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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 Nagpur rules Deendayal Seva Pratishthan eligible for tax exemption; late verification of Form 10B due to technical issues not fatal.
ITAT Pune recalls ex-parte order due to the ill health of the 88-year-old appellant, allowing a fresh hearing of the appeal.
ITAT Pune rules no penalty under section 271(1)(c) when a debatable legal issue exists, in the case of DCIT vs. Vinod Ramchandra Jadhav.
Karnataka High Court rules that Section 50 of the Income Tax Act is not applicable without an actual depreciation claim, even if the asset is depreciable.
Understand Section 194T on TDS for partner payments by firms, effective from 1 April 2025. Know applicable payments, rates, thresholds, and compliance steps.
ITAT Mumbai held that the rate of tax on a short term capital gain on depreciable assets u/s. 50 has been held to be the rate of long term capital gain @ 20% as per Section 112 of the Income Tax Act. Accordingly, appeal of assessee allowed.
ITAT Delhi restored the matter to the file of the Assessing Officer with the direction to pass order after affording reasonable, adequate and effective opportunity of being heard and hence the appeal of the assessee is deserves to be allowed.
ITAT Mumbai held that invocation of revisionary proceedings under section 263 of the Income Tax Act not justified since AO has taken plausible view. Accordingly, order passed u/s. 263 set aside and appeal of assessee allowed.
ITAT Jaipur held that matter is fit to remand back to file of AO since assessee has sufficient reason to establish non-deduction of tax, however, the evidences were not furnished before lower authority. Accordingly, appeal allowed and matter remanded.
ITAT Ahmedabad held that disallowance of expenses under section 14A of the Income Tax Act not justifiable as there was sufficient own interest free funds available with the assessee for making investment. Thus, appeal of assessee allowed.
