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Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liabi...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whet...
Income Tax : Delhi High Court held that section 153C of the Income Tax Act doesn’t required AO to find or uncover a relationship or an associ...
Income Tax : ITAT Mumbai held that the very basis of which the Assessing Officer formed the belief that the income liable to tax is escaped ass...
Income Tax : ITAT Pune rules mere execution of a development agreement without transfer of possession doesn't trigger capital gains tax. Follow...
Income Tax : Janata Grahak Madhyawarti Vs PCIT-4 (ITAT Pune) Facts of the Case: The assessee, a co-operative society involved in the business o...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Reopening notice was issued without any tangible material. Mere change of opinion not provide jurisdiction to Revenue to re-open assessment.
ITAT Ahmedabad held that in case of payments to non-resident, when PAN of non-resident payee is not available, TDS is to be deducted at the rates applicable in respective Tax Treaties.
ITAT Dehradun held that the interest is accretion to the value of compensation and hence it is a part of compensation. Accordingly, interest received for compulsory acquisition of agricultural land is exempted under section 10(37) of the Income Tax Act.
Madras High Court held that writ petition not entertained as petitioner failed to make use of opportunities granted by the department to respond to the notices.
ITAT Delhi held that addition of interest income on fixed deposit with Canara Bank sustainable as contention of the assessee that fixed deposit is misplaced and hence there is no question of earning any interest income is illogical.
Bombay High Court held that reopening of assessment on the basis of change of opinion without reasons to indicate failure on the part of the petitioner to disclose truly and fully all the material facts is untenable in law.
ITAT Ahmedabad held that addition on the basis of statement of director without independent finding given by the Assessing Officer is unsustainable in law.
Bombay High Court held that assessment order was passed after post considering the submission from the assessee regarding deduction under section 80P. Hence, reopening of assessment in absence of any new tangible material is unsustainable in law.
ITAT Mumbai held that that the interest paid by the Indian branch-PE to the head office-GE is not taxable in India in terms of India-France DTAA.
ITAT Pune held that as assessee does not satisfy the condition of advancement of any other object of general public utility, its eligibility for benefit of exemption under section 11 of the Income Tax Act is doubtful.
