Income Tax : Government expands Tax Collected at Source (TCS) under Section 206C(1F) to include 10 specific luxury goods valued over ₹10 lakh...
Income Tax : KSCAA urges CBDT to clarify the disallowance of Section 87A rebate on Short Term Capital Gains, citing taxpayer hardship and incon...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : Explore the complex interplay of tradition and tax law surrounding Streedhan (women's jewellery) in India, CBDT guidelines, and co...
Corporate Law : CBDT signed 174 Advance Pricing Agreements in FY 2024-25, including a record number of bilateral agreements, to improve transfer p...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
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...
Income Tax : ITAT Delhi held that while computing total income as per Rule 5 r.w. section 44, provisions of section 14A are not applicable. Fur...
Income Tax : ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable si...
Income Tax : ITAT Chennai held that cash sales of liquor is the source of cash deposit during demonetization and accordingly, since the nature ...
Income Tax : ITAT Pune remands Dnyanagan Education Society's case for fresh consideration after the rejection of its Section 12AB registration ...
Income Tax : Madras High Court directed to expeditiously dispose of the appeal filed before Appellate Authority and also held that stay granted...
Income Tax : CBDT amends Income-tax Rules, 1962; introduces new ITR-2 form effective from 1st April 2025 via Notification No. 43/2025 dated 3rd...
Income Tax : CBDT issues Income-tax (Fourteenth Amendment) Rules, 2025, effective April 1, 2025, replacing FORM ITR-5 in Appendix-II....
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax Department Awarded the Prime Minister’s Award for Excellence in Public Administration for ‘Easy Tax Compliance Through Quality Service’ The Income Tax Department has been awarded the ‘Prime Minister’s Award for Excellence in Public Administration’ for ‘Easy Tax Compliance through Quality Service’. The award was presented at a function at Vigyan Bhawan here today […]
The status of pending public grievances with the Income Tax Department was reviewed by Hon’ble PM yesterday through video-conferencing with Revenue Secretary and the undersigned. During the meeting, the Hon. PM expressed dissatisfaction about delays in responding to public grievances by our Officers as well as about the harassment meted out to the taxpayers and officious behaviour of our Officers.
I am directed to ref to the above and to state that it has come to the notice of Board that In a recent incident, the Hon’ble High Court has passed certain remarks against the Department. It appears that the High Court had sought certain information regarding the case from the Departmental Counsel.
Power of the Central Board of Direct Taxes to prescribe the manner and procedure for computing period of stay in India The provisions of sub-section (1) of section 6 provide the conditions under which an individual is held to be resident in India. The determination is based, inter alia, on the number of days during […]
The Shome Committee/TARC has pitched for taxing large farmers with incomes above Rs. 50 lakh a year. The reason for this recommendation as given by TARC is that this will broaden the tax payer base and help mobilize additional revenue without affecting any but a miniscule proportion of the very large farmers whose annual income exceeds the threshold limit of Rs. 50 lakhs. Currently, the recommendations of the TARC are under examination of the Government.
CBDT has Vide Order No. 15 of 2015 dated 30.01.2015 promoted 264 officers in the grade of Commissioner of Income Tax/ Director of Income Tax to the grade of Principal Commissioner of Income Tax in the HAG scale (Rs. 67,000-79,000) with immediate effect and
The Project marks a major step in ensuring TDS compliance through the processing of TDS returns and comprehensive data processing of TDS statements using technology driven end-to-end processes. At present 15 Lakh deductors and 2.5 crore tax payers are using various e-enabled online services through the CPC (TDS).
Press Information Bureau Government of India Ministry of Finance 09-January-2015 14:02 IST New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015. Sub- section (1) of Section 145 of the Income-tax Act, […]
1. Why should you pay taxes? You often wonder why you should pay any taxes. Some people think that taxes are paid only by the rich. Some people think that if they do not pay due taxes, nobody will notice. Some people wonder why taxes should be paid, since there is little that one gets […]
1. In the case of Commissioner of Income Tax-6, Mumbai vs Maersk Global Service Centre (I) Pvt. Ltd (TS-260-HC2014 (BOM)-TP), the revenue was in appeal before the Bombay High Court, questioning the orders both of the Commissioner (Appeals) and the Income Tax Appellate Tribunal. The burden of the revenue’s song was that, in view of […]
