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Income Tax : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
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 : 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 : A similar claim for deduction as was raised by assessee-firm in the preceding year had been allowed by the department, but also th...
Income Tax : ITAT Pune ruled that Rs. 1.02 crore in short-term capital gains was wrongly added to the taxpayer’s income, as it was already ta...
Income Tax : It was a case where the statutory procedure mandated in section 144C had been attempted to be by passed by merely mentioning the n...
Income Tax : ITAT Pune ruled that Foreign Tax Credit (FTC) cannot be denied solely due to late Form 67 filing, as the requirement is directory,...
Income Tax : ITAT Mumbai remands case after CIT(E) rejects 12A registration due to missing documents, directing the applicant to submit require...
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...
Any Profit or gain arising from the transfer of Capital asset is taxable as a Capital Gain u/s 45 of the Income Tax act, 1961. It is relevant to determine whether Capital Gain is short term capital gain or long term capital gain as it affects the rate of Income Tax.
ITAT Delhi held that disallowance on ad-hoc basis without any specific allegation merely on the basis of general remarks and observations is unsustainable as assessee has successfully demonstrated that the expense has been incurred wholly and exclusively for the purpose of business.
ITAT Jaipur held that amount paid towards settling the property dispute is absolutely necessary to affect the transfer and accordingly the same is allowed as expenditure covered by provision of section 48 of the Income Tax Act.
Gujarat High Court held that Tribunal cannot abdicate its duty of deciding the matter on merits till the outcome of pending matter before Apex Court. Section 35C(1) of the the Central Excise Act, mandates the Tribunal to dispose of the appeals on merits.
ITAT Mumbai held that distribution of samples of infant milk substitutes, feeding bottles and infant foods is prohibited under section 4 of Infant Milk Substitutes, Feeding Bottles and Infant Foods (Regulation of Production, Supply and Distribution) Act, 1992. Accordingly, the same is not allowable as business expenditure.
ITAT Ahmedabad held that provision for Solid Waste Disposal Expenses made by the assessee is not a contingent liability but is an accrued liability and therefore claim of assessee is allowable.
ITAT Chennai held that as per assigning reasons for delay in filing audit report under section 44AB is venial technical breach and accordingly penalty under section 271B of the Income Tax Act not leviable.
ITAT held that penalty u/s. 271(1)(c) on Bogus purchase addition cannot be levied where addition was made on estimated basis.
Mohamed Mohideen Ayesha Nasreen Vs ACIT (ITAT Chennai) ITAT held that it could be seen that assessee is living with her husband and three children (Two daughters and one son) in USA. She has got married in the year 2003. In this letter, the assessee has submitted that approx. 1201 grams of jewellery belong to […]
Malook Singh Vs PCIT (ITAT Delhi) CIT(A) held that cultivation of high quality foundation seeds of peas, wheat, paddy and potato is different from normal agricultural activity. Against this, the assessee has submitted all the bills & vouchers for expenses like lease rent, power bills, fertilizer, seeds, labour, wages and details of sale and mandi […]
