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...
Office Order No. 82 of 2019 The following transfer/ posting in the grade of Income Tax Officer, on mutual basis, are hereby ordered, as per the table given below, with immediate effect or until further orders:
NOTIFICATION No. 29/2019 Central Government hereby notifies the undertaking from the date of commencement of the industrial park the 8th June, 2010 being developed and being maintained and operated by M’s Romell Real Estate Pvt. Ltd., for the purposes of the said clause (iii) subject to the terms and conditions mentioned in the Annexure to this notification.
Dear Reader, The Ministry of Finance, has issued a Press release dated 15 March, 2019 stating that a bilateral agreement has been finalized between India and the United States of America (USA) for the exchange of Country-by-Country Reports (CbCR). The proposed agreement would apply retrospectively for the exchange of CbCR from the financial years commencing […]
TAX UPDATES – DECEMBER 2018 NEWS 1. CBDT vide Notification dated 06th December, 2018 notifies the norms for conversion of Branch of Foreign Banks in India into Subsidiary Company. [Notification No. 85/2018/F.No.370133 /34/2016-TPL] 2. CBDT vide Notification 06th December, 2018 further clarifies that no tax deduction at source u/s 194A of the Income Tax Act, […]
Notification No. 14/2019-Income Tax Dated: 6th March 2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 14/2019 New Delhi, the 6th March, 2019 S.O. 1142(E).—On consideration of application of M/s Agricultural Development Trust, Baramati, Pune (‘ADT’) (PAN:- AAATB7892F) dated 10.03.2018 for approval under section 35(1)(ii) of Income Tax Act,1961(‘said Act’) […]
Office Order No. 43 of 2019The President is pleased to appoint the following Income Tax Officers, presently posted in the region shown against their names. in the grade of Assistant Commissioner of Income Tax (ACIT) on ad-hoc basis for the vacancy year 2018 in the Level 10 in the pay matrix Rs. 56100-177500/- for a period of one year with immediate effect or until further orders, whichever is earlier.
CBDT is taking initiatives to make income tax proceedings paperless, faceless, nameless and jurisdiction-less to bring about transparency and accountability in assessments under Income-tax laws.
CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high value transactions […]
Central Board of Direct Taxes (CBDT) today said that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS office has issued prosecution show cause notices only in a limited number of big cases where more than Rs. 5 lakh of tax was collected as TDS from employees etc and yet the same was not deposited with the Income Tax Department in time.
Any view expressed by the Board in Circular No. 10/2018 shall be considered to have never been expressed and accordingly, the said circular shall not be taken into account by any Income-tax authority in any proceedings under the Act.
