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Income Tax : Did you know that failing to disclose your foreign assets in your Income Tax Return (ITR) can lead to penalties of up to ₹10 lak...
Income Tax : Learn about HRA claims, TDS obligations on rent, and why taxpayers are receiving tax notices. Understand compliance steps to avoid...
Income Tax : Article seeks to explore the contents of New Direct Tax Code, which will be finalised in the coming weeks. Additionally, it aims t...
Income Tax : Learn about Income Tax Department alerts regarding non-deduction of tax on rent under Section 194IB of the Income Tax Act, 1961....
Income Tax : Discover tax planning strategies for managerial decisions with insights on Finance Act 2025 changes. Learn simplified versions of ...
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 : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : ITAT Mumbai allows 80P(2)(a)(i) deduction for cooperative credit society, including interest from cooperative banks, reversing low...
Income Tax : ITAT Mumbai allows tax exemption on capital gains for NRI under India-Singapore DTAA, rejecting AO's classification of mutual fund...
Income Tax : Karnataka High Court dismisses writ petition challenging a tax liability order under Section 179 of the IT Act, citing an altern...
Income Tax : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : 8% deemed profit rate as specified u/s 44AD is not a fixed standard & may vary depending on nature of business - Reduces profit ma...
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
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...
According to section 269SS, it is very much clear that any assessee cannot take loan or deposit from any person of Rs. 20,000 or more in cash, in other word it is to be received by account payee cheque or account payee bank draft or any electronic mode. It has also been clarified that at the time of taking loan or deposit or making payment of loan or deposit, if any amount is outstanding in his account, this is to be considered.
Find answers to your FAQs on CSI (Challan Status Inquiry) under Income Tax. Learn how to download the CSI file and get step-by-step guidance.
BMC Software India P. Ltd Vs DCIT (ITAT Pune) ITAT Pune held that charges of Primary Rate Interface doesn’t require human intervention and hence doesn’t qualify as fees for technical services. Accordingly, TDS not deductible u/s 194J of the Income Tax Act. Facts- Assessee challenged the disallowance of Primary Rate Interface (PRI) line charges paid […]
Jharkhand High Court held that acceptance of bribe duly proved and accordingly, a punishment of six months simple imprisonment under Section 7 of the PC Act and one year’s simple imprisonment under Section 13 (2) r/w 13 (1) (d) of the P.C. Act with a fine of Rs.1000 sentenced for accepting bribe for furnishing Income Tax clearance certificate
Gujarat High Court held that change of opinion on the part of the Assessing Officer acting on the same material which was examined by him in the regular assessment is erred in law.
Telangana High Court held that Tribunal rightly held the addition of LTCG as execution of registered sale deed is valid transfer u/s 2(47)(V). Hence, as the finding of fact by the Tribunal is clear the same doesn’t require any interference.
ITAT Chandigarh held that addition in the business income merely on the basis of closing bank balance unsustainable as there is nothing on record to show that assessee had any other income except agricultural income.
ITAT Ahmedabad held that expenditure incurred for education of the daughter, who pursued the very same profession in which the father was, doesn’t make the same business expenditure. Father was morally bound to spend on the education of his daughter and hence the same is personal expenditure.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act unsustainable as claim of deduction u/s. 80IA(4) already decided in favour of the assessee.
ITAT Bangalore held that for invoking the provisions of unexplained cash credit u/s 68 there has to be entries in the books of account for which no explanation should have been offered. As the declaration provided by the assessee is self-explanatory the provisions of section 68 cannot be invoked.
