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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...
Lucknow ITAT rules Bright Land College eligible for charitable exemption despite return filing error, citing Gujarat High Court precedent on application of income.
ITAT Nagpur deletes additions under Section 68 due to lack of cross-examination and sufficient documentary evidence provided by the assessee in loan and LTCG cases.
CBDT issues Notification 41/2025, effective April 1, 2025, substituting the ITR-3 form in Appendix II of the Income-tax Rules, 1962.
ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher rate u/s. 115BBE for prior period is not sustainable. Accordingly, AO directed to tax addition at normal rate of tax.
The petitioner, essentially, impugns a notice dated 22.07.2022 issued under Section 148 of the Income Tax Act, 1961 inter alia, on the ground that it has been issued beyond the period of limitation as specified under Section 149(1)(a) of the Act.
ITAT Delhi held that assessment framed u/s. 147 invalid due to non-issuance of notice u/s. 143(2) of the Income Tax Act against return filed in response to notice u/s 148. Accordingly, appeal of the assessee allowed.
ITAT Agra deletes penalty on State Bank of India for short TDS on LFC with foreign leg, citing bona fide belief and Supreme Court ruling on penalty.
Provisional direct tax data for FY 2024-25. Net collections reach ₹22,26,231 crore, a 13.57% increase. Corporate, non-corporate tax, and STT details included.
Gujarat High Court Upholds Tax Reopening on Suspected Bogus Share Capital; Fresh Information on Shell Companies Justifies Scrutiny Despite Prior Assessment; Reopening Based on Investigation Report Validated
Chhattisgarh High Court quashes reassessment under Section 148 of Income Tax Act, citing lack of reasonable opportunity and violation of natural justice.
