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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...
ITAT Hyderabad held that statement of a third party already recorded u/s 132(4) of the Income Tax Act cannot be considered as an incriminating document for the purpose of making the addition u/s 153A of the Income Tax Act.
ITAT Hyderabad held that addition towards unexplained cash deposit unsustainable as onus of establishing the creditworthiness and genuineness of the transaction duly proved by the assessee.
ITAT Hyderabad held that FCCDs are debt hence interest paid/ payable on FCCDs in to be computed by applying LIBOR plus 200 basis points.
ITAT Delhi held that notional interest cannot be taxed as income as bank statement of the foreign bank account doesn’t show that any interest has been credited.
ITAT Mumbai held that issuance of manual final assessment order without containing DIN (Document Identification Number) is deemed to have never been issued. Accordingly, the impugned order is unsustainable in law.
ITAT Ahmedabad held that when interest free funds are available with the assessee, it can be said that investments are made out of interest free funds and hence disallowance under section 36(1)(iii) of the Income Tax Act not justifiable.
Explore the pivotal case of Devkripa Textile Mills vs ACIT (ITAT Jodhpur) where the court addressed disallowances on director’s remuneration, depreciation, and expenses, offering insights for tax compliance.
Dive into the intricacies of determining residential status under the Income Tax Act. Learn why it’s crucial to distinguish between being ordinarily resident and not ordinarily resident. Explore the impact on taxability and make informed decisions.
Explore the case of Dr. Shivajirao Jondhale Research Foundation vs CIT (ITAT Mumbai), where the tribunal remanded the issue of registration under section 80G back to the Commissioner of Income Tax Exemption for fresh consideration, citing principles of natural justice.
Craft a strong response to an Income Tax notice under Section 148A(b) regarding a donation to a Political party. Challenge the lack of supporting documents provided and demand concrete evidence justifying the allegation of bogus donations. Cite legal precedents, such as decisions by the Hon’ble Gujarat High Court and ITAT Ahmedabad, emphasizing that the donation is genuine and compliant with Section 80GGC of the Income Tax Act, 1961. Assert your right to claim deductions and request the withdrawal of the proceedings.
