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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 : 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...
Orbit Projects Private Limited Vs ITO (Calcutta High Court) Sub- Whether an Assessing officer ignoring the judgement of Calcutta high court in the case of assessee itself issue a fresh notice u/s 148 disregarding the fact that the company in whose name the notice is issued is no longer in existence and for this very […]
ITAT Delhi held that interest income on income tax refund is chargeable at the rate of 10% as per Article 11 of India – Japan tax treaty.
ITAT Mumbai held that CPC (Centralised Processing Centre) is not authorized to carry out adjustments for disallowance of deduction under section 80P of the Income Tax Act.
ITAT Chennai held that simply because there are coconut trees on the land it doesnot mean that agricultural operations are carried out. Accordingly, deduction claimed under section 54B on sale of the land is disallowed.
ITAT Jabalpur held that as per the sale deed what was purchased was only a plot of land for construction of residential house. However, in absence of construction of residential house thereon, exemption under section 54F of the Income Tax Act not admissible.
ITAT Ahmedabad held that depreciation on licenses software is allowable at the rate of 60% and not at the rate of 25% as alleged by the revenue.
ITAT Mumbai held that issuance of draft assessment order along with the demand notice is in violation of provisions of section 144C of the Income Tax Act and hence bad in law.
As per the Finance Act 2021, the re-assessment notice can only be issued to an assessee under Section 148 of the Act when there is an information with the jurisdictional Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant Assessment Year with the prior approval of the specified authority under Section 151 to issue such notice.
Learn about tax deductions for new employee costs under section 80JJAA of the Income-tax Act, its eligibility criteria, and practical scenarios for claiming deductions.
Ensure proper service of notices by AO on correct E-Mail Ids as per Rule 127. Assessees must not evade notices. Stay compliant to avoid jurisdictional errors.
