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Income Tax : Explore the Principal Purpose Test (PPT) in international tax law, its impact on treaty benefits, legal uncertainty, and potential...
Income Tax : Budget 2025 introduces tax reliefs, higher TDS thresholds, and urban housing reforms, impacting real estate growth while raising c...
Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Madras High Court held that post settlement of disputed under Chapter XIX-A of the Income Tax Act, the continuance of the proceedi...
Income Tax : ITAT Mumbai held that change of method of accounting from mercantile to cash system for recording interest income on loan due to f...
Income Tax : ITAT Pune directs CPC, Bangalore to allow foreign tax credit despite late filing of Form 67, ruling it as a procedural requirement...
Income Tax : Summit Aviation Private Limited obtained financial assistance from respondent no.3, Punjab National Bank, for the purchase of heli...
Income Tax : ITAT Ahmedabad dismisses appeals by GE Power India ex-staff, backing PCIT's order for fresh assessment due to wrongly claimed tax ...
Income Tax : CBDT notifies Income Tax (Sixth Amendment) Rules, 2025, introducing safe harbour rules for assessment year 2025-26. Full details o...
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...
A salaried tax declaration is a document that an employee provides to their employer at the beginning of a financial year. It includes details about the employee’s income and investments, which the employer uses to calculate the employee’s tax liability and deduct the appropriate amount of tax from their salary each month.
Introduction of new TDS codes, which have almost doubled from 36 to 65 in last eight years, led to increase in total reported transaction in FY 2021-22 to 144 crore as compared to total reported transaction in FY 2015-16 of 70 crore. This has resulted in increase in number of unique deductees — almost doubled from 4.8 crore (in F.Y. 2015-16) to 9.2 crore (in F.Y. 2021-22).
ITAT Kolkata held that reassessing income post completion of assessment u/s 143(3) without any incriminating material found and seized during the course of search is unsustainable. Accordingly, addition thereof is liable to be deleted.
Madras High Court held that as the petitioner company is wound up, however, intention of petitioner for clearing the pending dues is sincere. Writ petition is allowed permitting the petitioner to pay pending dues in equal installments.
ITAT Jodhpur held that any issue which was considered by AO in the assessment order and such order is erroneous and prejudicial to the interest of justice, then, such order would be open for revision under section 263 of the Income Tax Act.
ITAT Mumbai held that deduction under section 80HHE of the Income Tax Act is allowed against the gross total income.
Stay informed about crucial points for filing Income Tax Returns for A.Y. 2023-24 & A.Y. 2024-25. Understand due dates, regime options, and implications for individuals with or without business income. Ensure compliance for maximum benefits.
Penalty order did not specify the charge & penalty was imposed purely on the basis of estimation of income so not valid
Laxmi Narain Vs ITO (ITAT Delhi) In the present case there is no dispute regarding the fact the assessee deposited Rs. 10,49,000/- in cash on 18.11.2016 during demonetization period and the AO picked up said amount for making addition in the hands of assessee u/s. 69A of the Act. From the copies of the order […]
ITO Vs Marda Associates (ITAT Kolkata) CIT (A) held that A.0. misunderstood that the benefit/ incentive/additional margin passed on by the appellant through credit notes was in the nature of commission. He further, misunderstood that discount/ additional margin could be given only on the invoice and not post invoice. It is submitted that the commission […]
