"I"
ITAT Kolkata held that employees should not bear tax liability again where TDS was deducted but not deposited by the employer.
Learn when senior citizens must file an Income Tax Return, who qualifies for the age-75 exemption, and how Form 125 works. The guide also explains document preparation, choosing the correct ITR form, and avoiding common filing mistakes.
The Jaipur Tribunal held that every foreign asset or remittance cannot be treated as undisclosed wealth under the Black Money Act. Penalties cannot be imposed where the source is genuine, explained, and there is no intention to conceal.
The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ultimately granted relief after recognizing the taxpayer s genuine reliance on employer disclosures.
The article explains how taxpayers often wrongly assume that housing loan loss benefits remain available under the new tax regime. It highlights important differences between old and new regime treatment in ITR-1.
The article explains how seemingly simple questions in ITR-1 can create major confusion for taxpayers. It highlights practical issues relating to tax regime selection, Form 10-IEA, and salary reporting.
The article explains that individual tenants paying rent above ₹50,000 per month must deduct TDS at 2% under Section 194-IB. It highlights compliance procedures, filing requirements, and consequences of non-deduction or delayed payment.
The Tribunal held that TDS entries appearing in Form 26AS are sufficient material for reopening assessments when no return is filed. The ruling emphasizes that taxpayers must reconcile Form 26AS with books and returns to avoid reassessment proceedings.
ITAT Kolkata remands case on disallowance of subcontractor expenses, stressing need for evidence, due diligence, and verification of transactions.
The Tribunal held that advances received under an uncompleted sale agreement are not taxable. Income arises only when transfer or forfeiture occurs.
