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...
Based on the analysis, the field formations have been asked to send demand notices to companies before December 15, the deadline for the third instalment of advance tax payment. “Most companies have posted better-than- expected second quarter results. So we felt some of them may have paid lesser tax in the first two instalments, which we are now checking up,” a senior finance ministry official explained.
The CBDT has cited that such withdrawal is on account of their interpretation by some taxpayers, seeking to claim relief, which was not in accordance with the provisions of the Indian Income Tax Act (Act) or the intention behind these circulars. Circular No. 23 was issued by the CBDT to provide clarifications regarding taxability of foreign companies and non-residents, engaged in specified business activities.
Last Year, The CBEC, had planned a Third Party Information System (TPIS), a third party information model for excise duty. Now CBEC requires to reproduce the trials with service tax. As per board, it is a very effective and non-intrusive set up to obtain all apposite data to trap the tax evaders.
The I-T department has decided to extend the Refund Banker Scheme that allows refund of excess tax money to taxpayers to nine more cities, including Ahmedabad and Kochi.
The Government today extended the date for filing of income tax returns by a month in three districts of Maharashtra.”The due date of filing income tax returns, due by September 30, 2009, of tax payer assessed to income tax in the districts of Pune, Sangli and Kolhapur, has been extended to October 31, 2009,”the Central […]
THIRD Party Administrators (TPAs), which process health insurance claims and make payments to hospitals for treatment of subscribers in cashless systems, may soon have to deduct tax from the payments they make to hospitals. The apex direct tax body, Central Board of Direct Taxes (CBDT), is likely to issue a directive to this effect, said an […]
THE new direct tax code, launched with much fanfare by finance minister Pranab Mukherjee and his predecessor P Chidambaram recently, is up against a bureaucratic wall with the Indian Revenue Service (IRS) brigade complaining that it will reduce this elite service into a mere tax collection machinery.
Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT). The ITAT held that under the India-Mauritius double taxation avoidance agreement
The interest paid on delayed compensation to land owners by companies or entities engaged in the creation of Special Economic Zones, industrial parks and infrastructure developments,and payments by electricity distribution companies to transmission line owners,will now attract tax . The Central Board of Direct Taxes has also issued instructions to take all returns filed by […]
The second instalment of arrears under the Sixth Central Pay Commission award will not only put more money in the pockets of Government employees, but may also bolster direct tax collections. Sensing a good tax mop-up opportunity from this large payout, estimated at about Rs 17,000 crore, the Central Board of Direct Taxes (CBDT) has advised […]
