Kapil Dev Exempted From Income Tax On Rs. 1.5 Crore Granted By BCCI: ITAT
The Income Tax Appellate Tribunal (ITAT) has exempted Kapil Dev from income tax on Rs. 1.5 Crore granted by Board of Control for Cricket...
Taxpayer Data Misuse Allegations: CBI Registers Case Against Income Tax Officials
The Central Bureau of Investigation (CBI) has registered a case against six individuals, including five officials of the Income Tax Department in Hyderabad—two Income...
CBDT Notifies New Disclosure Rules for MSME Payments, Share Buybacks, and Loans
The Central Board of Direct Taxes (CBDT) has introduced significant amendments to tax audit reporting requirements under Form 3CD, requiring enhanced disclosures related to...
AI Can’t Override Natural Justice; CPC Portal Must Reflect Thoughtful Consideration: Bombay High Court
The Bombay High Court has held that Artificial Intelligence (AI) cannot override natural justice, and the Centralized Processing Centre (CPC) portal must reflect thoughtful...
New Definition of “Specified Premises” For Hotel Accommodation Services Under GST W.E.F 01.04.2025: CBIC Issues FAQs
The Central Board of Indirect Taxes and Customs (CBIC) has issued the Frequently Asked Questions (FAQs) on ‘restaurant service’ supplied at ‘specified premises’ under...
Juice Seller Shocked by Rs 7.79 Crore Income Tax Notice
A small-time juice seller in Aligarh’s district court compound was left in shock after allegedly receiving an income tax notice demanding an outstanding payment...
Govt. Introduces New Legal Provisions to Track Digital Assets in Income Tax Bill, 2025 – WhatsApp Messages Help Uncover Rs 200 Crore in Unaccounted...
The Indian government has proposed new legal provisions under the Income Tax Bill, 2025 to enhance the tracking and investigation of digital assets, including...
Income Tax Officials Can’t Access Personal Emails, Social Media Of Assessees: MoS Pankaj Chaudhary Clarifies
The Government of India has categorically stated that Income Tax officials will not have access to the personal emails, social media accounts, or bank...
Redevelopment Flat Value Not To Be Taxed U/s 56(2)(X) Of Income Tax Act: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has ruled that redevelopment flat value is not taxable as income from other sources under...
Finance Bill 2025 Introduces New Provision Enabling Cross-Verification of Inconsistencies in ITR
The Finance Bill 2025 has introduced significant amendments to Section 143(1) of the Income-tax Act, 1961, refining the mechanism of processing income tax returns...
Finance Bill, 2025: Amendments In Chapter XIV-B Of Income-Tax Act 1961
The Finance Bill, 2025 has notified the amendment in the Chapter XIV-B of the Income-tax Act, 1961 and has redefined the approach to block...
Finance Bill 2025: Government Amends Definition of ‘Capital Asset’
The Finance Bill 2025 has introduced a significant amendment to the definition of “capital asset” under Section 2(14) of the Income Tax Act, 1961....
Government Expands Tax Exemptions for Non-Residents in IFSC under Section 10(4E) of Income Tax Act
In a significant move to enhance India's attractiveness as a global financial hub, the Government has introduced key amendments to Section 10(4E) of the...
Finance Bill 2025 Expands ‘Resultant Fund’ Definition, Eases Conditions for Retail Schemes & ETFs
The Government of India has proposed an amendment to Section 10(4D) of the Income-tax Act, 1961, which provides an income tax exemption to ‘specified...
Finance Bill 2025 Amends Section 10(10D) To Exempt Life Insurance Proceeds From IFSC Intermediaries Without Premium Cap
The Finance Bill, 2025 has introduced a significant amendment to Section 10(10D) of the Income-tax Act, 1961, providing a major relief for life insurance...
Finance Bill 2025: Presumptive Tax Provisions Under The New Section 44BBD
The Indian government has introduced an amendment to the proposed Section 44BBD of the Income-tax Act, 1961, through the Finance Bill, 2025, bringing greater...
Finance Bill 2025: Tax Treatment Of Offshore Fund Managers In India
In a significant move aimed at reducing compliance burdens and facilitating the relocation of fund managers of offshore funds, the Government has proposed amendments...
Gujarat High Court Imposes Rs. 1 Crore Cost On AO For High Pitched Assessment Against Amalgamated Entity (Read Order)
The Gujarat High Court has imposed the cost of Rs. 1 Crores on the Assessing Officer (AO) for high pitched assessment.The bench of Justice...
ITAT Quashes Assessment and Penalty Orders Passed During IBC Admission Period
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has assessment and penalty orders passed during Insolvency and Bankruptcy Code (IBC) admission period.The bench...
Step-Siblings Are Relatives, Gift Not Taxable Under Section 56(2) of Income Tax Act: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the step-siblings are relatives and the gift is not taxable under Section...
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