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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 : ITAT Chennai rules on Sakthi Realty case, deleting additions for unexplained deposits. Details on customer deposits, tax assessmen...
Income Tax : ITAT Surat rules penalty under Section 272A(1)(d) must be limited to first default, not per notice. Penalty reduced to ₹10,000 d...
Income Tax : ITAT Surat rules no penalty under Section 271(1)(c) if income is assessed on estimate. Penalty deleted as disallowances were based...
Income Tax : ITAT Kolkata rules Sec 263 cannot exceed reassessment scope, limits revision period. Disallowances u/s 40A(3) sent back for scruti...
Income Tax : ITAT Delhi held that addition merely on the basis of entries found in the seized diary without any corroborative evidence and with...
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 held that mere disallowance of depreciation would not lead to imposition of penalty under Section 271(1)(c) , more particularly where quantum disallowance of depreciation itself is highly debatable
No mala fide can be inferred where assessee is nursing such huge losses at its disposal. ITAT find that mitigating circumstances exists to exonerate assessee from clutches of penalty under Section 271(1)(b)
ITAT Delhi held that Reopening not allowable to disallow prior period expenses which were duly disclosed during original Assessment in Financial Statements and Tax Audit report
Re-opening proposed is purely based on change of opinion and entire issue which is subject matter of reasons recorded has been raised during assessment proceedings
Petitioners company is a ‘repeat offender’, this Court is of the view that the respondents are entitled in law to impose a higher compounding fee i.e. five per cent instead of three per cent.
Difference between MRP & price sold to Stockists, by no stretch of imagination, can be considered as commission or brokerage paid by assessee to its Stockists to attract section 194H TDS.
Court is of the view that time of eight hours to file reply to the show cause notice was neither reasonable nor effective, as within this short time, the Petitioner could not have supplied relevant information and documents to substantiate his case.
Unlock the intricacies of Income Tax reassessment proceedings under Section 147 of the Income Tax Act, 1961. Explore key amendments through the Finance Act, 2021, including the introduction of Section 148A. Delve into the implications of notices, time limits, and the recent legal developments. Stay informed on the changing landscape of tax reassessment.
Jindal Steel & Power Limited Vs Addl. CIT (ITAT Delhi) Facts in brief are that the assessing officer has, in the assessment order, while holding the impugned subsidy as revenue receipt, simultaneously reduced the same from cost of fixed assets, while applying provisions of Explanation 10 to section 43(1) of the Act resulting in double […]
Stay updated on Income Tax Act changes (01.04.2021 to 30.04.2022). Explore notifications on ITR forms, tax exemptions, TDS obligations, and more. Be informed about RBI updates on FDI limits, interest rates, and financial norms. Compliance made easier with comprehensive legal insights.
