to have an idea that which tax regime will be beneficial. Please follow the […]
Unravel the essentials of filing an Income Tax Return (ITR) with crucial tips: document preparation, correct form selection, income declaration, deduction claims, and timely filing. E-verify your ITR for a hassle-free process.
It is a well settled law that, reasons for formation of belief must have rational connection with or relevant bearing on formation of belief.
The Old Tax Regime and New Tax Regime refer to two different sets of tax rules that individuals in India can choose from to calculate their income tax liability under the Income Tax Act, 1961.
If you are planning to purchase a new flat, there are various ways to save tax under the Income Tax Act. In this article, we will discuss some of the most common ways to save tax on the purchase of a new flat.
Shanthi R. Pai Vs ITO (ITAT Bangalore) AO made addition of Rs.26,79,000/- on account of cash deposits. Assesee stated that she is a home maker & her husband was employed overseas as Chartered Accountant serving overseas from 1975 to 2008. He used to send money from abroad and also invested in Term Deposits in India […]
SAP Labs India Private Vs ITO (Supreme Court of India) Whether in every case where the Tribunal determines the arm’s length price, the same shall attain finality and the High Court is precluded from considering the determination of the arm’s length price determined by the Tribunal, in exercise of powers under Section 260A of the […]
ITO (TDS) Vs Hadpawat Enterprises (P) Ltd. (ITAT Jodhpur) From a plain reading of second proviso to Section 272A(2) which is inserted by the Finance Act, 2012 w.e.f. 01-07-2012, it is clear that penalty under clause (k) of Section 272(A)(2) cannot be levied on or after the 1st Day of July, 2012. In the instant […]
