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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
ITAT Kolkata held that assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions. Accordingly addition made towards share capital and share premium u/s. 68 unsustainable.
ITAT Chennai held that exemption under section 54 of the Income Tax Act not allowable to the extent of non-deposit of unutilized amount in Capital Gain Account Scheme. Only proportionate exemption allowed.
Understand the impact of Income-Tax proposals related to Charitable Trusts & Institutes in Budget 2023. Form No. 9A and 10 must be furnished 2 months prior to ITR filing date from AY 2023-24.
Notice Issued on Secondary E-Mail Id Despite Having Primary E-Mail Id and Email Id Mentioned in the Last Filed ITR is Liable to be Quashed- Bombay High Court
Discover all you need to know about HRA Exemption, eligibility and the limit with this guide. Learn how to calculate and claim your HRA and save money on taxes.
Ajay Engineering and Agricultural Equipment Company Vs PCIT (ITAT Pune) ITAT Pune held that AO did not specifically discuss the five issues in the assessment order, however, assessment order does not satisfy the second condition of being prejudicial to the interest of the Revenue. Simply non-discussion of an issue in assessment order does not render […]
ITAT Allahabad held that allowable limit as CBDT circular dated 11th May 1994 is the gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family. Accordingly, no addition to that extent on account of unexplained investment in jewellery can be sustained.
ITAT Indore held that penalty under section 271D and section 271E are not attracted in case of loan given. Accordingly, penalty proceeding imposing penalty u/s 271D/ 271E of the Income Tax Act in case of loan given is invalid.
ITAT Panaji held that the only requirement under the provisions of section 80P(2)(d) is that an interest income or dividend income should be earned by a co-operative society from another co- operative society. Section 80P does not make a distinction between income earned on long term investments and short term investments
ITAT Chennai held that a small delay of 9 days in filing of an appeal condoned on the basis of reasonable cause as Chartered Accountant was busy in filing of return of Income and GST returns.
