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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Assessee explained that borrowed funds were used for investments in partnership firms, generating interest income exceeding expenses. AO accepted the claim and approved the returned income as assessed income.
CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024.
ITAT Mumbai held that hardship compensation is not a revenue receipt but constitute a capital receipt. Accordingly, AO directed to delete addition made towards the same.
ITAT Ahmedabad held that if an assessee has failed/omitted to make a claim at the time of filing of return of income the same can be claimed during the course of appellate proceedings. Accordingly, claim placed before appellate authorities allowed.
ITAT Bangalore condones a 69-day delay in filing an appeal, citing COVID-19 as a reasonable cause. Case reassessed by CIT(A) for the 2010-11 assessment year
ITAT ruled that co-operative societies under the Karnataka Souharda Sahakari Act qualify for Section 80P deductions, allowing for the appeal to be reconsidered.
ITAT Bangalore imposes ₹1000 fine on taxpayer for non-appearance during assessment proceedings, payable to the PM Relief Fund. Case remitted for fresh consideration
ITAT Pune invalidates unsigned NFAC order, remanding case for re-adjudication under Section 250 of the Income Tax Act, 1961. Case to be heard afresh.
ITAT Delhi remands Anil Dugal’s case back to Assessing Officer for failing to address Rs. 11 Cr unexplained credits and other issues due to Covid-19.
Calcutta HC dismisses revenue’s appeal in PCIT vs. Chetan Kumar Tekriwal case, ruling that Section 271(1)(c) penalty is not applicable when full disclosure is made.
