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Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Income of minors is clubbed with parents' income unless earned through personal skill or manual work. Tax planning strategies can ...
Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : ITAT Pune rules Form 10B filing not mandatory for Section 11/12 exemption claims, citing Gujarat High Court precedent, remands cas...
Income Tax : ITAT Pune allows patent drafting & translation expenses as revenue expenditure u/s 37, overturning lower authority's capital expen...
Income Tax : ITAT Mumbai rules PCIT's revision under Section 263 as erroneous. The tribunal holds non-initiation of penalty proceedings cannot ...
Income Tax : DCIT Vs Meridian Chem Bond Private Limited (ITAT Pune) Does Proving the Three Main Ingredients by Assessee U/S 68 Shift the Burden...
Income Tax : ITAT Bangalore sets aside ex-parte order against senior citizen, ruling that email-only notices denied a fair hearing. Case remand...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Unlock the magic of tax incentives under the Income Tax Act, 1961! Dive into Section 80C, exploring safe and high-return options, making your money work smarter for you.
Rule 114AAA of the Income-tax Rules, 1962 related to Manner of making permanent account number (PAN) inoperative is applicable from 1st day of July, 2023. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi *** Order No. F. No. 370142/14/2022-TPL Dated 1st April, 2023 Sub: Specified […]
CBDT has entered into a record 95 Advance Pricing Agreements (APAs) in FY 2022-23 with Indian taxpayers. This includes 63 Unilateral APAs (UAPAs) and 32 Bilateral APAs (BAPAs). With this, the total number of APAs since inception of the APA programme has gone up to 516, comprising 420 UAPAs and 96 BAPAs.
Notification No. 16/2023- Income Tax Dated: 01st April, 2023 – CBDT notifies Tax Exemption to Bhadohi Industrial Development Authority, a body constituted by the state government of Uttar Pradesh, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification […]
Jetkool Exports India Vs National E-Assessment Centre (ITAT Mumbai) It is an admitted fact that the assessee being a partnership firm was entitled to deduction in respect of the remuneration payable to the partners as per clause 7 of the Partnership Deed. This in turn depends on the provision of Income Tax Act, 1961 which […]
AO is only entitled to reopen assessment, but he cannot review an assessment in the sense that there cannot be a rethinking or different opinion on the same material, which was the subject matter of the original assessment proceedings.
Mukkamala Srihari Rao Vs ACIT (ITAT Ranchi) Whether the sale consideration received by a person from sale of capital asset if applied in the name of his wife or son for purchasing/constructing residential house whether the assessee can claim deduction u/s. 54F or 54 of the Act?. From going through the decision(s) relied on by […]
ITAT Hyderabad held that reasons given in the condonation application for the delay are not sufficient for condonation of such huge delay of 930 days. Accordingly, appeal dismissed as barred by limitation.
ITAT Raipur held that matter needs to be restored in absence of necessary verification by AO in characterizing share application money as unexplained cash credit u/s 68 and non-cooperation and evasive conduct of the assessee.
ITAT Jaipur held that as per records i.e. the Govt. Gazette Notification and Office Order submitted, Malviya National Institute of Technology, Jaipur (Raj) is a Govt. Organisation and therefore assessee being an employee of Government Organization is entitled for full exemption of earned leave encashment on retirement u/s 10(10AA) of Income Tax Act.
