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Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liabi...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : Section 119(2)(b) allows delayed ITR filings with valid reasons. Revised limits, conditions, and judicial insights guide this less...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
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 : Delhi High Court voids tax assessment by National Faceless Assessment Centre for denying personal hearing request, citing violatio...
Income Tax : Gujarat High Court overturns ₹107 crore tax assessment due to Income Tax Department's failure to grant a personal hearing, citin...
Income Tax : Calcutta HC rules share sale profits as capital gains for Century Plyboards, citing investment intent and consistent past tax trea...
Income Tax : Gujarat High Court upholds ITAT ruling in Tejua R. Kapadia case, dismisses Revenue’s appeal on alleged bogus purchases of over �...
Income Tax : ITAT Chennai rules on Sakthi Realty case, deleting additions for unexplained deposits. Details on customer deposits, tax assessmen...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
ITAT Delhi held that as there is no gain of technical knowledge, experience or skill, the IT support service do not fall under the definition of FTS under Article 13 of the DTAA and hence TDS not deductible on the same.
Kamal Nath Vs PCIT (Calcutta High Court) What are the grounds on which transfer of assessment records/jurisdiction can be challenged u/s 127 of the Income-tax Act, 1961? In this high profile case relating to ex-chief minister of Madhya Pradesh, when Dr A M Singhvi along with Mr JP Khaitan represented the petitioner before Hon’ble Justice […]
Facing issues with the Faceless Assessment E-Portal closure without notice? Learn the steps ahead to address grievances. Understand the importance of following correct procedures to ensure justice in tax cases.
Whether Remission Of Trading Liability Separately Taxable Where Income From Business Has Been Declared On Presumptive Basis U/S 44AD, 44ADA Or 44AE of Income Tax Act, 1961
GOI grants various tax exemptions and benefits which an eligible start-up can avail of. Let’s understand first meaning of an eligible Startup.
Explore Section 80JJA of the Income Tax Act, 1961, offering deductions for businesses engaged in collecting and processing biodegradable waste. Learn key provisions, background, and implications for businesses, contributing to environmental sustainability. Maximize benefits and enhance profitability.
Section 139(8A) of the Income Tax Act and rule 12AC of Income tax rules gives the taxpayers a chance to update their returns or to file a new return in case no return was filed earlier, for a period upto two years from the end of the relevant assessment year. The purpose for introduction of form ITR-U is to optimise tax compliance by taxpayers without provoking legal action.
ITAT Ahmedabad held that in an identical matter, jurisdictional High Court ruled the matter in favour of the assessee, however, later on Apex Court held otherwise. Accordingly, the issue was debatable do to which levy of penalty u/s 271(1)(c) of the Income Tax Act is unsustainable.
Held that in respect of concluded assessments, the earlier assessment completed should not be disturbed in the search assessments without existence of any incriminating material.
Cemetile Industries Vs ITO (ITAT Pune) These appeals by different assessees are directed against the confirmation of disallowance u/s.36(1)(va) of the Income-tax Act, 1961 (hereinafter also called ’the Act’) made in the Intimations issued u/s.143(1) of the Act or thereafter its confirmation in the respective rectification orders for the assessment years 2017-18 to 2020-21. Due […]
