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Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
Income Tax : Discover the latest updates from Union Budget 2025, including revised tax slabs, withdrawal of Section 206AB, higher deductions, a...
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 : Bombay High Court quashes CBDT order denying delay condonation for Bharat Education Society, citing procedural lapses and lack of ...
Income Tax : Bombay HC ruled on Anandkumar Dhanraj Rathod's tax case, addressing natural justice claims and directing him to appeal the assessm...
Income Tax : ITAT Chennai dismisses FLsmidth's appeal, upholding PCIT's order for reassessment due to lack of verification by AO....
Income Tax : ITAT Mumbai upholds addition under Section 68 of ₹4.89 Cr. Vijay Maneklal Bhansali’s appeal dismissed, citing lack of eviden...
Income Tax : ITAT Chennai sends ₹42.72 lakh cash deposit case back to AO for fresh assessment after assessee fails to justify deposits made d...
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...
Learn about TDS provisions in the Income Tax Act, including Section 194N, 1940, 194P, 194Q, 194R, 194S, 206C(1G), 206AB, and 206CCA. Stay compliant and avoid penalties.
ITAT Surat held that AO already examined the issue and took a plausible view that addition should not be made. Accordingly, revisional jurisdiction u/s 263 unsustainable as order passed by AO is neither erroneous nor prejudicial to the interest of revenue.
Understand income tax audit in simple terms – learn about tax audit criteria, presumptive taxation schemes, penalties, and FAQs. Get clarity on when a tax audit is mandatory.
Financial Year 2022-23 is going to end and ITR Filing season is going to start soon. Income Tax Return Filing is our liability as well as our moral responsibility.
Explore the intricate process of share valuation in India under Acts like Companies Act, Income Tax Act, and more. Understand methods, valuers, and governing provisions for fair and transparent share valuation. Learn about the diverse purposes, including taxation and compliance for non-resident investments.
Understand TDS on RSU vesting and Capital Gains Tax on the sale of vested RSU. Explore the critique and supplement, delving into legal aspects, challenges, and implications for high-end salaried employees. Learn about the intricacies of RSU taxation and potential rectification steps for aggrieved individuals.
ITAT Delhi held that assessee duly deducted TDS @2% u/s 194C Income Tax Act on payment of Common Area Maintenance (CAM) Charges as provisions of section 194I of the Income Tax Act is not applicable to this payment.
ITAT Kolkata held that enquiring on issues other than limited scrutiny issue, before conversion of limited scrutiny to complete scrutiny, is against the procedure laid down in Instruction No. 5/2016 of CBDT dated 14.07.2016. Accordingly, assessment order is quashed as nullity and bad-in-law.
Siddarthini Nanda Vs ACIT (ITAT Cuttack) A perusal of the show cause notice as also the satisfaction recorded by the AO in the assessment order, clearly does not mention the specific notice issued u/s.142(1) of the Act in respect of which non-compliance the penalty has been initiated. A perusal of the assessment order in all […]
ITAT Chennai held that AO duly verified the subject matter in re-assessment proceedings and concluded that LTCG declared by the assessee is genuine. Accordingly, setting aside the assessment order invoking revisional jurisdiction u/s 263 on the same subject matter unjustified.
