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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...
ITAT Mumbai held that capital gain is to be taxed in the hands of legal owner of the property who has transferred the property by registering sale deed. Merely because interest of housing loan is claimed by the son of the assessee, it doesn’t make him the owner of the property.
ITAT Chennai held that rice being specified in schedule is covered within the definition of agricultural produce as per provision of Tamil Nadu Agricultural Produce Marketing (Regulation) Act, 1987. Accordingly, as per Rule 6DD(e)(i) of the Income Tax Rules the same is exempt from disallowance under section 40A(3) of the Income Tax Act.
Calcutta High Court held that order of transfer passed invoking power under section 127 of the Income Tax Act without opportunity of being heard is unsustainable in law.
ITAT Mumbai held that penalty under section 271-1-c of the Income Tax Act not imposable when the addition on account of bogus purchases is done on adhoc estimated basis As adhoc estimated based addition doesn’t tantamount to furnishing of inaccurate particulars of income.
ITAT Mumbai held that initiation of proceedings under section 153C of the Income Tax Act based on documents impounded during the course of survey under section 133A of the Income Tax Act is bad in law and unjustified as no such material were found during the course of search.
Understand Rule 12 of Income Tax Rules & get to know what amendments were made wef 01.04.2023 for AY 2023-24. Learn more
Amendment of Section 43B to boost MSME sector growth & timely payments. Govt. of India passed Budget 2023 to help MSMEs. Find out more.
It is proposed that application out of corpus or a loan before April 1, 2021 shall not to be allowed as application for charitable or religious purposes even when such amount is put back into corpus or the loan is repaid. This is in order to avoid double tax deduction.
Section 115BAC was introduced in Finance act 2020 as New Tax Regime whereby new tax rates were introduced for Individuals and HUF as an option to existing tax rates applicable.
ITAT Mumbai held that as there doesn’t exist any formal/ informal agreement between the assessee and AE to share/ reimburse AMP (Advertising Marketing and Promotion) expenses incurred by the assessee in India. The same cannot be held liable as an international transaction.
