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Income Tax : The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, righ...
Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : ITAT Delhi held that revisionary proceedings under 263 of the Income Tax Act justifiable since related-party expenses were accepte...
Income Tax : The Tribunal held that failure to issue a jurisdictional transfer order under Section 127 invalidates the assessment. It ruled tha...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
ITAT Mumbai rules that gifts received shortly after marriage are exempt under Section 56(2)(vii) of the Income-tax Act. The decision clarifies that “on the occasion of marriage” includes gifts associated with the event, irrespective of immediate cheque clearance.
ITAT Kolkata deletes ₹7.22 Cr addition for Unique Finance & Securities Pvt. Ltd., citing prior year precedent and lack of creditor compliance as insufficient grounds.
ITAT Mumbai grants Section 54F exemption to Ratan Mahendra Jain for purchasing a duplex unit, clarifying it as a single residential property.
ITAT Jaipur remands Setu Sansthan’s tax exemption case, citing natural justice and DIN issues. Non-registration under RPT Act not a barrier to IT Act benefits.
For financial year 2024-25, Income Tax Department has introduced new disclosure requirements that must be carefully noted. In this blog, we’ll break down these changes in simple terms to help you file your ITR smoothly and accurately.
A Comprehensive Analysis of Undisclosed Incomes under Sections 68 to 69D of the Income-tax Act, 1961, Taxation of these Incomes Under Section 115BBE and Penalty Provisions under Sections 271AAC & 271AAD With Insights on Explained vs. Unexplained Income, Judicial Precedents & Finance Act, 2025 Amendments 1. Introduction & Legal Context. The robust and equitable functioning […]
In today’s interconnected world, global trade and cross-border investments are the backbone of economic growth. No nation remains entirely self-reliant—countries rely on imports, exports, and foreign capital to drive their economies. However, this interdependence has led to complex tax issues, particularly double taxation, where the same income is taxed in more than one country. To […]
This article examines applicability of Section 194Q of Income-tax Act, 1961 to purchase of electricity — a significant development in Indian tax landscape.
Punjab & Haryana High Court rules interest on land acquisition compensation is income from other sources, not capital gains, post-2010 IT Act amendments.
Delhi High Court upholds ITAT ruling: Cloud service subscription payments to foreign firms are not taxable as royalty under DTAA or Income Tax Act.
