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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...
In absence of any incriminating documents seized during search, AO is not justified in making addition in non-abated assessment orders u/S 153-A r/W Sec 143(3) of Income Tax Act of 1961.
Panexcell Clinical Lab Pvt. Ltd. Vs ACIT (ITAT Mumbai) ITAT find that the assessee is in the business of drug analysis, clinical trials, and other research activities and as part of the said business, the assessee does lab study of various drugs before their launch in the market. As per the assessee, for the purpose […]
During investigation huge property have been seized which were disproportionate to her known source of income, although, she was housewife and no tax return was filed. It is submitted that the petitioner had several joint bank accounts with her husband Tapas Kumar Dutta, 45 mutual fund investment and number of LIC policies.
Assessee gets his accounts audited & furnished section 44AB audit report before finalization of assessment order, so section 271B Penalty deleted
ITAT denies condonation of delay & held that Preferring appeal does not mean mere formally filing it but also taking all steps to effectively pursue the appeal
ITAT held that receipts from Satellite Transmission Services cannot be treated as royalty & not taxable at the hands of assessee in India
Merely because petitioner failed to submit grounds of appeal as an attachment at the time of filing its memo of appeal in Form No. 35, could not be a basis for appellate authority to pass order ex-parte especially when submissions sufficiently reflected the grounds on which order of assessment was being challenged in appeal proceedings.
Kritija Construction Vs ITO (ITAT Pune) The issue in the present appeal relates to the taxability of difference of amounts shown in the Form No. 26AS and reflected in the Profit & Loss Account. It is an admitted fact that in the present case the appellant firm had received advance of Rs.38,88,745/- from one Siddhashila […]
Learn about taxation of mutual funds in India & USA, including capital gains tax, dividend tax, differences in taxation systems, GST applicability, & international taxation.
CBDT notifies Notification No. 13/2023- Income Tax, Dated: 14.03.2023 to amend notification number S.O.1911(E) dated the 21st April, 2022 to replace the words Ariyalur & Kanniyakumari with the words Districts of Ariyalur & Districts of Kanniyakumari respectively. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investigation Division-V) Notification No. 13/2023- Income Tax […]
