income tax

Rate of Income Tax in Different Countries

Income Tax - Explore the varying income tax rates across countries, from zero tax nations to those with high rates. Gain insights into historical changes and proposals for tax reform....

Monthly (February-2024) Legal Obligations + Legal updates for India

Income Tax - Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & statutory changes affecting your business....

Interim Budget 2024 – Personal Taxation – Key Aspects

Income Tax - Explore the significant aspects of the Interim Budget 2024, covering personal tax rates, surcharge updates, old tax demands waiver, and expectations for the final budget....

Deferred Tax: Assets, Liabilities and Re-Verification Methodology

Income Tax - Explore the concept of deferred tax in accounting. Learn about assets, liabilities, and the methodology for re-verifying deferred tax computation....

Recent Judgements of Supreme Court on Income Tax Issues

Income Tax - Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....

Live Webinar on Section 43B(h) of Income Tax Act, 1961- MSE Payment

Income Tax - Live Webinar on Section-43B(h) of Income Tax Act, 1961 read with Section-2, 7-8, 15-16-17 of MSMED Act 2006 on 03-03-2024- Sunday  11:00 AM by Advocate Rajbir Singh....

Join Live webinar on Taxation Critical Issues & Solution

Income Tax - Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me tell you how: There are over 12 types of taxes in India, yet our tax collections are only 5% compared to the US (Second largest democracy). Due to this, we lack access to free education, […]...

Join Live Webinar on Understanding TDS on Purchase/Sale of Property

Income Tax - Join the exclusive webinar on Understanding TDS on Purchase/ Sale of Property under Section 194IA of Income Tax Act, 1961. Many taxpayers and buyers of property are receiving notices for inadequate deduction of TDS on property. Moreover a large number of home buyers do not know that they have to deduct TDS while making payments […]...

CBDT notifies Income Tax Return Forms for AY 2023-24 well in advance

Income Tax - CBDT notified Income-tax Return Forms (ITR Forms) for Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2023 and 14.02.2023....

Request for Extension of Income Tax Return Filing Deadline

Income Tax - The Advocates’ Tax Bar Association, a registered association under the Societies Act, has written a letter to the Minister of Finance requesting an extension of the income tax return filing deadline. The letter highlights the challenges faced by taxpayers and tax professionals, particularly in flood-affected regions, and seeks compa...

No Income Tax on Interest-Free Refundable Project Deposit: Andhra Pradesh HC

Coastal Ceramics and Clay Works Private Ltd Vs Union of India (Andhra Pradesh High Court) - Explore the Coastal Ceramics vs Union of India case where AP High Court rules that an interest-free refundable security deposit for project completion is not subject to income tax for AY 2019-20....

HC dismisses writ petition challenging conditional stay on tax demand

Covenant Stones Private Limited Vs CIT (Kerala High Court) - Read the Kerala High Court judgment on Covenant Stones vs CIT, where the writ petition challenging the conditional stay on tax demand is dismissed. Analysis of undisclosed income assessment provided....

Disallowance towards investment made out of interest free own funds unjustified

Living Media India ltd Vs ACIT (ITAT Delhi) - ITAT Delhi held that disallowance u/s 37(1) of the Income Tax Act towards investment made out of interest free own funds available with the assessee is unjustifiable and hence deleted....

Take practical view of problems faced by assessees for technical glitches on new Income Tax portal: HC

Southern Gujarat Income Tax Bar Association Vs Union of India (Gujarat High Court) - We request the authority concerned to take a practical view of the problems which the assessees are facing as on date on account of the technical glitches in the portal. The authority should not overlook this fact and try to solve the problems or rather ease the difficulties which the assessees are ...

Price of bank note paper purchased by assessee from DLRI was an ALP which included cost associated with know how and design

De La Rue Currency and Security Print Limited Vs Commissioner of Domestic Taxes (Republic of Kenya) - Since Respondent had pointed out that all security features relating to the banknotes were already incorporated on the paper purchased by assessee from DLRI to be used to print the banknotes under the contract that assessee with CBK thus, any technical support or IP provided by DLRI to assessee was ...

Income Tax Notification No. 13/2024: Summoning Witnesses for Departmental Inquiry

Notification No. 13/2024 [S.O. 312(E).] - (19/01/2024) - Explore Notification No. 13/2024 by the Ministry of Finance, Central Board of Direct Taxes. Learn about the summoning of witnesses for the departmental inquiry of Shri Sailendra Mamidi....

