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Income Tax : Kedar Jagdish Mankar Vs ACIT (ITAT Pune) Adv. Sachin P. Kumar successfully represented his client in Foreign Tax Credit dispute be...
Income Tax : Union Budget 2025 overlooked critical tax compliance issues, including TDS on partners’ salary, delays in appeals, marginal reli...
Income Tax : The Finance Bill 2025 rationalizes tax loss carry forward rules under M&A by limiting it to 8 years from the original computation ...
Income Tax : Learn how to achieve tax-free rental income of ₹20,00,000 by leveraging deductions under Section 24 of the Income Tax Act, 1961,...
Income Tax : Request tax order implementation with Income Tax e-Filing portal’s new feature. Raise Request for Order Giving Effect online to ...
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 invalidates reassessment in Ramlal G Suthar vs. ITO due to improper approval under Section 151(ii) of the Income-tax A...
Income Tax : Bombay High Court quashes reassessment notices issued to a non-existent entity post-merger in City Corporation Ltd vs ACIT, citing...
Income Tax : Bombay High Court addresses Hiralal Malu’s plea for the return of seized jewelry, highlighting disputes between the tax departme...
Income Tax : ITAT Mumbai ruled on TVF Fund Ltd’s appeal regarding tax loss set-off under DTAA. Key issues include carry-forward losses, taxab...
Income Tax : Orissa HC examines TDS prosecution in D.N. Homes case, focusing on COVID-19 delays and reasonable cause under Section 278AA of the...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Income Tax : Finance Ministry designates key Income Tax Dept. IT systems as protected under the IT Act. Learn about restricted access and autho...
AO is only entitled to reopen assessment, but he cannot review an assessment in the sense that there cannot be a rethinking or different opinion on the same material, which was the subject matter of the original assessment proceedings.
Mukkamala Srihari Rao Vs ACIT (ITAT Ranchi) Whether the sale consideration received by a person from sale of capital asset if applied in the name of his wife or son for purchasing/constructing residential house whether the assessee can claim deduction u/s. 54F or 54 of the Act?. From going through the decision(s) relied on by […]
ITAT Hyderabad held that reasons given in the condonation application for the delay are not sufficient for condonation of such huge delay of 930 days. Accordingly, appeal dismissed as barred by limitation.
ITAT Raipur held that matter needs to be restored in absence of necessary verification by AO in characterizing share application money as unexplained cash credit u/s 68 and non-cooperation and evasive conduct of the assessee.
ITAT Jaipur held that as per records i.e. the Govt. Gazette Notification and Office Order submitted, Malviya National Institute of Technology, Jaipur (Raj) is a Govt. Organisation and therefore assessee being an employee of Government Organization is entitled for full exemption of earned leave encashment on retirement u/s 10(10AA) of Income Tax Act.
ITAT Mumbai held that re-opening of assessment under section 148 of the Income Tax Act on account of mere change of opinion is bad-in-law and liable to be quashed.
Navigate tax planning for dividends in Assessment Years 2021-2025. Understand key provisions, definitions, tax rates, TDS, and recent amendments for informed financial decisions.
Unlock insights into Section 44ADA of the Income Tax Act, 1961, governing presumptive taxation for certain professions. Learn about taxable profits, eligibility criteria, and the impact of Budget 2023 amendments. A comprehensive guide for professionals and businesses.
In India, the financial year runs from 1st April to 31st March of the following year. This period is used as the basis for taxation and other financial purposes in India. It is also known as the fiscal year.
ITAT Rajkot held that denial of deduction under section 80P of the Income Tax Act on the allegation of non-filing of Return of Income within the due date prescribed under section 139(1) of the Income Tax Act is unjustified.
