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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...
assessee has filed the return of income belatedly for the year under consideration but there is no prohibition to adjust the brought forward losses against the income declared belatedly in the return of income under the provision of section 139(3) of the Act.
Penalty was levied under section 271 B of the Act on the ground that tax audit report under section 44AB of the Act was not filed by the assessee before filing of return of income and no explanation was given.
The Indian Income Tax Department has recently opened the ITR-2 filing window, enabling individuals and Hindu Undivided Families (HUFs) to report their non-business income from various sources. ITR-2 holds significant relevance for taxpayers who earn income from sources such as salary, pension, house property, capital gains, or other non-business sources, making it imperative for taxpayers […]
Addl. CIT Vs Tejal Ashish Mehta (ITAT Mumbai) The assessee has furnished a copy of Income Tax return for assessment year 2016-17. A perusal of the same shows that in Schedule – EI, wherein the assessee was required to declare exempt income, the assessee has duly reflected the maturity value of the insurance policy. The […]
ITAT Chennai held that addition u/s 69 towards unexplained money sustained on failure to explain the source of the cash deposits with necessary evidences.
Kapil Kumar Agarwal Vs DCIT (ITAT Delhi) ITAT held that assessee has purchased a house property i.e. a new asset and is entitled to exemption u/s 54F of the act despite the fact that construction activities of the purchase of the new house has started before the date of sale of the original asset which […]
PCIT Vs Abhisar Buildwell P. LTD. (Supreme Court of India) Clarification application file by Revenue on issue of permitting 148 notice dismissed by Supreme Court with liberty to Revenue to file Review application. Further in case such review application is filed it will be heard in open court . We observe that as we have […]
Shri Keshoraipatan Sahkari Sugar Mills Ltd. Vs PCIT (ITAT Jaipur) We find that the assessment was taken up for scrutiny under CASS to examine the deduction claimed chapter VIA for limited purpose and on this issue, there is finding of the ld. AO in the assessment order. Yet, learned PCIT has subjected the assessment order […]
Voluntary Income declared by assessee on its own i.e. without any detection cannot be considered as equivalent to providing inaccurate particulars of income or concealing particulars of Income
Jagdish Chandra Suwalka Vs JCIT (ITAT Jaipur) ITAT observed that the provisions contained u/s 275(1)(a)are not applicable on the facts of present case for the reason that undisputedly no appeal has been filed against the assessment order passed on 28.12.2017. Therefore, it cannot be said that the relevant assessment or other order was subjected to […]
