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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 : 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 : 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 : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
Concerns over errors in Income Tax portal. These errors led to thousands of notices being erroneously sent out to assessees, leading to confusion and panic.
ITAT Bangalore held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act based on information received by AO from DDIT (investigation) justified subject to fulfilment of conditions as envisaged u/s 147/148.
Representation Regarding Incorrect Processing of Income Tax Returns Filed for the AY 2023-24 [Denial of Deduction Even in Cases Where It Has Not Been Claimed]
ITR U is the updated income tax return form introduced by the Government of India in the Union Budget 2022. It allows taxpayers to update their income tax returns within 24 months from the end of the relevant assessment year.
TDS on Cash Withdraw Understand TDS on Cash Withdrawals with insights on applicability, rates, and exemptions. Section 194N mandates a 2% TDS on cash withdrawals exceeding ₹1 crore. Learn about the time and conditions for deduction, plus scenarios exempt from TDS. Author CA. Atif provides a detailed example for clarity.
ITAT Mumbai held that disallowance on account of delayed payments of PF and ESI contribution unjustified as payment made well before the due date of filing of income tax return u/s. 139(1).
ITAT Jaipur held that ignorance of law and bona fide belief cannot be termed as sufficient cause and hence condonation of delay in filing of an appeal not granted.
Assessee sold property for Rs. 50 Lacs, receiving Rs.45 Lacs through cheques and only Rs.5 Lacs in cash. Given transaction’s transparency and intent of Sec.269SS to curb black money, this case isn’t suitable for a Section 271D penalty.
ITAT Hyderabad held that condonation of delay in filing of an appeal not granted as the assessee miserably failed to prove her case for a reasonable cause not to file the appeals in time.
