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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...
Income Tax Bill 2025 simplifies tax laws without policy changes. Focus on clarity, ease of doing business, and digital tax initiatives. No new compliance training needed.
Ashok Vijaykumar Kotecha Vs ACIT (ITAT Pune) In the case of Ashok Vijaykumar Kotecha vs. ACIT, Circle-1, Jalgaon (ITA No. 1453/PUN/2023), the Income Tax Appellate Tribunal (ITAT) Pune ruled in favor of the assessee, deleting the addition of ₹1.52 crore made under Section 68 of the Income Tax Act, 1961. Case Background The assessee, Ashok […]
ITAT Pune ruled that Section 115BBE does not apply to business income declared in a survey. Read the case details and implications for taxpayers.
Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registration periods for small institutions.
ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Case remanded for further verification.
Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, compliance, and exemptions.
ITAT Hyderabad held that no records brought suggesting that assessee has contrived losses by using Client Code Modification. Thus, disallowance of losses only on presumption is not justifiable. Accordingly, disallowance deleted.
ITAT Rajkot held that addition towards unexplained cash deposit under section 69A of the Income Tax Act not sustained since assessee has adequate evidence supporting its claim of cash deposits. Accordingly, appeal allowed.
Gujarat High Court held that in the absence of new material facts brought on record by the Revenue reopening of assessment beyond the period of 4 years is found to be not sustainable in the eye of law. Thus, appeal of revenue dismissed.
Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction guidelines.
