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Income Tax : The issue is whether high-income earners can reduce tax liability under the old regime. The analysis shows that structured allowan...
Income Tax : The ruling clarifies that unverified excel sheets seized from third parties cannot justify additions without corroborative evidenc...
Income Tax : The new law replaces the 1961 Act with a simplified, structured tax system. It reduces compliance burden through streamlined forms...
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 : 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 : Paragraph 27AA of the Employees' Provident Fund (EPF) Scheme could not be automatically imposed on establishments exempted under S...
Income Tax : The case examined whether reassessment approval beyond three years was issued by the competent authority. The court held that appr...
Income Tax : The case examined whether interest earned on temporarily parked funds is taxable. The court held that funds earmarked for asset ac...
Income Tax : The Tribunal held that reassessment proceedings were invalid as approval was taken from the wrong authority beyond three years. It...
Income Tax : The court examined whether interest on FDRs could be taxed as other income. It held that where funds are linked to a project, the ...
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...
Karnataka High Court rules that fair market value of shares, determined using statutory methods, cannot be rejected by the Income Tax Department.
ITAT Jaipur applies Section 44AD, taxing retail business gross deposits at 8%. Addition of Rs. 25.56 lakh reduced; appeal partly allowed.
Kerala High Court rules that the assessee must prove land is agricultural for capital gains tax exemption. Tribunal’s factual findings upheld; appeal dismissed.
Sikkim High Court rules that the expanded definition of ‘Sikkimese’ under Section 10(26AAA) of the Income Tax Act does not impact indigenous rights.
Rajasthan High Court nullifies tax transfer order due to insufficient notice, ordering reassessment with proper hearing opportunity.
Delhi High Court held that Resale Price Method (RPM) is the most appropriate method to determine arm’s length price since assessee purely acts as a distributor and makes no value addition. Thus, appeal of revenue dismissed.
Madras High Court held that income from sale of shares is to be treated as business income since money was borrowed and invested in shares only for the purpose of trading in shares. Accordingly, income from sale of shares cannot be treated as short-term capital gain.
Orissa High Court overturns rejection of Silicon Institute’s late audit report. Court cites minor delay, orders acceptance despite technical glitch claim.
ITAT Delhi partly allows BSNL’s appeal but upholds interest levy u/s 201(1A) for delayed TDS deposit. Check the details.
Delhi HC rules reassessment invalid as assessee was not informed about alleged bogus entity. Tax authorities must follow due process under Section 148A of IT Act.
