Income Tax Bulletin May 2025
Judicial Updates :-
- Subscription fee on e-magazines with standardized content doesn’t partake character of ‘FTS’
- Penalty for violation of Sec. 269T deleted if reasonable cause is provided by the assessee
- Deduction of interest for funds given to subsidiary allowed u/s 36(1)(iii)
- Computers installed for software development akin to production of article or things, thus, eligible for deduction u/s 32AC
- Additions in respect of gifts unsustainable as valuation not done by the AO
Circulars/ Notifications :-
- No TDS u/s 194EE on withdrawal of amount under Sec. 80CCA(2)(a)
- CBDT amends Form No. 26Q & 27Q for submitting details u/s 194T
- Expenditure for settling proceedings for defaults under specified laws not allowable u/s 37