Income Tax : Defective ITR not rectified within time is treated as invalid. Filing a new belated return or seeking condonation can avoid penalt...
Income Tax : Explore the legal boundaries of tax avoidance, recent rulings, and the evolving jurisprudence in India with key cases like Vodafon...
Income Tax : Discover the evolution of income tax in India, from ancient texts like Manusmriti to modern reforms, including changes in tax slab...
Income Tax : Proposals for simplifying the Income Tax Act: restoring deductions, lowering TCS, improving assessments, and introducing uniform t...
Income Tax : Explore the definition of 'relative' under various Income Tax Act provisions and its implications for exemptions, deemed income, a...
Income Tax : Explore the financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...
Income Tax : On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for t...
Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...
Income Tax : Delhi High Court held that passing of a draft assessment order as mandated under section 144C of the Income Tax Act is mandatory p...
Income Tax : Karnataka High Court held that passing of order under section 201(1) and 201(1A) of the Income Tax Act beyond period of four year ...
Income Tax : Madras High Court directed Commissioner of Income Tax to dispose of the appeal within a period of 4 months and stay granted by the...
Income Tax : ITAT Bangalore held that dismissal of appeal by CIT(A) for non-payment of an amount equal to the amount of advance tax unjustified...
Income Tax : Jharkhand High Court held that prosecution under section 276(C)(1) of the Income Tax Act liable to be quashed in absence of any pe...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...
Defective ITR not rectified within time is treated as invalid. Filing a new belated return or seeking condonation can avoid penalties under Section 234F.
Explore the legal boundaries of tax avoidance, recent rulings, and the evolving jurisprudence in India with key cases like Vodafone shaping fiscal policies.
Delhi High Court held that passing of a draft assessment order as mandated under section 144C of the Income Tax Act is mandatory prior to passing of final assessment order. Accordingly, order liable to be set aside.
Karnataka High Court held that passing of order under section 201(1) and 201(1A) of the Income Tax Act beyond period of four year is barred by limitation. Accordingly, impugned order set aside.
Discover the evolution of income tax in India, from ancient texts like Manusmriti to modern reforms, including changes in tax slabs and the introduction of new regimes.
Madras High Court directed Commissioner of Income Tax to dispose of the appeal within a period of 4 months and stay granted by the Court is directed to be extended till the disposal of appeal filed by the petitioner.
ITAT Bangalore held that dismissal of appeal by CIT(A) for non-payment of an amount equal to the amount of advance tax unjustified as assessee has explained good and sufficient reason for not paying the amount.
Jharkhand High Court held that prosecution under section 276(C)(1) of the Income Tax Act liable to be quashed in absence of any penalty provision against the petitioner.
Proposals for simplifying the Income Tax Act: restoring deductions, lowering TCS, improving assessments, and introducing uniform taxation for a more transparent and fair tax system for individuals and trusts.
Explore the definition of ‘relative’ under various Income Tax Act provisions and its implications for exemptions, deemed income, and more.
