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Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
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 : 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 : ITAT Jaipur quashes tax addition and penalty against 82-year-old senior citizen, finding no fault in her investment claims and sup...
Income Tax : Kerala High Court rules a Section 263 order is not a closed remand, allowing challenge to subsequent assessments without separate ...
Income Tax : ITAT Surat condones appeal delay due to non-service of assessment order, remands case for fresh adjudication, ensuring fair hearin...
Income Tax : ITAT Cochin mandates disclosure of 3rd party evidence to assessee for valid assessment, remanding cases for fresh adjudication....
Income Tax : Bombay HC condones delay in electronic filing of Form 10B for Borivli Education Society, ruling that manual submission within time...
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...
Delayed employees PF remittance Supreme Court decision in Checkmate Services – Under s.143(1), power to disallow. Tribunal decisions divergent.
Allahabad High Court held that High Courts order directed quashing of notice and consequential order. However, the outstanding amount on web portal continued for a period of 7 months. It clearly shows act and action of the opposite party is deliberate in nature. Hence, contemnor – opposite parity i.e. Deputy Commissioner of Income Tax penalized with fine and simple imprisonment for one week.
ITAT Kolkata held that the scheme of merger/ amalgamation once approved by the Honble High Court is binding on the Income-tax authorities and cannot be disturbed/reconsidered.
Late fee is charged on delay in filing of Original return and not revised return because revised return take the shoes of original return. But due to transformational changes in building new income tax website this section is overused i.e. it is levied while processing of revised return also in many cases.
Karnataka High Court in the case of Fatheraj Singhvi vs. Union of India , WRIT APPEAL NOS.2663-2674/2015(T-IT)- dated 26/08/2016 held that that late filing fee levied u/s 234E of the Act while processing the TDS statements was ultra vires to section 200A of the Act
Revenue or Capital Expenditure? The Apex Court in Empire Jute Co. Ltd. vs Commissioner Of Income Tax offers its verdict – learn more in this blog post!
ITAT Rajkot held that in absence of any specific provisions under the Income Tax Act, notional income on advance cannot be brought to tax. Accordingly, addition deleted.
ITAT Mumbai held that set-off of losses when there is a change in shareholding involves interpretation of various provisions and laws and hence it is not a mistake apparent from record. Accordingly, rectification power under section 154 cannot be invoked.
Expenditure incurred for construction of new facility & subsequently abandoned is allowable Revenue Expenditure: ITAT Hyderabad
ITAT Bangalore held that once the confirmation letter was filed by the assessee from Donor, the burden cast upon assessee is discharged and it would shift to revenue authorities. The Revenue authorities cannot make addition towards unexplained deposits without making any further enquiry.
