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Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Indian crypto investors who thought they could dodge taxes by trading on foreign platforms like Binance are in for a rude awakenin...
Income Tax : Erroneous application of Section 87A rebate has led to tax demand notices for eligible taxpayers, while others receive undue benef...
Income Tax : Explore the major amendments in Finance Act, 2025 compared to 2024, covering Income-tax Act changes, compliance updates, tax refor...
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 : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Jaipur directs CIT(E) to review OP Dargar Foundation's rejected 12AB registration, citing curable defects & natural justice. ...
Income Tax : Delhi High Court held that principle enunciated in the criminal jurisprudence in respect of a ‘proof beyond reasonable doubt’ ...
Income Tax : ITAT Delhi rules in favor of Schenker India, allowing CSR donations under Section 80G despite mandatory nature. Read key takeaways...
Income Tax : ITAT Surat held that interest paid in respect of business profit attributable to section 80P(2) of the Income Tax Act is allowable...
Income Tax : Delhi High Court held that relaxation of conditions prescribed under rule 9C of the Income Tax Rules is discretionary power and is...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Minimum guarantee amount which was paid by the distributor for acquiring the exhibition rights of a movie was a fixed expenditure for the distributor that was paid to producers irrespective of the fact whether the film generated a profit or incurs losses. Hence, the payments made by assessee did not fall under the term Royalty and did not attract the provisions of TDS.
Provision for software expenses could not be disallowed by considering it as contingent liability as assessee was required to make provision for all known liabilities and losses as per accounting standards prescribed by ICAI and also by the Central Government under the Income Tax Act even though the amount could not be determined with certainty.
Chairman of the Department-related Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice, having been authorized by the Committee on its behalf, do hereby present the One Hundred-third Report on the Subject ‘Functioning of the Virtual Courts/ Courts Proceedings through Video Conferencing’ (Interim Report).
Wipro GE Healthcare Pvt. Ltd. Vs DCIT (ITAT Bangalore) In respect of transfer pricing addition made by Ld.AO. It is observed that DRP/TPO for year under consideration did not consider objections raised by assessee against comparables selected by Ld.TPO and simply followed DRP directions issued for AY 2014-15. As AY: 2014-15 has been set aside […]
No Interest u/s 234B can be levied on the assessee-payee on the ground of non-payment of Advance Tax: ITAT Income Tax Appellate Tribunal (ITAT), Delhi Bench held that no interest under section 234B can be levied on the assessee-payee on the ground of non-payment of advance tax. The appellant, M/s Huawei Technologies Co. Ltd is […]
DCIT Vs Gayatri Construction (ITAT Ahmedabad) Ld. counsel has submitted that advances were given to Ramjibhai and Company for business purpose and petrol and diesel was also purchased from them. The ld. Counsel has also contended that assessee was having interest free fund of Rs. 64,75,145/-. The ld. counsel has also placed reliance on the […]
PCIT cannot form another view on the same issue in which the Assessing Officer has already satisfied himself and passed an order which clearly indicates that the Assessing Officer has verified and investigated the matter in detail.
Prosecution launched by the Deputy Director for alleged non disclosure of cash by assessee and his wife was not maintainable and premature one. Merely because the power vested to lodge a complaint by the Deputy Director every case the prosecution could not be launched merely on the conferment of such power without any material. If AO came to the conclusion in a proceedings under Section 153 of the Income Tax Act, it was open to the Department to initiate penal action as per law.
DCIT Vs Ganesh Plantation Ltd. (ITAT Ahmadabad) AO on one hand has recorded his finding with respect to the shares of certain companies that its face value stands at ₹10 but the assessee has purchased the same at a higher value. The basis of arriving at the conclusion that the assessee has purchased the shares […]
Application and affidavits filed in support thereof discloses sufficient cause for non-appearance. The Tribunal, has inappropriately rejected the Miscellaneous Application, without examining the merits of the said submissions. Paras 5 and 6 of the Impugned Order, as reproduced above, reveal that the Tribunal dismissed the Miscellaneous Application merely on the ground that the Petitioner had sought frequent adjournments
