Category: Income Tax
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 …
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- …
Guidance for application of the Principal Purpose Test (PPT) under India’s Double Taxation Avoidance Agreements CBDT has issued Circular No. 1/2025 dated 21.01.2025 as Guidance for application of the Principal Purpose Test (PPT) under India’s Double Taxation Avoidance Agreements The Multilateral Convention to Implement Tax Treaty Related Provisions …
CBDT notifies Rule 6GB to prescribe conditions for applicability of presumptive taxation regime u/s 44BBC for non-resident cruise ship operators As a measure to promote investment and employment, Finance (No. 2) Act, 2024 inter alia provided a presumptive taxation regime for non-residents, engaged in the business of operation …
Revisionary order u/s 263 quashed as PCIT made no discussion why he did not agree with the submissions of the assessee In a recent judgment, the ITAT Lucknow has set aside revisionary order u/s 263 as PCIT made no discussion in the impugned order on the submissions made …
