Category: Income Tax
TDS sections for which payment threshold reduced by Budget 2025-26. See Table The Finance Bill 2025 has increased payments threshold limits for deduction of tax at source under various sections TDS provisions have various thresholds of amount of payment or amount of income, beyond which tax is required …
Removal of higher TDS/TCS u/s 206AB / 206CCA CCA for non-filers of return of income w.e.f. 01.04.2025 Section 206AB of the Income Tax Act, 1961 requires deduction of tax at higher rate when the deductee specified therein is a non-filer of income-tax return. Section 206CCA of the Act, …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2026-27 as proposed in Union Budget 2025-26. Union Finance Minister shall present Union Budget 2025-26 in Parliament on 1st February 2025. Hopes are high that taxpayers shall be given much desired relief in taxation …
Section 87A Rebate for AY 2026-27 ( FY 2025-26 ) under New Tax Regime and Old Tax Regime as per Union Budget 2025-26. Amendment proposed, amount of rebate and eligibility. Section 87A Rebate for AY 2026-27 ( FY 2025-26 ). Union Finance Minister shall present Union Budget 2025-26 …
Proceedings under Section 148A of the Income Tax Act, 1961 necessarily required to be completed within the period available for issuing notice under Section 148 In a recent judgment, Hon’ble Delhi High Court has held that proceedings under Section 148A of the Income Tax Act, 1961 necessarily required …
Penalty u/s 270A(9) deleted by ITAT as assessee pursuant to notice u/s 148 filed return and had paid due taxes In a recent judgment, ITAT Ahmedabad has deleted penalty u/s 270A(9) when assessee pursuant to notice u/s 148 filed return and paid due taxes. ABCAUS Case Law Citation:4395 …
Net Profit rate of about 40% not possible in contract work especially when assessee does contract work for government department – ITAT In a recent judgment, ITAT Pune upheld estimating net profit @ 8% against addition on account of alleged payments to bogus sub contractors made by the …
Assessment made u/s 143(3) despite AY comprised in block period under satisfaction note recorded u/s 153C was void ab initio – ITAT In a recent judgment, ITAT Delhi has held that assessment completed u/s 143(3) despite satisfaction note recorded u/s 153C for the Assessment Year comprised in block …
Incriminating material has to be identified with respect to each Assessment Year before proceeding u/s 153C – Department’s SLP dismissed In a recent judgment, Hon’ble Supreme Court has dismissed the SLP against the judgment of the Delhi High Court in holding that “incriminating material” would have to be …
Tax incentives to IFSCS – Income-tax (Second Amendment) Rules, 2025 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 10/2025 New Delhi, the 27th January, 2025 INCOME-TAX G.S.R. 76(E).—In exercise of the powers conferred by section 295 read with sub-item (b) of item (I) of sub- …
