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Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
ITAT Pune held that addition of unexplained cash credit sustained as mere filing of documentary evidence doesnt absolve proving of genuineness and creditworthiness of the unsecured loans.
ITAT Bangalore held that deduction under section 10A/ 10B of the Income Tax Act allowable as the assessee has obtained post facto approval from RBI coupled with the fact that it has also realized the said amounts.
ITAT Mumbai held that income of non-resident not taxable in India merely because the status of the assessee was wrongly mentioned as resident in the original return of income.
ITAT Dehradun held that Uttarakhand Environment Protection and Pollution Control Board (UEPPCB) is a corporation which has been constituted under a Central Act, no tax was deductible. Accordingly, penalty u/s 271C of the Income Tax Act cannot be levied on a non-taxable entity.
ITAT Ahmedabad held that addition u/s 69 of the Income Tax Act as unexplained investment unsustainable as the investment is out of the NRI Repatriation funds came outside India and which is not taxable in India.
ITAT Bangalore held that addition under section 69B of the Income Tax Act for unexplained investment solely on the basis of the document that didn’t contained name of the assessee is unsustainable as the same is outside the purview of definition of section 153C(1)(a) & (b).
ITAT Raipur held that charging of late fees of delay in filing of TDS statement under section 234E of the Income Tax Act is effective only from 01.06.2015. Charging the same for period prior to 01.06.2015 is untenable in law.
ITAT Delhi held that as no adjustment on transfer pricing issue would subsist and therefore there is no question of penalty u/s. 271(1)(c) of the Income Tax Act on such addition.
CBDT notifies Format & Particulars of Income Tax Return Forms ( ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V) and Income Tax Return Acknowledgement (ITR-V) for Assessment Year 2023-24/Financial Year 2022-23 vide Notification No. 04/2023 Dated 10th February 2023. Last Year CBDT notifies ITR for AY 2022-23 on 30th March 2023 vide Notification No. 21/2022-Income […]
Webinar on Union Budget Analysis 2023 will cover following changes proposed by Union Budget 2023 by CA Darshak Shah on 11th of February 2023 at 11.00AM. 1. U/s 35D, preliminary expenses incurred before incorporation for the purpose of feasibility report, project report, etc, shall be allowed for deduction only after submission of statement to income […]
