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Income Tax : Explore how MNCs used the Double Irish & Dutch Sandwich strategy to avoid taxes and the global efforts made to close these loophol...
Income Tax : The 2025 amendment in Section 143(1) of the Income Tax Act introduces new compliance requirements. Taxpayers must ensure consisten...
Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
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 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 : The case of the assessee was selected for complete scrutiny assessment and notice u/s 143(2) of the Income Tax Act, 1961 was issue...
Income Tax : Karnataka High Court rules Section 263 cannot be invoked solely due to the absence of a DVO report, if best judgment assessment wa...
Income Tax : The plaintiff entity is a company engaged in the business of constructing and redeveloping immovable properties, either on a contr...
Income Tax : ITAT Nagpur held that addition towards unexplained expenditure u/s. 69C of the Income Tax Act not warranted since the same are alr...
Income Tax : ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable si...
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...
National Faceless Assessment Centre Vs Mantra Industries Limited (Supreme Court of India) Mr. Balbir Singh, learned ASG, has vehemently submitted that, against the assessment order, the High Court ought not to have entertained the Writ Petition and ought to have relegated the original writ petitioner to avail statutory remedy of appeal before the CIT(A). It […]
Global Associates Vs DCIT (ITAT Bangalore) In the instant case, undisputed fact is that the assessee was not earlier assessed to tax for assessment year 2005-06 and hence no assessment order u/s 143(3) of the Act is available. In that situation, the provisions of section 151(2) of the Act is applicable to the facts of […]
ITAT unable to understand as to how the contraventions, if any, of the notification issued by RBI would attract the provisions of sec. 68 of the Income tax Act.
The Selection Committee chaired by Secretary, Ministry of Textiles, Shri U.P. Singh has selected 61 applicants under Production Linked Incentive (PLI) Scheme for Textiles. A total of 67 applications were received for the PLI scheme out of which 15 applications are under Part-1 and 52 applications are under Part-2.
The assessee filed its return of income on 15.10.2019 which was processed u/s 143(1) of the Act whereby an adjustment was made on account of disallowance of claim of deduction with respect to employees’ contribution towards PF and ESIC deposited belatedly.
For all the audits that one carries out, audit working is extremely important for the auditor. The attached Excel Sheet contains a Checklist with working annexures all in one excel file. We have developed this working sheet based on our experience and knowledge of the Income Tax Audit. You may write your suggestion or feedback […]
CBDT has enabled the common offline utility for filing ITR-1 and ITR-4 for the Assessment Year 2022-23 and ITR 2 and ITR 3 will be enabled shortly. Taxpayers can download ITR Offline Utility through “Downloads” Menu option, fill and file the ITR through the same. ITR-1 is required to be filed by For individuals being […]
J M Financial and Investment Consultancy Services Pvt. Ltd. Vs ACIT (Bombay High Court) HC held that since four years had expired from the end of the relevant assessment year, as provided under Section 151(1) of the Act, it is only the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner who could […]
Raimaladitya Textile Pvt. Ltd. Vs ITO (Bombay High C0urt) The allegations in the reasons recorded are that as per information summary available to Revenue there is company by the name Raimaladitya Textile Pvt. Ltd., from whom bogus loan has been taken in F.Y. 2012-13 in the sum of Rs.40,88,06,800/- and the said Raimaladitya Textile Ltd., […]
Ld. CIT(A) is required to apply her mind to all issues which arise from impugned order before her whether or not same had been raised by appellant before her; and further, that CIT(A) is obliged to dispose of the appeal on merits.
