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Income Tax : Reimbursement of expenses, scholarships, and stipends are not considered taxable income, as clarified by various High Court ruling...
Income Tax : A tax saving FD not only offers a reliable way to save but also provides significant tax benefits, making it a dual-purpose invest...
Income Tax : The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department withou...
Income Tax : Discover how a banker resolved a longstanding customer complaint through effective communication, empathy, and attentive listening...
Income Tax : Understand capital gains tax, exemptions under Sections 54/54F, TDS rates, and tax filing requirements for property sales in India...
Income Tax : The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years....
Income Tax : KSCAA raises concerns and provides suggestions for improving the Direct Tax Vivad Se Vishwas Scheme 2024 to the CBDT....
Income Tax : Govt. confirms no changes to the process of tax exemptions for STs in Meghalaya, clarifying no certificates are needed to claim ex...
Income Tax : CBI arrests two Income Tax employees in Silchar for accepting Rs. 4,000 bribe as part of a Rs. 10,000 demand for PAN card closure....
Income Tax : State-wise details of women income tax filers from 2019 to 2024 show a steady increase in participation across India....
Income Tax : ITAT Ahmedabad held that addition of all the cash deposits as unexplained income without giving credit for the withdrawal not just...
Income Tax : ITAT Mumbai held that the internal audit memo is outside the scope and ambit of the term “information” as provided in Explanat...
Income Tax : It is settled law that the AO cannot supplant its view as to the commercial expediency of transactions in place of that of the Ass...
Income Tax : ITAT Ahmedabad uphold the CIT(A) order restricting TDS credit in proportion of income returned to tax. Accordingly, appeal of the ...
Income Tax : Delhi High Court held that there was no evidence of cessation of liability thus addition under section 41(1) of the Income Tax Ac...
Income Tax : CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Officia...
Income Tax : Notification designates special courts in Tamil Nadu under the Income Tax Act, 1961, and Black Money Act, 2015, for specific distr...
Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
Income Tax : Overview of steps in the ITBA Assessment Module for passing assessment orders, including income computation, feedback, and order g...
Income Tax : CBDT extends the due date for filing income tax returns under section 92E for AY 2024-25 from 30th November 2024 to 15th December ...
Reimbursement of expenses, scholarships, and stipends are not considered taxable income, as clarified by various High Court rulings under Section 10(16).
ITAT Ahmedabad held that addition of all the cash deposits as unexplained income without giving credit for the withdrawal not justified. Accordingly, matter restored back to the file of AO for de novo consideration.
A tax saving FD not only offers a reliable way to save but also provides significant tax benefits, making it a dual-purpose investment. This article delves into why this option resonates with risk-averse investors and how tools like an FD calculator can help plan your finances effectively.
ITAT Mumbai held that the internal audit memo is outside the scope and ambit of the term “information” as provided in Explanation 1 to section 148 of the Act, prior to its amendment by the Finance Act, 2022. Accordingly, reopening of proceedings liable to be quashed.
CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Official Gazette.
The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department without providing any explanation has drawn criticism. This lack of transparency poses significant challenges for taxpayers. When errors occur in tax returns, Section 154 provides a mechanism for rectification. However, the arbitrary rejection of […]
It is settled law that the AO cannot supplant its view as to the commercial expediency of transactions in place of that of the Assessee. In the present case, the AO’s decision to disallow the loss is based on surmises and assumptions.
The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years.
ITAT Ahmedabad uphold the CIT(A) order restricting TDS credit in proportion of income returned to tax. Accordingly, appeal of the assessee dismissed. TDS credit was restricted to the tune of TDS pertaining to the income returned to tax in the impugned year and the balance credit was accordingly disallowed.
KSCAA raises concerns and provides suggestions for improving the Direct Tax Vivad Se Vishwas Scheme 2024 to the CBDT.
