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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...
Dabur Invest Corp Vs JCIT (ITAT Delhi) Only issue before the Coordinate bench in that case was in which year the income accrues. It was not the issue before the coordinate bench that whether the money received by the assessee as an option price is a revenue receipt or a capital receipt. In the facts […]
CIT Vs Y. V. Subramaniam (Madras High Court) On a perusal of the order passed by the Tribunal, it is clear that the Tribunal has categorically held that the order passed by CIT is based on no reason and he has simply given an abrupt finding that the assessment order is erroneous. Further, the Tribunal, […]
Suraj Stones Corporation Ltd. Vs ITO (ITAT Bangalore) Without issuing summons under section 131 of the Act to a party who filed confirmation, no adverse inference can be drawn by the AO. It is clear from the orders of the revenue authorities that they not made any reference to the documentary evidence filed by the […]
Kunwar Tuli Vs ITO (Delhi High Court) We find that the Assessing Officer has disallowed the part of the commission expenses paid on the ground that the assessee failed to produce the requisite evidences, including contract agreement between the parties and the assessee sought to justify the commission expenses only in view of the tax […]
New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail.
in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from ITR filing.
Assessment under Faceless Assessment Scheme, 2019 shall be made as per the following procedure, namely:‑ (i) the National e-Assessment Centre shall serve a notice on the assessee under sub-section (2) of section 143 of the Act; (ii) the assessee may, within fifteen days from the date of receipt of notice referred to in clause (i), file his response to the National e-Assessment Centre;
CBDT amends Faceless Assessment Scheme, 2019 vide Faceless Assessment (1st Amendment) Scheme, 2021 and specified the procedure for Assessment under Faceless Assessment Scheme, 2019. Notification No. 6/2021-Income Tax Dated: 17th February, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 6/2021-Income Tax Dated: 17th February, 2021 S.O. 741(E).—In […]
Nilkantha Saha Vs ITO (ITAT Kolkata) AO Cannot Simultaneously Reject and Rely Audited Books And Make Additions Under Section 68 For Cash Deposit During Demonetisation Period Out Of Cash Sales From a perusal of the cash deposits/ banking transactions, the Ld. A.R drew our attention to the fact that as per the audited books, especially […]
Daawat Foods Ltd. Vs ACIT (ITAT Delhi) As far as the disallowance of the depreciation of Rs.93,406/-on the capital expenditure is concerned, we find that AO has disallowed the depreciation on the capital expenditure of Rs.5,35,468/- which has been stated to have been incurred by the assessee in cash. We find that the Co-ordinate Bench […]
