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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 holds income from builders’ unsold flats as ‘business income,’ not ‘house property,’ for Haware Engineers for AY 2013-14 & 2014-15.
Pune ITAT deletes deemed rental income addition on unsold flats for Kumar Properties, citing no exempt income for Section 14A disallowance.
ITAT Mumbai dismisses Pegasus Properties’ appeal for AY 2015-16 as infructuous, citing a previously heard physical appeal against the same order.
Karnataka High Court allows appeal for Premalatha Pagaria, condoning 350-day delay, citing ‘sufficient cause’ and auditor’s oversight.
Learn about TDS on commission and brokerage under Section 194H, including rates, thresholds, and liability. Key updates for FY 2025-26 and PAN implications.
Supreme Court clarifies powers for tax searches under Sec 132. It’s an administrative act; courts won’t weigh sufficiency of reasons, only check for bad faith.
Supreme Court rules 2015 amendment to Income Tax Act’s Section 153C, broadening third-party assessment, is not retrospective; applies only to searches after June 1, 2015.
The Supreme Court clarifies that the six-year tax assessment period for third parties, whose documents are seized, starts from the date their AO receives materials, not the original search date.
ITAT Mumbai rules in favor of JM Financial Properties, upholding interest expense deductions for AY 2013-14 and 2014-15. The tribunal affirmed the commercial expediency of an interest-free security deposit for business purposes.
ITAT Nagpur voids reassessment against Rupesh Dhakate, citing lack of jurisdiction as alleged escaped income fell below the Rs. 50 lakh threshold.