Income Tax Amendment: Latest Changes in ITR-7 Forms

Notification No. 94/2023-Income Tax [G.S.R. 813(E)] - (31/10/2023) - Explore the key amendments in Income Tax Rules, 1962, effective from April 2023. Detailed analysis of ITR-7 Forms modifications and their impact on taxpayers....

CBDT notifies Ten Year Zero Coupon Bond of REC Ltd. under Section 2(48) of Income tax Act, 1961

Notification No. 56/2023-Income Tax [S.O. 3440(E)] - (01/08/2023) - Read Notification No. 56/2023 under the Income Tax Act, 1961, specifying the details of a zero coupon bond issued by REC Ltd. Learn about the bond's period, maturity amount, discount, and more....

Income Tax Exemption for IFSC Aircraft Leasing under section 10(34B)

Notification No. 52/2023-Income Tax [S.O. 3254(E)] - (20/07/2023) - The Ministry of Finance has issued Notification No. 52/2023-Income Tax, Dated : 20th July, 2023 under section 10(34B) of the Income Tax Act, 1961. The notification provides an income tax exemption for dividends from aircraft leasing within International Financial Services Centres (IFSC). The not...

Taxability of Income from Off-Shore Investments: Income Tax Circular

Circular No. 12/2023-Income Tax - (12/07/2023) - Read the clarifications regarding the taxability of income earned by non-resident investors from off-shore investments in investment funds routed through an Alternative Investment Fund (AIF). Learn about the amendments and regulations applicable to Category I or Category II AIFs in India....

Recent Posts in "income tax"

Live Webinar on Section 43B(h) of Income Tax Act, 1961- MSE Payment

Live Webinar on Section-43B(h) of Income Tax Act, 1961 read with Section-2, 7-8, 15-16-17 of MSMED Act 2006 on 03-03-2024- Sunday  11:00 AM by Advocate Rajbir Singh....

Posted Under: Income Tax | ,

Join Live webinar on Taxation Critical Issues & Solution

Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me tell you how: There are over 12 types of taxes in India, yet our tax collections are only 5% compared to the US (Second largest democracy). Due to this, we lack access to free education, […]...

Posted Under: Income Tax | ,

Join Live Webinar on Understanding TDS on Purchase/Sale of Property

Join the exclusive webinar on Understanding TDS on Purchase/ Sale of Property under Section 194IA of Income Tax Act, 1961. Many taxpayers and buyers of property are receiving notices for inadequate deduction of TDS on property. Moreover a large number of home buyers do not know that they have to deduct TDS while making payments […]...

Posted Under: Income Tax | ,

Rate of Income Tax in Different Countries

Explore the varying income tax rates across countries, from zero tax nations to those with high rates. Gain insights into historical changes and proposals for tax reform....

Posted Under: Income Tax |

Monthly (February-2024) Legal Obligations + Legal updates for India

Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & statutory changes affecting your business....

Posted Under: Income Tax |

Interim Budget 2024 – Personal Taxation – Key Aspects

Explore the significant aspects of the Interim Budget 2024, covering personal tax rates, surcharge updates, old tax demands waiver, and expectations for the final budget....

Posted Under: Income Tax |

Deferred Tax: Assets, Liabilities and Re-Verification Methodology

Explore the concept of deferred tax in accounting. Learn about assets, liabilities, and the methodology for re-verifying deferred tax computation....

Posted Under: Income Tax |

Recent Judgements of Supreme Court on Income Tax Issues

Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....

Posted Under: Income Tax |

Income Tax Notification No. 13/2024: Summoning Witnesses for Departmental Inquiry

Notification No. 13/2024 [S.O. 312(E).] 19/01/2024

Explore Notification No. 13/2024 by the Ministry of Finance, Central Board of Direct Taxes. Learn about the summoning of witnesses for the departmental inquiry of Shri Sailendra Mamidi....

Amount Received At The Time Of Maturity of Life Insurance Policy Is Exempt?

Explore Income Tax Act Section 10(10D) exemptions for life insurance maturity payouts. Understand criteria, amendments, and implications. ...

Posted Under: Income Tax |

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