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Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Learn about Sovereign Gold Bonds (SGBs), including eligibility, investment limits, interest rates, redemption, and tax implication...
Income Tax : Rental income from sub-letting is taxed as "Income from other sources," not "Income from house property." Deemed ownership rules a...
Income Tax : Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance ...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary�...
Income Tax : ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the o...
Income Tax : ITAT Ahmedabad held that deduction under section 54 of the Income Tax Act towards Long Term Capital Gains admissible even when ret...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Ishwar Dewllings Pvt. Ltd. Vs PCIT (ITAT Lucknow) Facts- The AO vide notice u/s 154 dated 02/05/2018 proposed rectification of the order passed u/s 143(3) by including profit on sale of agricultural land in the computation of book profits u/s 115JB. Thereafter, AO dropped the proceedings initiated u/s 154 vide order dated 14/06/2018. However, the […]
SVS Guarding Services Pvt. Ltd. Vs ITO (ITAT Delhi) Facts- The only addition in dispute in this appeal is regarding the additions amounting to total of Rs. 29,52,674/- made u/s 36(1)(va) of Income Tax Act. These payments by way of employees’ contribution to ESI/Provident Fund were deposited by the assessee after the specified date prescribed […]
Held that the mandate of Section 220(6) of the IT Act makes it very clear that once an appeal is filed within time in the prescribed format, the assessee will not be deemed as an ‘assessee in default’.
AO is under obligation to specify the appropriate limb of section 271(1)(c) of the Act at the time of initiation as well as at the time of levy of penalty notice.
When assessee collected the service tax from its customers and had not remitted the Government Exchequer, the same had to be disallowed u/s 43B.
Jay Chemical Industries Ltd. Vs DCIT/ACIT (ITAT Ahmedabad) Facts- Primarily three issues involved in these cross appeals are – (i) relating to transfer pricing adjustment made on account of determination of Arm’s Length Price of the reimbursement made by the assessee to its Associate Enterprise (AE) in lieu of cost sharing agreement entered into with […]
Inner Wheel Club of Central Calcutta Vs Union of India & Ors. (Calcutta High Court) HC directs Income Tax Authorities to consider Representations made on 25/03/2022 and subsequent dates and then pass Order under sec 148A(d). They have been also directed to give the assessee opportunity of hearing. FULL TEXT OF THE ORDER OF CALCUTTA […]
Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act.
A resident taxpayer may have some taxation issues in respect of a transaction which has been undertaken or proposed to be undertaken with a non-resident. Similarly, a non-resident may have some taxation issues in respect of transaction which has been undertaken or proposed to be undertaken by him in India.
rticle discusses about Appealable orders in case of appeal by the taxpayer, Appealable orders in case of appeal by the Commissioner, Appeal not to be filed by the department in certain cases, Time- limit for presenting appeal, Form and signature, Memorandum of cross objection, Documents to be submitted with appeal, Fees for filing the appeal, Fees for filing the appeal in other cases,
