Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : Explore the proposed scheme for resolving unresolved tax demands, easing taxpayer burdens, and improving compliance through fair, ...
Income Tax : Bombay HC grants interim relief allowing taxpayers to claim Section 87A rebate for AY 2024-25. Revised ITR deadline extended to 15...
Income Tax : Learn about Form 12BAA, introduced for employers to credit TCS for employees, ensuring accurate TDS calculation and easing tax com...
Income Tax : Discover why paying taxes is crucial for national development and how it contributes to public services and infrastructure....
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Corporate Law : CAG's audit highlights inefficiencies in recovering ₹8.5 lakh crore of outstanding income tax demands. Key issues: inflated dema...
CA, CS, CMA : Highlights from the Finance Ministry's 2024 initiatives, covering direct tax refunds, GST reforms, Customs updates, and India's FA...
Corporate Law : CAT directs CBDT to review transfer policies for Group B & C employees, ensuring fairness and alignment with Group A guidelines. D...
Income Tax : SC dismisses SLP in K R Jayaram's tax case due to low tax effect. Reassessment under Section 147 deemed invalid. Legal question re...
Income Tax : ITAT Delhi removes erroneous ₹19,253 double addition made by CPC in HPL Mercantile Pvt. Ltd. case. The amount was already includ...
Income Tax : ITAT Bangalore remands case concerning cash deposits during demonetization, directing the AO to re-assess the addition u/s 69A aft...
Income Tax : ITAT Delhi dismisses Revenue's appeal in ACIT vs Hindukush Construction Pvt. Ltd. (AY 2016-17) due to low tax effect under CBDT Ci...
Goods and Services Tax : Key updates on Indian Customs, including trade facilitation, GST awareness, sports events, and major enforcement actions on tax ev...
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 : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Income Tax : Circular No. 01/2025 outlines the application of the Principal Purpose Test (PPT) under India's Double Taxation Avoidance Agreemen...
Income Tax : The CAG's 2024 report on direct taxes highlights tax issues, recovery, and errors in corporate and income tax assessments, with co...
Central Board of Direct Taxes (CBDT), the apex body that administers corporate and personal income-tax, expects a 10-15% year-on-year increase in collections by December 15, the last date for paying the third installment of advance tax, according to CBDT chairman SSN Moorthy. Mr Moorthy, who was in Mumbai on Monday for a review meeting of the department, said the trend so far suggested a high rate of increase in tax collection by December 15.
The Insurance Regulatory and Development Authority (IRDA) has asked the Income-Tax Department and the Central Board of Direct Taxes (CBDT) to consider exemption of Third Party Administrators (TPAs) from Tax Deducted at Source (TDS). According to a recent CBDT circular, the TPAs would have to deduct 10 per cent of the amount as tax when making payments to hospitals on behalf of patients.
The following officers are nominated as Members of the Dispute Resolution Panel (DRP) based on the recommendations of the DGIT (International Taxation), New Delhi:
Letter [F.No. 404/10/2009-ITCC], dated 1-12-2009 Many queries have been received regarding the applicability of Instruction number 95 dated 21.8.1969 vis-à-vis Instruction number 1914 dated 2.12.1993. Many assesses are taking the plea that Instruction No. 1914 does not supercede Instruction No. 95 dated 21.8.1969. 2. Instruction No. 95 dated 22.8.1969 was an assurance given by the […]
To ensure impartiality in adjudication of transfer pricing disputes, the Central Board of Direct Taxes (CBDT) has decided that commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel. This panel is being set up by CBDT to resolve disputes arising from transfer pricing assessments.
The Finance Act, 2009 inserted a new section 144C in the Income-tax Act providing an alternate mechanism to resolve tax disputes of the foreign companies expeditiously. The Finance Minister, taking cognizance of delays, which take place in any tax litigation, declared in the parliament that “The dispute resolution mechanism presently in place is time consuming and finality in high demanding cases is attained only after a long drawn litigation till the Supreme Court.
The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for the government to achieve its direct tax target for the year.
Cashless hospitalisation schemes offered by health insurers and insurance companies are under the income-tax net.The CBDT has now made it clear that Third Party Administrators (TPAs) must deduct tax at source on payments made to hospitals for settling insurance/medical claims under various schemes including cashless schemes.
This is perhaps the first time an officer arrested for corruption went to office on release from custody—an act considered as violation of rules. On October 25, income tax commissioner Ajoy Kumar Singh was arrested on corruption charges and on October 30, a day after his release on bail, he reported to work at his Nagpur office.
New Delhi: Accounting regulator, Institute of Chartered Accountants of India (ICAI), is planning to introduce a three-month mandatory training course for its students who pass the chartered accountancy and accounting technician examination every year. This would mean that a student after qualifying three year chartered accountancy course and one year accounting technician course will have to undergo an additional three months training programme.
