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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...
The Indian government took its stance on crypto taxes a year back. After implementing a 30% tax on crypto assets, the crypto industry in India finally got recognized country-wide.
ITAT upheld additions towards cash seized during search proceedings as unexplained money, under Section 69A when assessee could not establish source for amount found.
Understand Section 194P of the Income Tax Act, 1961, facilitating easy filing of income tax returns for senior citizens aged 75 and above with only pension and interest income. Learn how to avail of TDS deduction benefits and simplify the tax filing process.
Discover surprising elements in your Annual Information Statement (AIS) for Income Tax. Understand the AIS categories, transactions, and how to access, denying incorrect information. Stay informed for accurate income tax filing.
Navigate Section 148 of the Income Tax Act 1961 with insights on notice issuance, how to respond, and consequences of non-response. Stay informed about timelines, reply procedures, and potential penalties. Expert guidance on understanding and complying with this crucial tax provision.
Explore U.S. Taxation for Individuals – Key filing statuses, tax rate schedules, income brackets, deductions, and more for the 2022 tax year. Don’t miss the April 18, 2023 deadline.
Hyderabad ITAT held that gift of house to father just prior to sale of land was a camouflage to claim Section 54F deduction as Assessee owned two house properties
Section 139(8A) was introduced by Finance Act 2022 and was applicable from 1.4.2022. If we remember in past a belated return u/s Section 139(4) could be filed within one year from the end of assessment year or completion of assessment whichever is earlier. This position was there till Assessment Year 2016-17.
AO had applied his mind while doing the assessment therefore, the investigation by AO could not be called ‘lack of investigation’ and revision order passed under section 263 was quashed.
t was decided that Incase it can be proved that the delay in filing of the appeal was on the advice of a professional, it would be considered that the delay is not attributable on the negligent/casual approach of the assessee.
