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Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : The Annual Information Statement (AIS) under Section 285BB consolidates a taxpayer's financial and tax-related information, includ...
Income Tax : The revised CBDT guidelines effective from 17 October 2024 streamline the compounding process under the Income-tax Act by prescrib...
Income Tax : Section 40A of the Income-tax Act restricts the deduction of specified business expenses where statutory conditions are not fulfil...
Income Tax : Taxpayers can apply for a nil or lower TDS certificate in Form 13 when their estimated tax liability supports deduction at a reduc...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
Income Tax : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The Ministry of Finance outlines key initiatives to assist first-time and low-income taxpayers with ITR filing. Learn about the E-Return Intermediary scheme, taxpayer hubs, and simplified procedures.
The Minister of State for Finance details India’s direct tax collections from FY 2020-21 to 2024-25, highlighting that collections exceeded budget estimates except in the COVID-affected year of 2020-21. The response addresses the government’s stance on tax evasion, a comprehensive list of direct tax reforms since 2014, and the introduction of the new, simplified Income-tax Bill, 2025.
ITAT Mumbai dismisses revenue’s appeal against Adihemshree Financial, a share trader, on losses incurred from alleged penny stocks. The tribunal cited that the losses were a regular business activity.
The Mumbai ITAT ruled that a tax reassessment on alleged bogus capital gains was invalid, citing the lack of specific incriminating evidence found during the search.
The Delhi ITAT has invalidated an income tax reassessment for bogus LTCG from penny stocks, ruling that the approving authority’s sanction was mechanical.
Bangalore ITAT deletes additions against Global Star Realtors, holding that loose sheets seized from a third party without corroboration cannot justify tax additions.
In Rajeshkumar Shah vs DCIT, ITAT strikes down cash loan & notional interest additions under Section 69 due to lack of corroborating evidence and unreliable witness statements.
The ITAT Bangalore ruled that a CIT(A) cannot make additions on grounds not specified in the original reopening notice, setting aside additions on share trading deposits.
ITAT Delhi deleted transfer pricing adjustments made to Sony India, ruling that the intensity adjustment is an invalid substitute for the Brightline Test and that royalty payments were commercially justified.
The ITAT Bangalore ruled that income from sun-dried raisins is agricultural income, exempt from tax, if a farmer uses traditional methods without machinery.
