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Income Tax : Received an HRA exemption notice from the Income Tax Dept? Understand the TDS on rent rule and steps to resolve it without stress....
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 : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
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 : ITAT Delhi held that re-assessment proceedings under section 147 of the Income Tax Act initiated due to change of opinion without ...
Income Tax : Delhi High Court held that reassessment order is liable to be set aside as it was based on information that was fully examined in ...
Income Tax : Delhi HC confirms Section 40A(3) inapplicable to property investments, affirming ITAT's ruling in PCIT Vs Sanskar Homes Pvt. Ltd. ...
Income Tax : ITAT Ahmedabad held that penalty u/s.271AA of the Income Tax Act cannot be levied without specifying the required documents failed...
Income Tax : ITAT Jaipur held that invocation of revisionary proceedings u/s. 263 of the Income Tax Act not sustainable since AO duly verified ...
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...
Delhi High Court held that withholding of refund merely because notice has been issued under section 143(2) of the Income Tax Act is unjustifiable and bad in law.
ITAT Mumbai held that Section 10AA does not prescribe any time limit for realization of export proceeds. Hence, the benefit of Section 10AA of the Income Tax Act cannot be denied merely because the export proceeds were realized after the expiry of 6 months from the end of relevant previous year in which export sales were made.
Calcutta High Court held that mere usage of foreign word does not make it automatic to fall within the ambit of an international transaction.
ITAT Delhi held that rent is subjected to TDS @ 10% under section 194-I of the Income Tax Act, whereas, Common Area Maintenance (CAM) charges are subjected to TDS @ 2% under section 194C of the Income Tax Act.
ITAT Mumbai held that initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act without informing the charges framed for initiation of the same via statutory notice renders the entire proceeding inacceptable.
ITAT Hyderabad held that the salary received by the assessee in India for the services rendered in USA are not liable to tax in India as article 16 of DTAA would prevail over section 5(2)(a) of the Income Tax Act.
ITAT Delhi held that disallowances of expenditure on ad hoc basis without specifying particular mistake is untenable and bad in law.
Whether payment to shareholders out of sale proceeds of a property belonging to the company, to end dispute amongst the shareholder can be cost of improvement for computation of capital gains?
Discover the significance of inventory valuation in income tax and the crucial role cost accountants play in this process. Learn about inventory valuation methods and the responsibilities of cost accountants, including choosing valuation methods, determining costs, maintaining accurate records, ensuring compliance with tax regulations, and coordinating with other departments. Stay informed to ensure accurate and compliant inventory valuation for your business.
CIT Vs Paville Projects Pvt. Ltd. (Supreme Court of India) Supreme Court allows Revenue’s appeal quashing the Bombay High court order that had set aside CIT’s revisionary order passed under section 263 of Income Tax Act, 1961. CIT in exercise of the powers u/s 263 and in exercise of the revisional jurisdiction, set aside the […]
