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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
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...
ITAT Bangalore deleted the penalty imposed under Section 272A(1)(d) of the Income Tax Act in the case of Dhanasingh Nagamuthu vs. ITO. The tribunal found that the assessing officer had not given the assessee a proper opportunity to respond and establish reasons for non-compliance, as required under Section 274(1) of the Act.
The Income Tax Appellate Tribunal (ITAT) Bangalore has directed the re-adjudication of the case between Centre for e-Governance and DCIT. The ITAT found that the assessing officer had disallowed the claim of accumulation of 85% of income under section 11(2) of the Income Tax Act due to the lack of a specific purpose mentioned in Form 10.
ITAT Bangalore has ruled in Bandenawaz Mulla vs. ACIT that no audit can be conducted under section 44AB of Income Tax Act when assessee has not maintained books of account.
Get answers to FAQs on Income-tax Returns for Assessment Year 2023-24. Learn about income period, taxpayers’ eligibility, due dates, ITR forms, crypto trading, revised returns, AIS, and more. Stay informed for a hassle-free tax filing experience.
ITAT Dehradun held that addition of cash deposits made during the demonetization period unsustained as predominant source of income was only agricultural income and no other source of income is brought on record by AO.
ITAT Delhi held that revenue receipt generated from the operation of “Hotel/ Resort” is taxable under the head “Business income” and not under “House Property” as fixed amount was not received in fact revenue was generated on fluctuation basis.
Allahabad High Court held that the scope of decision u/s. 148A(d) of the Income Tax Act is limited to the existence or otherwise of information which suggests that income chargeable to tax has escaped assessment. The same would otherwise remain subject to reassessment order passed u/s 148 of the Income Tax Act.
ITAT Delhi held that addition u/s 40A(3) of the Income Tax Act unsustainable as the assessee has sufficiently demonstrated that strict adherence to payment through banking channel is, at times, not practicable and has the potential to severally hamper the ongoing business of trading in liquor.
ITAT Delhi held that disallowance of expenditure on adhoc basis, as a percentage of gross profit, without any specific findings is baseless and liable to be deleted.
ITAT Mumbai held that provisions of section 14A r.w.s. 8D of the Income Tax Rules not invocable as assessee has not earned any exempt income during the year. Accordingly, disallowance duly deleted by CIT(A).
