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Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Explore Section 49(1) of the Income Tax Act, determining cost of acquisition for capital gains in non-transfer cases. Understand provisions, examples, and computation, ensuring accurate tax compliance. Reach out for further inquiries.
ITAT Bangalore held that employees contribution has to be deposited within the due date under the relevant employee welfare legislation like PF Act, ESI Act etc. Accordingly, disallowance u/s. 36(1)(va) sustained because of non-deposit within relevant due date.
ITAT Chennai held that written off of irrecoverable advances given to company partakes the nature of business loss which can be allowed as deduction. Accordingly, delete additions made towards disallowance of written off of advances.
ITAT Pune held that revisionary proceedings under section 263 sustained as AO failed to apply proper and correct section of Income Tax Act to the investment in the undisclosed stock.
Section 80GG allows Deduction of the rent paid by him even though he does not have any house property for self-occupation of occupier.
Section 35AC of Income Tax Act, 1961 is concerned with deduction of certain amounts spent for promotion of science and technology
ITAT Delhi declined to condone the inordinate delay of 1005 days in filing of appeal in absence of sufficient cause for delay in filing of the same.
ITAT Delhi held that discounted cash flow method is the recognized method as per section 56(2)(viib) of the Income Tax Act read with rule 11UA of the Income Tax Rules.
ACIT Vs Hotel Ishika (ITAT Raipur) ITAT Raipur held that the interest expenditure corresponding to the advances that was given in the normal course of business could not have been disallowed under section 36(1)(iii) of the Income Tax Act. Facts- Post completion of original assessment, as is discernible from record, the A.O on the basis […]
ITAT Raipur held that amount received as a consequence of divorce from the ex-husband could not be held as an unexplained cash credit u/s.68 of the Act, and accordingly cannot be brought to tax u/s.115BBE of the Act.
