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Income Tax : CBDT Notification 36/2025 requires sellers to collect TCS on luxury goods like watches, art over ₹10 lakh from April 22, 2025. L...
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 : 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 Bangalore rules Section 115JB (MAT) not applicable to Canara Bank (erstwhile Syndicate Bank), citing prior judicial precedent...
Income Tax : Tribunal also took note of the fact that AO had merely reproduced identical reasons for multiple years without verifying facts or ...
Income Tax : ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards capital contribution deleted since assessee furnished adeq...
Income Tax : The case of assessee was selected through compulsory manual Statutory notices u/s 143(2) was issued on 21.09.2017. Further, notice...
Income Tax : ITAT Ahmedabad held that addition under section 68 of the Income Tax Act unsustainable since revenue/ department failed to establi...
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 ...
With regard to the evidentiary value of data recovered from computer in the form of digital data and other documents listed in earlier part of this order is concerned, section 132(4) of the Income-tax Act, permits the authorised officer to seize books of accounts and other documents.
Learn about Canadian taxation for the tax year 2021. Explore the process of filing income tax returns and understanding form T1.
Bishnupur Public Education Institute Vs CIT (Exemption) (ITAT Kolkata) The adjudicating authorities under the Income Tax Act are quasi-judicial authorities. They can grant approval with retrospective effect if such mechanism is provided in the Act. There is no such provision nor there is any power to condone the delay after considering the reasonable reasons. A […]
Yogesh Mehra Vs DCIT (ITAT Mumbai) Co-ordinate Bench has given categorical finding that all these loans and advances given to different companies by other companies are in the nature of loans and advances out of commercial consideration and business expediency. The co-ordinate Bench has given detailed reasons which stated that company has purchased land in […]
Atulbhai Ravjibhai Patel Vs DCIT (ITAT Ahmedabad) Regarding the issue raised with respect to the excess disallowance of Rs.14,16,000/- be deleted as it is attributed due to arithmetic error, the assessee by way of his submission submitted that there was a typographical error in reporting the details of the employees’ contribution to PF in the […]
Wanbury Limited Vs DCIT (ITAT Mumbai) ITAT find that during the year, the assessee has not earned any exempt income and further assessee denied that it has incurred any expenditure. Now therefore it is mandatory on part of the learned assessing officer to record a satisfaction that the claim of the assessee is not correct. […]
ITO Vs Rahul Bharatbhushan Jain (ITAT Ahmedabad) Therefore, for applicability of s. 40A(3) of the Act, if a person makes different payments in cash to same person in excess of Rs 20,000 (w.e.f. A.Y. 2018-19 Rs 10000/-) in a single day even though on separate cash memos, such aggregate payment will be disallowed u/s 40A(3). […]
Purushotamdas Goenka Vs ACIT (ITAT Mumbai) We find that in this case ,three properties owned by the assessee in Amritsar namely Madanmohan Malviya Road, Amritsar, Punjab, property at Moonlight Building, Katra Ahluwalia and Ramkin Joint property at MM Malviya Road, Amritsar remained vacant throughout the year though the same were let out in A.Y. 2015-16. […]
Vijay Arvind Raykar Vs ITO (ITAT Pune) The assessee is a builder. He is in the business of construction and sale of residential/ commercial properties. The AO observed that certain residential units have been sold by the assessee at a price less than the value adopted for Stamp Duty purpose by the State Government. During […]
Ratilal & Sons Vs ITO (ITAT Mumbai) For invoking provisions of section 40A(3) of the Act, following conditions need to be cumulatively satisfied:- (i) there should be an expenditure; (ii) expenditure should be in mode other than prescribed by the section; and (iii) amount of expenditure should be more than Rs. 20,000. As stated in […]
