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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...
The budget of the Indian government is an important document that details all of the expenditures, revenue collection, and development plans of the government for the current financial year. Every year, the budget is presented by the Finance Minister in the Indian Parliament, and it provides the basis for the allocation of resources for the country’s economic and social welfare.
If the cash sales and receipts were duly supported by relevant bills which were produced in the course of assessment proceedings, addition U/s 68 was unwarranted. Where cash sales transaction was recorded in regular books of accounts, sales were made out of stock-in-trade then no addition U/s 68 could be sustained.
ITAT Jaipur set aside the CIT(A) order as the same being non-speaking and cryptic order which is passed against the principles of natural justice as opportunity to the AO to ascertain the correct fact was not granted.
Expenses incurred by assessee-doctor on organizing musical programme for his professional colleagues, sponsoring garba event organized in the society where he resided and gifts given to fellow doctors on the occasion of marriage or diwali could not be said to be allowable under section 37 for computing his taxable income as all these expenses, could not be said to have been incurred wholly and exclusively for the profession of the assessee so as to qualify for deduction u/s 37(1).
Is it possible for an assessee to be held responsible for the undeposited withheld tax if the person or entity that withheld the tax from the assessee’s income failed to do so?
Calcutta HC order in on how an order should not be drafted where Tribunal adopted finding of CIT(A) verbatim as its own findings
The Hon’ble Supreme Court observed while allowing the appeal that as per Circular No. 760 dated 13th January 1998, the CBDT have stated that in case of transactions which are, in substance, in the nature of hire-purchase, the receipts of hire charges would not be in the nature of interest and hence assessee were liable to pay interest under Interest-Tax Act, 1974.
Explore the comprehensive guide to the new TDS Section 194R of the Income Tax Act effective from July 1, 2022. Understand its applicability, time of deduction, TDS rate, and non-applicability conditions. Delve into the clarification provided by the Central Board of Direct Taxes (CBDT) through circulars, addressing various scenarios and frequently asked questions (FAQs). Stay informed and compliant with the latest tax regulations on deduction of tax on benefits or perquisites related to business or profession.
ITAT Mumbai held that lease rental paid in respect of the vehicles used by its employees is revenue in nature and allowable as deduction.
Unraveling the anomaly in section 140B of the Income Tax Act, 1961 by CBDT – ITR-U. Delve into the complexities when an updated return impacts the refund, causing illogical consequences. Explore the need for reconsideration and amendments for a more balanced tax framework.
