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Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Indian crypto investors who thought they could dodge taxes by trading on foreign platforms like Binance are in for a rude awakenin...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Delhi High Court ruled on the validity of re-assessment proceedings in PCIT-04 vs Ganesh Ganga Investments Pvt Ltd, focusing on bo...
Income Tax : Bombay High Court directs tax revision for an AI-generated invalid return order lacking reasoning, stressing natural justice and h...
Income Tax : ITAT Kolkata rules in favor of Anindya Sarkar, allowing Foreign Tax Credit despite delayed Form 67 filing, citing DTAA provisions ...
Income Tax : During the course of a survey, it was seen that the assessee had defaulted in deducting tax at source on interest paid to AGE Pate...
Income Tax : ITAT Hyderabad held that addition on the basis of loose papers and documents found from the premises of third party is not tenable...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
ITAT Mumbai held that addition u/s 68 for investment in joint venture unsustainable as assessee has duly discharged the onus and given all the necessary documents for the identity, genuineness and creditworthiness of the parties.
ITAT Mumbai held that assessee is entitled to raise the additional legal submissions and also additional claims before the appellate authorities. Accordingly, appellate authorities have jurisdiction to entertain the new claim.
Dive into the world of Surcharge on Income Tax—an additional charge levied on tax. Explore current effective surcharge rates for various entities, understand marginal relief, and find answers to FAQs. Stay informed about income tax regulations and ensure compliance.
Explore the latest ITAT Mumbai ruling on Foreign Exchange Fluctuation Gain, affirming that gains arising from the repayment of personal loans in foreign currencies are capital receipts and not taxable. Delve into the case analysis, judgment, and its implications for taxpayers. Stay informed on tax nuances and legal insights.
Learn about TDS under Section 194C of the Income Tax Act, applicable when making payments in pursuance of a contract. Explore provisions, time of TDS, threshold limits, and rates for individuals and other payments. Discover circumstances where TDS is not applicable, and understand the calculation process. Get insights on specified persons, work definitions, and FAQs for clarity on compliance. Stay informed to ensure accurate TDS deduction and meet legal requirements.
Bokaro Power Supply Co. Pvt Vs Addl. CIT Special Range(ITAT Delhi) In the written submissions the assessee has agitated regarding charging of interest of Rs. 48,069/- u/s. 234 A of the Act and submitted that the company has electronically uploaded form 3CEB on 30th November 2015 as well as the Income Tax Return on same […]
ITAT held that provisions of section 56(2)(viia) of are applicable only in cases where purchased share become property in the hands of buyer company and, if shares are of any other company.
If purpose of incentive or subsidy was to enable assessee to set up a new unit or to expand existing unit then receipt of subsidy was of capital in nature.
Nirav Bipinbhai Vaghasiya Vs ITO (ITAT Surat) ITAT find that in the return of income the assessee claimed refund of TDS reflected in his Form-26AS. The CPC denied such refund in its intimation dated 08.10.2018. The assessee filed application for rectification under section 154. In the application under section 154, the assessee claimed such refund […]
When assessee entertained bona-fide belief that its account were not subject to audit u/s 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, question of imposing of penalty u/s 271B does not arise.
