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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
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 : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
ITAT Bangalore held that prior to amendment in section 139(1) of the Income Tax Act effective from 01.04.2020, exemption under section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB can be claimed even without filing income tax return.
ITAT Delhi held that TDS under section 194C of the Income Tax Act is deductible on payments made towards bus hire charges and wharfage charges.
Payment on account of penalty under service tax is penal in nature and was levied for violation of law, therefore penalty is not admissible
Once it is found that rectification application u/s 254(2) of I. T. Act, 1961 has been submitted within a period of four years from the date of actual receipt of judgment and order passed by tribunal, which is sought to be reviewed, petitioner is entitled to relief.
Form W-8BEN is a document used by foreign individuals and other such entities to claim a reduced rate of, or exemption from, U.S. tax withholding on certain types of income they receive from U.S. sources.
R. Raju Vs ITO (ITAT Chennai) The assessee has explained cash deposits made during the demonetization period out of amount received from maturity of fixed deposits in SBI and Canara Bank. The assessee had also furnished necessary evidence before the AO and argued that, he had received a sum of Rs. 10,29,337/-towards maturity of insurance […]
GE Power India Limited Vs Union of India & Ors (Calcutta High Court) HC held that impugned orders dated 12th February, 2020 rejecting the petitioner’s applications under the SVLDRS 2019, are arbitrary, invalid, perverse and not tenable in the eye of law for the following reasons: (i) On the date of filing of the applications […]
Cuttack Central Co-operative Bank Ltd Vs ACIT (Orissa High Court) ITAT held that Appellant-Assessee would be entitled to the benefit of the deduction under Section 80P(4) of the Act since it is a Cooperative Society involved in the business of banking. FULL TEXT OF THE JUDGMENT/ORDER OF ORISSA HIGH COURT 1. While admitting the present […]
Cosmopolis Constructions Vs ACIT (ITAT Pune) ITAT held that no addition is maintainable on account of deemed rent on unsold flats which were treated as stock-in-trade by the assessee. FULL TEXT OF THE ORDER OF ITAT PUNE This appeal by the assessee against the order dated 04-02-2022 passed by the Commissioner of Income Tax (Appeals)-11, […]
ITAT held that Interest under section 234B and 234C not chargeable, if entire income of the assessee was subjected to TDS.
