Income Tax Computation For Individuals: Rules And Rates

Income Tax Computation For Individuals: Rules And Rates

The calculation of tax liability depends on several factors, including an individual%u2019s residential status, sources of income, and the tax regime they choose. 

The income taxable in the hands of an individual and tax ...

Remuneration of Partners From The Partnership Firm Not Salary Income ITAT Pune

Introduction: The Income Tax Appellate Tribunal (ITAT) Pune recently examined a case where the Income Tax department had categorized the remuneration received by a partner as salary income, leading to an addition of Rs. 78,064 to the partner%u2019s income. The case of Kiran Vasant Pawar vs. ...

Section 194R of the Income-tax Act, 1961

Section 194R of the Income-tax Act, 1961

The Finance Act, 2022, introduced Section 194R, which pertains to the deduction of tax on benefits or perquisites in respect of businesses or professions.

Businesses, companies, or entities often extend multiple types of benefits and ...

Co-operative Societies Meaning And Taxation Under Income Tax Act

Co-operative Societies Meaning And Taxation Under Income Tax Act

Co-operative societies are profit-oriented entities which aim to obtain marketability for the products produced by agricultural and other labour-intensive businesses. Based on the recommendations of the Mirdha Committee and ...

ഇൻകം ടാക്സ് സെക്ഷൻ  43 ബി(എച്ച്)

Payments to Micro & Small Enterprises under MSME - Section 43B

Delve into the significant amendments in Section 43B concerning payments to Micro & Small Enterprises (MSME) under the MSME Act. Applicable from April 2024, these changes impact the due dates, eligibility for deductions, and ...

Appeal Can't Dismiss Without Addressing Merits for Non-Appearance For Hearing.

Appeal Can\'t Dismiss Without Addressing Merits for Non-Appearance For Hearing. 

MARC Laboratories Ltd. Vs DCIT 

The case of MARC Laboratories Ltd. vs. DCIT before the ITAT Delhi revolves around the authority of the Commissioner of Income Tax (Appeals) to dismiss appeals on ...

Assessment order invalid if not dispatched to assessee within limitation period ITAT Delhi

Assessment order invalid if not dispatched to assessee within limitation period ITAT Delhi

Instrumentation Laboratory India Pvt. Ltd. Vs DCIT 

The case of Instrumentation Laboratory India Pvt. Ltd. vs. DCIT revolves around the assessment order dispatched after the limitation...

Contractor’s Statement Alone Insufficient To Establish A Transaction As Benami -Allahabad High Court

Contractor’s Statement Alone Insufficient To Establish A Transaction As Benami -Allahabad High Court

Meera Pandey Vs Union of India

In the case of Smt. Meera Pandey Vs Union of India, the Allahabad High Court has made a significant ruling, quashing benami transaction proceedings...

Rejection of adjournment request without proper consideration Karnataka High Court quashes order

Rejection of adjournment request without proper consideration Karnataka High Court quashes order

Toyota Industries Engine India Private Limited Vs CIT 

In a significant judgment, the Karnataka High Court quashed an Income Tax order against Toyota Industries Engine India Private ...

Madras HC allows Senior Citizen to Pay 20% Income Tax Appeal Pre-deposit in 18 Instalments

Madras HC allows Senior Citizen to Pay 20% Income Tax Appeal Pre-deposit in 18 Instalments

In a recent decision, the Madras High Court addressed the appeal of Kanakiliyanallur Narayanan Nehru against the Income Tax Officer’s order, focusing on the pre-deposit requirement pending ...

Relaxation given to the Deductors / Collectors / Deductees on higher TDS demand due to Aadhar PAN not linked By BDT Circular No. 6/2024

Relaxation given to the Deductors / Collectors / Deductees  on higher TDS demand due to Aadhar PAN not linked By BDT Circular No. 6/2024

CBDT Circular No. 6/2024: Relief for TDS Deductors on PAN-Aadhar Linkage

The CBDT, aiming to address grievances of deductors / collectors who ...