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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 Mumbai held that disallowance under section 14A of the Income Tax Act upheld since assessee failed to compute suo moto disallowance which is mandatory, even if no exempt income is earned. Thus, appeal of assessee dismissed.
Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified items and effective date.
This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant Section for the purpose of Capital Gain exemption are Section 54B, Section 54F and Section 54EC, which we are going to discuss in this article.
CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Acts are not tax deductible.
ITAT Bangalore rules Section 115JB (MAT) not applicable to Canara Bank (erstwhile Syndicate Bank), citing prior judicial precedents and its status as a nationalized bank.
Tribunal also took note of the fact that AO had merely reproduced identical reasons for multiple years without verifying facts or forming a belief based on individual year-specific material.
ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards capital contribution deleted since assessee furnished adequate evidence to prove the identity, genuineness and creditworthiness of the partner. Accordingly, appeal of revenue dismissed.
The case of assessee was selected through compulsory manual Statutory notices u/s 143(2) was issued on 21.09.2017. Further, notice u/s 142(1) dated 08.12.2018 and 10.12.2018 were issued, seeking details of sales & purchases of lands, producing books of accounts and to substantiate the Short-Term Capital Gain.
ITAT Ahmedabad held that addition under section 68 of the Income Tax Act unsustainable since revenue/ department failed to establish that LTCG earned is non-genuine. Accordingly, appeal of revenue dismissed.
CBDT Notification 36/2025 requires sellers to collect TCS on luxury goods like watches, art over ₹10 lakh from April 22, 2025. Learn how it affects buyers & sellers.
