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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...
बुढ़ापा एक सामान्य मानवीय प्रक्रिया है जो मानव जीवन चक्र में स्वाभाविक रूप से चलती रहती है। इस प्रकिया में मानव शरीर के अंगों के कामकाज की क्षमता में गिरावट आती है, परंतु, ज्ञान, गहन अंतर्दृष्टि और विविध अनुभवो का भंडार होता है। प्राचीन भारत के गुरुकुलों व विद्यालयों में “मातृ देवो भवः, पितृ देवो […]
Section 68 is only applicable and can only be invoked when assesse is maintaining books of account and there is any sum which is found credited in the books of an assesse maintained for any previous year and assesse offers no explanation with regard to such cash credits or explanation offered by assesse was not satisfactory, then assesse will be held guilty under this section and thereby as a result, provisions of this section will trigger.
Net Direct Tax collections for the F.Y. 2021-22 at Rs. 13,63,038 crore showing a growth of over 48.4% Advance Tax collections for the F.Y. 2021-22 (Till 4th Instalment) stand at Rs. 6,62,896.3 crore as on 16.03.2022 which shows a growth of approximately 40.75% Refunds aggregating to Rs. 1,87,325.9 crore issued in the current fiscal The […]
ITO Vs ARCIL SBPS 024 I Trust (ITAT Mumbai) ITAT observed that Ld.CIT(A) has dealt with the issue in detail and gave a clear finding that assessee is a revocable trust and not an AOP. In view of the provisions of section 61, 62 and 63 of the Act, it was held that income is […]
Capital Gain credited to Capital Reserve Account instead of Profit & Loss Account cannot be considered while computing Book Profit for the provision of Section 115JB( MAT).
Understand the concept of Advancement of any Other Object of General Public Utility under Income Tax Act, 1961. Learn about the conditions for tax exemptions for religious and charitable trusts.
Income Tax Department carried out a search operation on 08.03.2022 on a cable operator of Mumbai, a State Govt employee and the businesses related to him. A total of 26 premises spread over Mumbai, Pune, Sangli and Ratnagiri were covered.
42 Hertz Software India Pvt. Ltd. Vs ACIT (ITAT Bangalore) There is no dispute that the Assessee is entitled to claim Foreign Tax Credit (FTC). On perusal of provisions of Rule 128 (8) & (9), it is clear that, one of the requirements of Rule 128 for claiming FTC is that Form 67 is to […]
ITAT held that amended provisions of section 43B as well as 36(1)(va) of the I.T. Act are not applicable for the assessment year 2018-19.
SC held that In our view, the High Court was not right and justified in disposing of the appeal with one paragraph order without discussing the issues which arose for consideration.
