Income Tax
Nirmala Sitharaman, Hon’ble Finance Minister, presented the first budget on 23rd July 2024, of the current government. The budget, particularly, focuses on employment, skilling, MSMEs, and the middle class and…
Income Tax
While presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman emphasized tax simplification, improved taxpayer services, and reduced litigation. Simplifying Taxation for Greater Transparency and Efficiency. She has proposed thoroughly…
The appeals filed by staff unions and officers’ associations of various banks, impugning judgments which dismiss their writ petitions, where the vires of Section 17(2)(viii) of the Income Tax Act,…
Minimum Alternate Tax (MAT) is a tax effectively introduced in India by the Finance Act of 1987, vide Section 115J of the Income Tax Act, 1961 (IT Act), to facilitate…
The Madras High Court has quashed the prosecution initiated by the income tax department under section 276C(2) of the Income Tax Act, 1961 by holding that there is no willful…
People always think of how to reduce Tax liability or to avoid tax payment. Payment of Direct Tax reduces their saving or purchasing capacity. But Tax evasion & Tax avoidance…
Indian government introduced the concept of faceless assessments, whereby scrutiny assessments are carried out in a faceless manner, that is, without any physical meeting or submission of physical documents. The National…
After filling Income Tax Return, Income Tax authorities may select certain tax returns for detailed scrutiny and request that the individual submit documents evidencing the claims made in the return…
Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @Â Introduction of new Income Tax ‘Updated’ Return Type. Section 139(8A) enables the filing of…
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), has held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction…