NRI Remittance Tax at Mere 5% Could Yield $10 Billion Annually
In a bold policy proposition that's bound to ignite debate, economists and policymakers are examining the potential of a modest 5% tax on Non-Resident...
ESOP Valuation By Merchant Banker Under Income Tax Act Can’t Be Overridden By FEMA Valuation: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that (ESOP) valuation by merchant bankers under income tax act cannot be overridden...
Bombay High Court Raps ITAT For Casual Approach; Holds Entire Bogus Purchases Should Be Disallowed, Not Just 3%
The Bombay High Court has rapped Income Tax Appellate Tribunal (ITAT) for a casual approach and held that entire bogus purchases should be disallowed,...
Rajasthan High Court Upholds Validity of Section 153C Proceedings Based on WhatsApp Chats
The Rajasthan High Court has upheld the validity of search assessment proceedings under section 153C of the Income Tax Act based on WhatsApp chats.The...
PAN Card Fraud in UP: Poor Farmer Slapped With Rs. 30 Crore Income Tax Notice
In a stunning development, a poor farmer from Mathura has received an Income Tax notice of Rs 30 crore, revealing a disturbing pattern of...
Direct Tax Weekly Flashback: 30 March To 5 April 2025
The Direct Tax Weekly Flashback for the period from 30 March To 5 April 2025.Delhi High CourtDelhi High Court Directs Issuance of Nil Withholding...
RTI Data Shows 5.4 Lakh Appeals Still Pending Before CIT(A)
In response to an RTI application (CBODT/R/E/25/00800), the Central Board of Direct Taxes (CBDT) has revealed detailed year-wise statistics of pending and disposed income...
Prithviraj Sukumaran Faces Fresh Income Tax Scrutiny Over Movie Earnings; ED Probes Producer Gokulam Gopalan
The Income Tax (I-T) department has issued a new notice to actor-director Prithviraj Sukumaran, seeking additional details about income generated from several films he...
F&O Trader Faces Rs. 25 Lakh Loss, Recovers ₹15 Lakh from Broker — Here’s How to File It in Your ITR Under Indian Tax...
In a recent case reflective of the risks and nuances of derivatives trading, an assessee incurred a loss of ₹25 lakh in the Futures...
ITAT Embraces E-Governance: Over 26,000 Appeals Filed Electronically; 1.22 Lakh Virtual Hearings Conducted
In a significant push towards digital transformation in the judiciary, the Income Tax Appellate Tribunal (ITAT) has marked a milestone in e-governance with over...
CBDT Mandates Aadhaar-PAN Linking For These Allottees: Deadline Set for 31 December 2025
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued a notification requiring individuals allotted a Permanent Account Number (PAN)...
CBDT Mandates Aadhaar Intimation For PAN Holders Allotted via Aadhaar Enrolment ID Before October 1, 2024
The Central Board of Direct Taxes (CBDT) has mandated Aadhaar Intimation for PAN holders allotted via Aadhaar Enrolment ID before October 1, 2024.The Board...
New Tax Provisions Create Confusion: Are Section 40(b) Thresholds and Section 194T Applicable from April 1, 2025?
Amid growing confusion among taxpayers and professionals, the applicability of two key provisions introduced through the Finance Act, 2024 — the amended Section 40(b)...
AO Acted Under Superior’s Dictation Without Independent Belief: Bombay High Court Quashes Reassessment
The Bombay High Court while quashing the income tax reassessment held that the Assessing Officer (AO) has acted under superior’s dictation without independent belief.The...
Madras High Courts Allows Income Tax Deduction On Amount Towards Approved Gratuity Fund with LIC
The Madras High Court allowed the Income Tax deduction under Section 40(A)(7)(b) of the Income Tax Act towards the approved gratuity fund with LIC...
Assam Revises Professional Tax Slabs for Salary and Wage Earners: New Rates Effective April 2025 [READ NOTIFICATION]
The Assam Government has issued a notification revising the professional tax structure for salary and wage earners under the Assam Professions, Trades, Callings, and...
Delhi High Court Directs Issuance of Nil Withholding Tax Certificate to Lufthansa Cargo
The Delhi High Court has directed the issuance of nil withholding tax certificate to Lufthansa Cargo.The bench of Justice Vibhu Bakhru and Justice Tejas...
‘Debt Forgiveness’ Can’t Be Taxes As Business Income: ITAT
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the debt forgiveness cannot be taxed as business income under Section 28(iv)...
These Documents You Need to File Your Income Tax Return
The deadline for filing updated Income Tax Returns (ITR-U) is fast approaching. Taxpayers should file before March 31, 2025, to avoid higher penalties. Filing...
Know All Changes In TDS Provisions Effective from 1st April 2025
The Income Tax Department has announced significant changes in the Tax Deducted at Source (TDS) provisions, set to take effect from April 1, 2025....
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