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Income Tax : The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, righ...
Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : ITAT Delhi held that revisionary proceedings under 263 of the Income Tax Act justifiable since related-party expenses were accepte...
Income Tax : The Tribunal held that failure to issue a jurisdictional transfer order under Section 127 invalidates the assessment. It ruled tha...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
ITAT Hyderabad partially upholds AO’s addition for unexplained cash deposit by Shri Balineni Kishore Babu, confirming ₹48,000 due to lack of source proof.
ITAT Pune upholds exemption under Sections 11 and 12, ruling that technical errors in form submission don’t justify denial for registered charitable trusts.
The Delhi High Court quashed a reassessment notice issued to Janus Infrastructure Projects for AY 2014-15, as it exceeded the 10-year limit under Section 149 of the Income Tax Act, as amended in 2021.
Supreme Court disposes of ACIT vs. Sangeeta Bhoolabhai case, following rulings in Rajeev Bansal and Siemens Financial Services.
Understand the consequences of an adverse income tax order, including high tax rates, penalties, interest, and steps to appeal or seek relief.
Gujarat High Court overturns ITAT, upholds tax reassessment notices based on suppressed sales data from Central Excise investigation in PCIT vs Gokul Ceramics.
Gujarat High Court upholds tax reassessment notice for AY 2010-11 against Jayant Security And Finance Ltd. over alleged bogus loan transactions.
Supreme Court overturns penalty on PwC for a genuine error in income tax return, noting clear disclosure in tax audit report negated intent to conceal.
ITAT Ahmedabad held that addition u/s. 69A towards unexplained money [on-money transaction] simply on the basis of presumptions without any concrete evidence is liable to be deleted. Accordingly, addition u/s. 69A deleted as it lacks a valid basis.
CBDT amends Income-tax Rules, 1962; introduces new ITR-2 form effective from 1st April 2025 via Notification No. 43/2025 dated 3rd May 2025.
