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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 : Karnataka High Court allows ESOP discount as deductible expense under Section 37 for Biocon Ltd. Revenue’s appeal dismissed for ...
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 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...
The following Assistant Commissioners of Income Tax (Junior Scale) are, hereby, appointed as Deputy Commissioner of Income Tax (Senior Time Scale) in Level 11 (Rs.67.700-2,08,700/-) of the Pay matrix (PB-3 in the pay scale of Rs. 15,600-39,000 (from GP Rs. 5,400 to 6,600) (pre-revised)], w.e.f. 01.01.2023
Karnataka High Court held the provisional attachment order unjustifiable as the same was passed simply stating that there is likely addition of the amount without mentioning of any valid and cogent reasons.
ITAT Ahmedabad held that advertisement expenses incurred at the time of installation of additional machinery in the existing line of business resulted in any enduring benefit is revenue expenditure Further advertisement expenses incurred to create brand image is revenue expenditure.
ITAT Mumbai held that transfer pricing adjustment on account of guarantee commission income is unsustainable in terms of India-Germany DTAA.
ITAT Delhi held that amount received from the supply of software and automated services are not taxable in India.
ITAT Chennai held that disallowed the claim of loss on account of written off inventory as the assessee failed to produce necessary evidence proving that such stock became obsolete and unusable.
ITAT Delhi held that as common area maintenance (CAM) charges are for maintenance of common area the same is covered by the provisions of section 194C of the Income Tax Act Accordingly TDS is deductible u/s 194C in case of CAM charges payment.
ITAT Raipur held that addition u/s 68 as unexplained cash credit unsustainable as AO has not rejected the books of accounts Accordingly it can be concluded that by accepting the books of accounts AO has also accepted the cash deposits to have been sourced out of duly disclosed source.
Section 54 gives relief to a taxpayer from the Capital gain arising on the sale of his residential house and from the sale proceeds he acquires another residential house.
In this Article CA Vivek Jalan discussed about the matter of Form 67 is directory and not mandatory to claim foreign tax credit
