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Income Tax : Your ITR refund for FY 2024-25 may be delayed due to pending tax issues. Learn why and how to handle notices from the Income Tax D...
Income Tax : Learn about the revised Section 44ADA, eligibility, new ₹75L threshold, benefits, and compliance rules for professionals under p...
Income Tax : Check TDS and TCS rates for FY 2025-26 (AY 2026-27) for residents and non-residents. Includes thresholds, rates, and key sections ...
Income Tax : Mumbai ITAT clarifies LTCG on property: Allotment date, not registration, determines holding period. Impact on tax, Sec 54/54F cla...
Income Tax : Explore tax implications under Section 56(2)(vii)(b) and reassessment norms in property transactions. Judicial rulings emphasize e...
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 : Bombay High Court reviews Shell India’s challenge to the 2016-17 assessment order under Section 144C. Dispute involved Relaxatio...
Income Tax : ITAT Delhi held that concealment of income via bogus share capital transaction duly attracts levy of penalty under section 271(1)(...
Income Tax : ITAT Delhi held that approval memo u/s. 153D of the Income Tax Act is totally silent on the issues involved and has been granted o...
Income Tax : Gujarat High Court held that initiation of revisionary proceeding under section 263 of the Income Tax Act post complete extinguish...
Income Tax : Bombay High Court criticizes ITAT for delayed order, sets aside rejection of Otters Club's rectification plea, citing ITAT Rules v...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Income Tax : CBDT notifies HUDCO’s 10-Year Zero Coupon Bond worth ₹5,000 Cr under Section 2(48) of Income-tax Act for infrastructure projec...
Income Tax : CBDT approves KIMS Foundation, Hyderabad for scientific research under Section 35 of Income-tax Act, effective FY 2025–26 to AY ...
The issue under consideration is whether the sum of admission fees paid to stock exchange will be allowed as capital expenditure? In light of Hon’ble Supreme Court judgement in the case of Techno Shares and Stocks Limited (supra) membership of stock exchange is to be treated as a capital asset.
When you file your TDS/TCS return, first the details regarding deposit of TDS/TCS made by you is compared with the data given by banks. The data is uploaded by banks on the basis of the TDS/TCS challans received by them. For this purpose, the Challan Identification Number (CIN), TAN and TDS amount as given in your TDS/TCS return is compared with the corresponding details given in the challan details provided by the bank that has accepted the tax. (CIN consists of the BSR code of the branch where you deposited the tax, date on which you deposited tax and the challan serial number which have been stamped on the counter foil of the challan given to you.)
DCIT Vs Ocwen Financial Solutions Pvt. Ltd.(ITAT Bangalore) Facts- 1. Treatment of expenditure incurred on buy-back of shares- An assessee has spent amount of INR 8,90,961 on buy-back of shares and debited the same to Profit & Loss Account treating the same as ‘revenue expenditure’. AO treated the same as ‘capital expenditure’. 2. Set-off of […]
The issue under consideration is whether the stay of demand will be granted for the 2nd time to the assessee or not?
State Bank of India Vs. Vineet Agrawal (Bombay High Court) we are of the considered opinion that no reasonable view can be taken that there was failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment for the assessment year 1990-91. If that be so then […]
Disallowance made by AO under section 40(a)(ia) for non deduction of TDS on discount/rebate allowed to dealers/distributors on sale of products was not justified as there was no element of work as defined under clause (iv) of Explanation to section 194C and AO had not brought on record any material for deduction of TDS under section 194H that the dealers/distributors were simply acting as intermediaries to facilitate sale of products to end users so as to infer a principal–agent relationship.
The issue under consideration is whether the penalty u/s 271C levied due to failure to deduct tax at source (TDS) on LTA paid to employee is justified in law?
Shri Rama Chandra Reddy Vs. ITO (ITAT Hyderabad) In this case GPA was given by three persons i.e. (i) Shri K. Pratap Reddy, Sri K. Madhav Reddy and Shri K. Dharma Reddy in favour of the assessee in the year 1990 and it is mentioned therein that the possession of the said land was also […]
Wipro Limited Vs Addl. CIT (ITAT Bangalore) Claim of depreciation on software- Depreciation claimed by the assessee on the amount of software capitalized was disallowed invoking provisions of section 40(a)(ia) for non-deduction of tax at source. Held, depreciation is a statutory allowance and hence it cannot be considered as expenditure. Accordingly, disallowance of depreciation cannot […]
Dipesh Ramesh Vardhan Vs. DCIT (ITAT Mumbai) The perusal of record would reveal that the assessee purchased certain shares of an entity namely M/s STL as early as September, 2011. The shares were converted into demat form in assessee’s account during the month of March, 2012. The transactions took place through banking channels. The investments […]
