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Latest Articles


Transfer Pricing – Part 2 – Compliance and Assessment Procedures

Income Tax : Learn about Transfer Pricing compliance and assessment procedures, including ALP determination, TPO reference, DRP mechanism, APAs...

March 28, 2024 288 Views 0 comment Print

आईटीआर यू के द्वारा आयकर रिटर्न

Income Tax : जानिए कैसे आईटीआर यू के माध्यम से करदाताओं को आयक...

March 28, 2024 120 Views 0 comment Print

Section 43B(h): Disallowances of expenses due to non-payment to MSMEs

Income Tax : Explore Section 43B (h) of the Income Tax Act, 1961, analyzing disallowances of expenses due to non-payment to MSMEs. Effective fr...

March 28, 2024 3315 Views 0 comment Print

Section 43B(h) of Income Tax Act 1961 w.e.f 01-04-2024 & Applicable from AY 2024-25

Income Tax : Explore Section 43B(h) of the Income Tax Act 1961, effective from April 1, 2024, applicable from Assessment Year 2024-25, impactin...

March 27, 2024 18258 Views 0 comment Print

Detailed Analysis on Section 43B(h)

Income Tax : Discover the detailed analysis of Section 43B(h) under the Income Tax Act, 1999, concerning timely payments to Small and Micro Ent...

March 27, 2024 1599 Views 0 comment Print


Latest News


24X7 Control Room to monitor cash movements for General Elections 2024

Income Tax : Ministry of Finance sets up a 24X7 Control Room for Lok Sabha Elections 2024 in Delhi to monitor cash movements. Toll-free number:...

March 20, 2024 408 Views 0 comment Print

Direct Tax Collections Surge: FY 2023-24 Records Remarkable Growth

Income Tax : Ministry of Finance reveals impressive growth in India's direct tax collections for FY 2023-24, with net collections up by 19.88%,...

March 20, 2024 3801 Views 0 comment Print

Income Tax Dept admits Inconsistencies in Securities Market Data (SFT-17)

Income Tax : Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to s...

March 12, 2024 387 Views 0 comment Print

Ministry of Finance Launches e-Campaign for Advance Tax Compliance

Income Tax : The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance ...

March 10, 2024 483 Views 0 comment Print

Guide to Filing Updated Returns Under Section 139(8A)

Income Tax : Learn how to file updated returns under Section 139(8A) of the Income Tax Act within 24 months from the assessment year end. Know ...

March 9, 2024 1569 Views 0 comment Print


Latest Notifications


Changes in ITR form V and Acknowledgement for A.Y 2024 25

Income Tax : Explore amendments in ITR form V & Acknowledgement for A.Y 2024-25 as per Income Tax Act, 1961 & Rules, 1962. Understand filing pr...

March 28, 2024 9408 Views 0 comment Print

Notification No. 36/2024: Income Tax Exemption- National Mission for Clean Ganga

Income Tax : Explore Notification No. 36/2024 by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, concerning the ...

March 26, 2024 225 Views 0 comment Print

CBDT notifies ‘Principal Secretary, Planning Department, UP U/s. 138(1)(a)(iii)

Income Tax : Stay informed with Ministry of Finance Notification No. 35/2024. Learn about the latest specification of 'Principal Secretary, Pla...

March 22, 2024 402 Views 0 comment Print

Corrigendum to Income Tax Notification No. 27 of 2024

Income Tax : Understand the implications of the corrigendum to Income Tax Notification No. 27 of 2024. Get insights into the changes and their ...

March 19, 2024 2574 Views 0 comment Print

CBDT Amends India-Spain Double Taxation Avoidance Agreement (DTAA)

Income Tax : Explore the Notification No. 33/2024 on the agreement between India and Spain for tax exchange. Understand its implications and ch...

March 19, 2024 393 Views 0 comment Print


Change of opinion by AO cannot be base for initiation of re-assessment proceedings

November 21, 2022 507 Views 0 comment Print

ITAT Pune held that it is an admitted fact that assessee has fully and truly disclosed all the material facts and hence initiation of re-assessment proceedings merely on the change of opinion by AO is impermissible in law.

Content of locker assessible in the hands of first owner of locker

November 21, 2022 1146 Views 0 comment Print

ITAT Delhi held that locker being in joint names and first name was indicative of real ownership and hence the assessment of the contents of the locker should be rightly done in the hands of the first owner of the locker.

Disallowance u/s 40(a)(i) of management fees to AE unsustainable as amount not taxable in India

November 21, 2022 1212 Views 0 comment Print

ITAT Delhi held that management fees paid to AE is not chargeable to tax in India in terms with Article 12(4) of India-USA DTAA and hence disallowance of the same u/s 40(a)(i) of the Income Tax Act for non-deduction of TDS is unsustainable in law.

Genuineness of transaction examined during regular assessment cannot be base for reassessment

November 21, 2022 654 Views 0 comment Print

Gujarat High Court held that details relating to share application money from the four entities was supplied by the assessee during regular assessment and AO was satisfied with the genuineness of the same Hence reopening the assessment doubting the same entries on the basis of change of opinion is unsustainable.

Section 80IC: Year of substantial expansion is initial assessment year within the period of 10 years

November 21, 2022 1038 Views 0 comment Print

It was held that there can be two initial assessment years and the year in which there was substantial expansion that year is the initial assessment year within the period of 10 years for the purpose of claiming deduction under section 80-IC of the Act.

Percentage completion method followed by the developer is acceptable

November 21, 2022 3948 Views 0 comment Print

ITAT Mumbai held that appellant is recognizing the revenue on the basis of percentage completion method since inception of the firm as per the Accounting Standards There is no change or modification in the accounting method hence addition unsustainable.

Cash Deposit during Demonetization Period – AO must do comparative analysis of cash deposits with sales

November 21, 2022 5601 Views 0 comment Print

CBDT instructions dated 09/08/2019 speaks about the comparative analysis of cash deposits, cash sales, month wise cash sales and cash deposits. It also provides that whether in such cases the books of accounts have been rejected or not where substantial evidences of vide variation be found between these statistical analyses.

Appeal shall be revived once appellant violates any of the condition under DTVSVS Act, 2020

November 21, 2022 693 Views 0 comment Print

ITAT Chennai held that it is fact that under Direct Tax Vivad Se Vishwas Act 2020 declarant cannot challenge sum payable before any appellate forum however once the declarant violates condition of DTVSVS Act 2020 the same can be revived by the Department.

Addition upheld as genuineness of purchase and sale of shares not explained

November 21, 2022 1320 Views 0 comment Print

ITAT Ahmedabad held that genuineness of source of purchase and sale of shares thereof remained unexplained and hence concluded that the sale of such shares were only accommodation entry and accordingly addition of entire sale consideration upheld.

Section 115JB benefit Not Available When Net Worth of Sick company Turns Positive

November 21, 2022 999 Views 0 comment Print

Supertex Industries Ltd Vs DCIT (ITAT Mumbai) Undoubtedly, the assessee was referred to the board of industrial and financial Reconstruction Under the provisions of the sick industrial Companies act. Assessee was declared a sick company u/s 3 [1] [o] of the SICA. Rehabilitation scheme of the assessee was approved by the board of industrial and […]

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