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Income Tax : A clear guide explaining how both the 1961 and 2025 tax laws will coexist, and why professionals must apply each depending on the ...
Income Tax : The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies ...
Income Tax : The updated law clarifies how stay duration and income thresholds determine tax residency status. It holds that only crossing the ...
Income Tax : The new law reorganizes provisions and reduces complexity without changing tax policies, ensuring easier compliance and continuity...
Income Tax : The removal of the provision means companies and investors are no longer taxed on share premiums exceeding fair market value, crea...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : ITAT holds TDS applies on year-end provisions where payee, amount, and nature are identifiable—assessee treated in default u/s 2...
Income Tax : ITAT allows Section 80P deduction to Souharda society, holding registration under Souharda Act qualifies as co-operative society; ...
Income Tax : ITAT allows deduction of interest paid under capital bond agreement, holding a clear contractual obligation existed; since corresp...
Income Tax : Delay of 208 days condoned on bona fide grounds with ₹1,000 cost; ITAT sets aside ex-parte CIT(A) order, holding denial of heari...
Income Tax : ITAT remands ₹33.12 lakh agricultural income claim due to lack of evidence; holds no proof means taxable u/s 68/115BBE, but gran...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
A clear guide explaining how both the 1961 and 2025 tax laws will coexist, and why professionals must apply each depending on the assessment year.
ITAT holds TDS applies on year-end provisions where payee, amount, and nature are identifiable—assessee treated in default u/s 201. Relief allowed if payees paid tax; no TDS default on salary provisions as deduction arises on payment.
ITAT allows Section 80P deduction to Souharda society, holding registration under Souharda Act qualifies as co-operative society; rejects technical denial, finds no non-member dealings, and rules even disallowances boosting income remain eligible for 80P deduction.
ITAT allows deduction of interest paid under capital bond agreement, holding a clear contractual obligation existed; since corresponding interest income was taxed, matching liability must be allowed-disallowance deleted as one-sided taxation is impermissible.
Delay of 208 days condoned on bona fide grounds with ₹1,000 cost; ITAT sets aside ex-parte CIT(A) order, holding denial of hearing violates natural justice, and remands matter to AO for fresh adjudication with full opportunity.
ITAT remands ₹33.12 lakh agricultural income claim due to lack of evidence; holds no proof means taxable u/s 68/115BBE, but grants one more chance for verification, imposing ₹2,000 cost for non-compliance.
The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies compliance while retaining key conditions and safeguards for taxpayers.
Condonation of 100 + month delay allowed on liberal principles with ₹5,000 cost; ITAT holds gross receipts of charitable trust cannot be taxed-even if Sec 11 denied, only net income after expenses is taxable; matter remanded for verification.
TP ruling clarifies that comparables must meet uniform filters, FAR analysis prevails over search matrix, ESOP adjustments require parity, working capital needs scientific computation, and delayed receivables attract LIBOR-based interest.
The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highlights improved tax realization and efficient revenue administration.
