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Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
ITAT Bangalore held that disallowance under section 14A of the Income Tax Act is restricted to the amount of exempt income earned by the assessee.
Nirav Dilipkumar Desai Vs ITO (ITAT Ahmedabad) The Assessing Officer observed that the assessee has shown Rs. 11,86,798/- under the head “income from other sources” and in the schedule of other sources. The assessee has shown Rs. 41,15,221/- and claimed expenses of Rs. 29,28,423/-. The Assessing Officer further observed that the expenses claimed has no […]
ITAT Chennai held that while computing deduction under section 10A of the Income Tax Act expenses deducted from export turnover needs to be deducted from total turnover.
Sudhan Chandra Basak Vs Union of India (Allahabad High Court) This application is filed on basis of some undisputed facts that orders of penalty were passed against applicant under Sections 271(1)(a), 271(1)(c) and 273(b) of Income Tax Act for late filing of return for Assessment Year 1983-84. These orders were challenged by way of three […]
Assessee company had entered into collaboration agreement for development of land and primarily the company was earning rental income. Thus, the interest paid for upcoming projects which was used to be rental has been rightly capitalized.
Assessee explained that delay in filing TDS return is due to his negligence, non-awareness of importance of filing TDS return & lack of Professional assistance
The definition of capital asset as per section 2(14) of the I.T.Act is wide enough to include property of any kind held by an assessee (including an unfinished building) and the sale proceeds of the same would be liable for capital gains as long term capital gains or short term capital gains, depending upon the period of holding.
Understand the applicability of TDS on the sale of property. Learn about the rate, time & value on which TDS is deductible. Form 26QB, 16B & FAQs included.
J.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar) Brief fact of the case is that the assessee-society had submitted an application for registration u/s 12A of the Act. The primary object of the assessee is that running and maintaining institutions in rural area, and enhance the poor marginalised youth to […]
iTAT held that issuance of SCN, mentioning proposed additions under 144B(xvi), is a mandatory requirement and any assessment order passed without issuance of SCN is bad in law.
