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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...
In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at a rate substantially lower than the circle rate and giving benefit to the home buyers, it has been decided to further increase the safe harbour from 10% to 20% under section 43CA of the Act for the period from 12th November, 2020 to 30th June, 2021 in respect of only primary sale of residential units of value up to Rs. 2 crore.
Over the years, the Ministry of Finance has been holding pre-budget consultations in North Block with Industry/Commerce Associations, Trade Bodies and Experts to seek ideas for the Annual Budget. Owing to the pandemic situation, the Ministry has received suggestions from various quarters for holding pre-budget consultations in a different format.
Santosh Kumar Subbai Vs ITO (ITAT Hyderabad) In the instant case, the assessee has entered into development agreement for construction of duplex houses and assessee was to receive the constructed area of 5000 sq.ft by virtue of development agreement. However, after entering into agreement, the developer has vanished and no real development took place till […]
Understanding tax provisions related to receipt and forfeiture of earnest money in the Income-tax Act. Learn about the impact on cost of acquisition and taxation.
Sanmin Trading & Holding Pvt. Ltd. Vs ITO (ITAT Kolkata) The issue under consideration is whether addition made u/s 68 on the ground that the share capital received is seen not a genuine credit is justified in law? ITAT states that section 68 of the Act provides that if any sum found credited in the […]
The issue under consideration is whether Tribunal is right in deleting the interest accrued on non performing assets from the computation of taxable income for the assessment year under consideration despite the assessee maintaining mercantile system of accounting?
The issue under consideration is whether amenities being part and parcel of building will be tax under head ‘Income from house property’ or ‘Income from other sources’?
Ravi Mohan Gehi Vs DCIT (ITAT Mumbai) Conclusion: Assessee was into arranging funds and earned interest income by refinancing to the other parties and the difference in the rates in refinancing was the income of assessee. It was the nature of the business and all the expenditure incurred in earning the income was allowable expenditure. […]
Balaji Enterprise Vs ACIT (ITAT Guwahati) The case of the assessee was reopened u/s 148 by the ACIT, Investigation, Delhi, on the basis of CBI search. When the question of jurisdiction came before the Hon’ble High Court, it was held that where the assessee shifts his residence etc., the AO of the place where the […]
ITO Vs Vipul K Sheth (ITAT Mumbai) In the present case the AO has not doubted the sales. The assessee could not establish the genuineness of the transaction to the satisfaction of the AO during assessment proceedings. Hence, from the facts of the case it can be concluded that assessee had made purchases from grey […]
