The taxation of alimony in India is a complex issue due to the absence of explicit provisions under the Income Tax Act. While lump sum alimony is generally tax-free, periodic alimony is taxable under “Income from Other Sources.” Alimony, also …
The High Court referred to the Supreme Court’s ruling in Board of Control of Cricket in India v. Regional Director, Employees State Insurance Corp. (2022), which established that an establishment qualifies for ESI registration only if it systematically engages in …
“Junior lawyers must learn the art of advocacy, proper drafting, and courtroom conduct. Training programs will equip them with these essential skills,” Justice Oka Said said. Justice Abhay Oka of the Supreme Court recently highlighted the importance of pro bono …
Interest is payable even if sufficient Input Tax Credit (ITC) was available at the time of supply. The relief under the Proviso to Section 50(1) applies only when outward supplies are declared within the same tax period. The Goods and …
Some CIT(A) rulings have supported the taxpayer’s interpretation that the 87A rebate should apply to total income, including capital gains. However, until a clear judicial or legislative resolution is established, the issue remains contentious. A major controversy has emerged surrounding …
Income tax officials may analyze an individual’s declared expenses in comparison to their bank records, which include credit/debit card transactions and cash withdrawals. The middle class has been facing increasing scrutiny regarding income tax compliance, with discussions intensifying before the …
Summons under Section 131(1A) typically issued when the I-T Department suspects concealment of income or requires further inquiry before proceeding with search and seizure. Section 131(1A) of the Income Tax Act, 1961 empowers assessing officers with specific authority to issue …
Key Takeaways from New Income Tax Bill 2025 to be Introduced in Parliament on 13 February 2025 The government has introduced the new Income Tax Bill 2025, which will be tabled in Parliament on February 13, 2025. After parliamentary committee …
This landmark ruling reinforces the principle that intermediaries operating in a fiduciary capacity are distinct from the principal parties in transactions. It sets a strong precedent for brokers, real estate facilitators, and agents, protecting them from undue penalties under Section …
The High Court highlighted that Section 132 was introduced to strengthen regulatory oversight and align audit standards with global best practices. It does not create new liabilities but fills a regulatory gap to enhance transparency, accountability, and audit quality. The …
The Rebate u/s. 87A reduces tax burden for low-income taxpayers, whereas marginal relief ensures that the tax does not exceed the excess taxable income over the rebate threshold. With the Budget 2025 announcements, significant changes have been introduced to tax …
Taxpayers can challenge SCNs from unauthorized authorities by invoking Section 6 of the CGST Act and responding diligently to such adjudications. The introduction of the Goods and Services Tax (GST) in India in 2017 aimed to streamline indirect taxes by …
Latest Updates on Income Tax, GST & Corporate Law: 8 February 2025 Income Tax Update-1: The Union Cabinet on Friday approved a new Income Tax Bill aimed at simplifying the tax system without introducing new taxes. The Union Cabinet on …
Latest Updates on Income Tax, GST & Corporate Law: 7 February 2025 Income Tax Update-1: Cabinet may approve new Income Tax Bill on Friday i.e. 7th Feb The Union Cabinet may approve the new Income Tax Bill on Friday, paving …
Recent Updates on Income Tax, GST & Corporate Law: 6 February 2025 Income Tax Update 1: CBDT order for sharing information on Income Tax payers to the Department of Foods & Public Distribution The Central Board of Direct Taxes (CBDT), …
Latest Updates on Income Tax, GST & Corporate Law: 3 February 2025 Income Tax Update 1: New Scheme to ALP on International Transactions for a Block Period of 3 years In the budget 2025, the finance minister proposed a new …
The court also highlighted the distinction in the Income Tax Act between income derived from house property and an interest in property. The Delhi High Court has ruled that tax liability on income from house property should be imposed on …
Recent Updates on Income Tax, GST & Corporate Law: 31 January 2025 Income Tax Update-1: New SMS campaign by the Income Tax Department to warn taxpayers about political donations claim The Income Tax Department has issued a cautionary message to …
Taxpayers who claimed deductions under Section 80GGC of Income Tax Act are advised to verify their claims. The Income Tax Department has launched an SMS campaign to alert taxpayers regarding deductions claimed under Section 80GGC for political donations. This initiative …
Recent Updates on Income Tax, GST, and Corporate Law – 29 January 2025 Income Tax Update 1: CBDT Notification No. 10/2025 – Key Amendments for Venture Capital Funds, Finance Companies, Retail Schemes, and ETFs in IFSCs The Ministry of Finance, …