CA Mickey and CA Mini explain Section 40A(2)(b) of the Income Tax Act, focusing on controlling excessive payments to specified persons, with insights from Artisans Micro Finance (P) Ltd. v. ITO.
Learn how gifts and benefits received in business, like non-cash items, are taxed under Section 28(iv) of the Income Tax Act. Understand the rules and avoid surprises.
Article explains how surrendered income is treated under I.T Act, particularly focusing on applicability of Sections 68 to 69D and related provisions.
Summary: Income additions by tax authorities due to discrepancies between a taxpayer’s declared income and the details in Form 26AS are common. However, these additions often lack proper verification. In cases such as Swati Mahesh Vinchurkar v. Dy. CIT, the Tribunal ruled that merely relying on Form 26AS without verifying the taxpayer’s claims is insufficient. […]
Understand the legal framework and tax implications of political donations in India, including key sections like 80GGB, 80GGC, and the risks of bogus donations.
Learn the importance of show-cause notices, their legal implications, and how to respond effectively to protect your rights. Explore key case laws and best practices.
Discover the real implications of Section 50C and significant court rulings affecting real income taxation. Explore crucial tax decisions and compliance tips.
Explore why penalties should not be imposed on estimated income, supported by legal rulings and principles ensuring fair tax administration.
Discover if the 20% pre-deposit for tax disputes is always mandatory or if there are exceptions. Learn about discretionary powers and recent judicial insights.
Explore the discussion between CA Micky and CA Mini on Sections 68 & 44AD of the Income Tax Act. Learn about unexplained cash credits and presumptive taxation.
