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Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
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 : 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 : Allahabad HC quashes GST demand against Solvi Enterprises, ruling that the selling dealer was registered at the time of transactio...
Income Tax : PCIT Vs Greenply Industries Ltd (Gauhati High Court) The Gauhati High Court’s recent judgment in “The Principal Commis...
Income Tax : ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under sec...
Income Tax : ITAT Mumbai held that developer is entitled for deduction under section 80-IA of the Income Tax Act for carrying out development w...
Income Tax : ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under sectio...
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...
As regards the deletion of addition of Rs.57 crores under the head of ‘interest accrued on investment on Capital Asset, Replacement Reserve Fund and Development, Repayment of Loan and Contingencies Reserve Fund’, it is pointed out that the Assessee has two statutory reserve funds viz., (i) Replacement, Rehabilitation, Modernization of Capital Assets Reserve and (ii) Reserve for Development, Repayment of Loans and Contingencies.
ITAT held that payment would be deemed to have been made on date the cheque was handed over to banker and date of payment was to be taken as date of presentation of cheques by assessee.
Once TDS element is reflected in Form No. 26AS, the Assessing Officer cannot allege that the parties are not genuine. Moreover, full details are available on record.
One of the key components of Startup India program is Section 80IAC of the Income Tax Act which provides tax incentives for startups. Section 80IAC of the Income Tax Act provides tax benefits to eligible startups for their first three years of operations.
Learn about a Gujarat High Court case on reopening of income tax re-assessment proceedings under the Finance Act 2021. Analysis of 4 Recent Important Income Tax Case laws
No ad hoc addition for bogus purchases should be made. Addition should be made to the extent of difference between gross profit rate on genuine purchases and GP rate on hawala purchases
Sureshkumar K Kataria Vs DCIT (ITAT Rajkot) ITAT notes that there was mismatch in the gross income reported by the assessee viz a viz the income reflecting in form 26AS for an amount of Rs. 4,13,081.00 only. As such, the assessee has shown less income by the impugned amount, therefore concurrent view was taken by […]
Shivdham Industries P. Ltd Vs DCIT (ITAT Guwahati) It has been stated before us by the ld. Counsel for the assessee that in the return of income filed in Form no. ITR-6 in Schedule CFL, the assessee has furnished ‘details of loss to be carried forward to future years’ totaling to Rs. 82,89,050/- which included […]
Red Chilli International Sales Vs ITO (Supreme Court of India) We with the petitioner that the impugned judgment rejecting the writ petition on the ground of alternative remedy does not take into consideration several judgments of this Court, on the jurisdiction of High Court, as writ petitions have been entertained to be examined whether the […]
ITAT held that transfer of PAN is consequential to Order of transfer of jurisdiction & that it is a PAN, which follows jurisdiction & not vice versa
