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Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : ITAT Mumbai upholds CIT(A) order favoring Fitrite Packers, dismissing Revenue’s appeal over disallowances related to penalty and...
Income Tax : ITAT Pune quashes ₹1,50,000 penalty u/s 271B, citing reasonable cause for delayed tax audit due to impounded records and auditor...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Calcutta HC order in on how an order should not be drafted where Tribunal adopted finding of CIT(A) verbatim as its own findings
The Hon’ble Supreme Court observed while allowing the appeal that as per Circular No. 760 dated 13th January 1998, the CBDT have stated that in case of transactions which are, in substance, in the nature of hire-purchase, the receipts of hire charges would not be in the nature of interest and hence assessee were liable to pay interest under Interest-Tax Act, 1974.
Explore the comprehensive guide to the new TDS Section 194R of the Income Tax Act effective from July 1, 2022. Understand its applicability, time of deduction, TDS rate, and non-applicability conditions. Delve into the clarification provided by the Central Board of Direct Taxes (CBDT) through circulars, addressing various scenarios and frequently asked questions (FAQs). Stay informed and compliant with the latest tax regulations on deduction of tax on benefits or perquisites related to business or profession.
ITAT Mumbai held that lease rental paid in respect of the vehicles used by its employees is revenue in nature and allowable as deduction.
Unraveling the anomaly in section 140B of the Income Tax Act, 1961 by CBDT – ITR-U. Delve into the complexities when an updated return impacts the refund, causing illogical consequences. Explore the need for reconsideration and amendments for a more balanced tax framework.
ITAT Ahmedabad held that mere receipt of amount via banking channel doesn’t make the transaction as genuine. Addition u/s 68 of the Income Tax Act sustainable because of non-establishment of identity of creditor, genuineness of transaction and credit worthiness of the parties.
ITAT Mumbai held that revisional order u/s 263 cannot be invoked if Assessing Officer has conducted enquiries and applied his mind and has taken a possible view of the matter.
ITAT Chennai held that addition of provisions for leave encashment and provision for gratuity to book profit computed u/s 115JB unsustainable as the same is ascertained liability.
ITAT Chennai held that benefit of deduction under section 54 of the Income Tax Act cannot be denied for mere technical breach when the assessee has satisfied all the prescribed conditions.
Lilaben Bhagabhai Patel Vs ITO (ITAT Ahmedabad) CIT(A) has categorically observed that the print out of share trading from the brokers related to share transaction statement was unsigned documents and the Assessing Officer has taken the loss on the basis of information provided by National Stock Exchange, Bombay. It is pertinent to note that the […]
