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Income Tax - BUdget 2023: Article explains consequences & implications of New Income Tax slabs and what are its direct effect on a common man....
Read MoreIncome Tax - In today’s fast-paced and complex world, it is increasingly important for individuals and businesses to have a solid understanding of tax laws and regulations. Tax laws and regulations have a significant impact on our daily lives and financial well-being, and it is essential to have a good grasp of these laws to make informed decisi...
Read MoreIncome Tax - 1. Income Tax Related Compliances a. Registration under Section 12AB The trust can carry on the charitable or religious activities as per the objects for which it was formed. However, in order to claim tax exemption of its receipts and income, it needs to get registered under the Income Tax Act, 1961. Section 12AB registration […]...
Read MoreIncome Tax - Ground of Appeal and Arguments in writing before ITAT, when the Assessing Officer has not complied with statutory provisions of section 147 to 151 of the Income Tax Act 1961 On the facts and in the circumstances of the case and in law the Ld. Commissioner of Income tax (Appeals), XXXXXXX is not justified who […]...
Read MoreIncome Tax - In Finance Bill 2023 Finance Minister recommended significant though few changes relating to Income Tax Search & Seizure ...
Read MoreIncome Tax - Representation on delay in processing of applications filed under Section 119(2)(b) of the Income-tax Act, 1961 and recommendation to introduce online measures...
Read MoreIncome Tax - s agricultural land is not covered under the definition of Capital asset, capital gains on transfer of the same is not taxed. Suitable provisions may be introduced to exclude this Capital gain while calculating Book Profit for the purpose of MAT....
Read MoreIncome Tax - People are held hostage in a cyber-world with ransom in the form of Late Fees and Interest and a threat to levy penalty or to initiate prosecution. No other words better describe the situation than the term Tax Terrorism....
Read MoreIncome Tax - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 27th September, 2022 PRESS RELEASE The Finance Minister’s Award 2022 presentation ceremony held by the Income Tax Department at Delhi The Finance Minister’s Award 2022 presentation ceremony was held by the Income Tax Department today...
Read MoreIncome Tax - Representation to extend the due date of filing of Audit reports under Income Tax Act, 1961, from 30th September, 2022 to 31st October, 2022. Please Read: CBDT extends due date for filing various Income Tax Audit reports ALL INDIA FEDERATION OF TAX PRACTITIONERS Dated: September 19,2022 To, 1. Smt. Nirmala Sitharaman Ji, The Honorable U...
Read MoreJCIT (OSD) Vs Shri Sujan Azad Parikh (ITAT Mumbai) - ITAT Mumbai held that long term capital loss arising out of the sale of shares and units of mutual funds on which STT was paid and covered under section 10(38) could not be set off against long-term capital gain arising out of the sale of land as per section 70(3) of the Act....
Read MoreUnifrax India Ltd. Vs JCIT (ITAT Mumbai) - ITAT Mumbai held that assessee is entitled to raise the additional legal submissions and also additional claims before the appellate authorities. Accordingly, appellate authorities have jurisdiction to entertain the new claim....
Read MoreRampal Samdani Vs Union of India (Rajasthan High Court) - Rajasthan High Court held that reassessment resorted only on account of ‘Change of opinion’ of AO and without there being any fresh tangible evidence for reopening the assessment proceedings is liable to be struck down....
Read MoreAsian Paints Ltd. Vs ACIT (Bombay High Court) - Bombay High Court held that re-opening of assessment under section 147 of the Income Tax Act is unjustified as the assessee provided complete disclosure of all the primary material facts during the scrutiny assessment....
Read MoreMicro Marbles Private Limited Vs ITO (Rajasthan High Court) - Held that, non-supply of documents referred in the ‘reason to believe’ notice along with the notice to the assessee deems the reassessment proceeding and any consequential proceedings illegal and is a flagrant violation of the principles of natural justice....
Read MoreNotification No. S.O. 270(E) - (16/01/2023) - CBDT approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub- Section (1) of Section 35 of the Income-tax Act, 1961 read with...
Read MoreNotification No. 1 of 2023 - (05/01/2023) - Addendum to Notification 2 of 2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5,000/-)....
Read MoreInstruction No. 2/2022-Income Tax - (15/12/2022) - CBDT Instruction No. 2/2022 – Standard operating procedure (SCOP) on filing of Appeals/Special leave petition (SLPs) by the Income Tax Department in the Supreme Court (SC) and related matters. Instruction No. 2/2022 F.No.279/Misc./M-72/2022-ITJ Government of India Ministry of Finance Departm...
Read MoreInstruction No. 06 of 2022 - (28/11/2022) - It is observed that, in certain cases, consequent to the issue of intimation u/s 245, the assessees had responded on the demand portal that the demands are incorrect, in as much as that the demands are stayed by Assessing Officer/ITAT/High Court....
Read MoreF.No. 282/15/2022-IT (Inv.V)/267 - (22/11/2022) - Now AO can also do survey u/s 133A of the Income Tax with the prior approval of concerned Principal CCIT/ DG F.No. 282/15/2022-IT (Inv.V)/267 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) **** Civic Centre, New Delhi- 110002 Dated 22nd Nov, 2022 ORDER ...
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