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Income Tax : Your ITR refund for FY 2024-25 may be delayed due to pending tax issues. Learn why and how to handle notices from the Income Tax D...
Income Tax : Learn about the revised Section 44ADA, eligibility, new ₹75L threshold, benefits, and compliance rules for professionals under p...
Income Tax : Check TDS and TCS rates for FY 2025-26 (AY 2026-27) for residents and non-residents. Includes thresholds, rates, and key sections ...
Income Tax : Mumbai ITAT clarifies LTCG on property: Allotment date, not registration, determines holding period. Impact on tax, Sec 54/54F cla...
Income Tax : Explore tax implications under Section 56(2)(vii)(b) and reassessment norms in property transactions. Judicial rulings emphasize e...
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 : ITAT Delhi held that concealment of income via bogus share capital transaction duly attracts levy of penalty under section 271(1)(...
Income Tax : ITAT Delhi held that approval memo u/s. 153D of the Income Tax Act is totally silent on the issues involved and has been granted o...
Income Tax : Gujarat High Court held that initiation of revisionary proceeding under section 263 of the Income Tax Act post complete extinguish...
Income Tax : Bombay High Court criticizes ITAT for delayed order, sets aside rejection of Otters Club's rectification plea, citing ITAT Rules v...
Income Tax : Revisional powers under Section 263 cannot be exercised when AO has already conducted reasonable inquiries and taken a plausible v...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Income Tax : CBDT notifies HUDCO’s 10-Year Zero Coupon Bond worth ₹5,000 Cr under Section 2(48) of Income-tax Act for infrastructure projec...
Income Tax : CBDT approves KIMS Foundation, Hyderabad for scientific research under Section 35 of Income-tax Act, effective FY 2025–26 to AY ...
Merely because building was used by assessee-trust without consideration that cannot be said to be, in any way, any unexplained investment by assessee-trust justifying addition under section 69
A perusal of the instruction would show that PAN – AAACK4O32H concerns an entity going by the name K.G. Finvest Pvt. Ltd. This PAN does not concern M/s Kanhaiya Impex Pvt. Ltd. The petitioner’s stand that it had not entered into any transaction with M/s Kanhaiya Impex Pvt. Ltd. is correct. Given this position, in our view, both the notice which is issued under Section 148 A (b) of the Act and the order that was passed under Section 148 A (d) of the Act suffer from obvious errors.
Sardarmal Kothari Vs ACIT (ITAT Chennai) ITAT held that when an assessment has been made under sec.143(3) and not under sec.144 of the I.T. Act, it means that subsequent compliance in the assessment proceedings was considered as good compliance and the defaults committed earlier were ignored by the Assessing Officer and, therefore, there is no […]
ITAT held that first of all the assessee has offered this in assessment year 2007-08, it cannot be added again and moreover, this being highly contentious issue and debatable whether this is to be assessed in assessment year 2007- 08 or 2009-10, it cannot be rectified while acting u/s.154 of the Act.
Ved Indian Heritage Haat Foundation Vs ITO (ITAT Ahmedabad) Admittedly, the assessee is running its business from the rented premises which was taken for the lock in period of 60 months. Furthermore, in the rent agreement, there was the clause of renewal of the agreement. Accordingly, AO was of the view that the expenditures incurred […]
ITAT Delhi held that penalty u/s 271AAA of the Income Tax Act is leviable when the assessee has accepted the additional/undisclosed income during the statement recorded u/s 132(4) of the Act.
ITAT Ahmedabad held that as per CBDT circular no. 4/2007 dated 15.6.2007 and 6/2016 dated 29-2-2016, person can hold shares as both investment and stock-in-trade Accordingly income will be taxable based on the type in which share is hold.
ITAT Chennai held that levy of penalty u/s. 271(1)(c) of the Income Tax Act alleging furnishing of inaccurate particulars of income unsustainable as the matter is highly debatable.
Section 80AC contemplates denial of deduction in respect of certain provisions of Chapter VI ‘A’ of the Act, if ITR is not filed. Those provisions do not apply to the claim for deduction u/s. 80P.
Explore the intricate world of tax compliance in the realm of virtual digital assets (VDA). Delve into the provisions of section 115BBH introduced by the Finance Act 2022, covering aspects like taxable income, deduction limitations, and non-transferability of losses. Navigate through the taxation landscape of Airdrops, Gas Fees, and Initial Coin Offerings (ICOs), unraveling the complexities and potential tax implications.
