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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 ruled in favor of Ujjwal Business Trust, deleting surcharge levied by CPC on income below ₹50 lakh. Read the case summary and key legal findings.
In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Business and Profession. This classification is crucial for determining the tax obligations of business proprietors, self-employed individuals, and corporations. A comprehensive understanding of how this income is taxed is essential for individuals and enterprises to […]
The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, acquiring a comprehensive understanding of fundamental concepts such as Gross Total Income (GTI) and deductions can substantially influence financial management and the reduction of tax liabilities. Both GTI and deductions serve as critical elements in ascertaining tax […]
Check the updated tax slabs for FY 2025-26. Know the new tax rates, rebate changes, exemption limits, and comparison with the old tax regime.
Revision order issued by PCIT was quashed against Make My Trip (India) Private Limited as AO had conducted a proper inquiry before allowing the deduction of Employee Stock Option Plan (ESOP) expenses.
ITAT Mumbai held that the receipt from parking facilities is to be treated as business income instead of income from other sources since the same was already accepted as business income in earlier assessment years.
ITAT Pune rules that Rule 128 for claiming Foreign Tax Credit is directory, not mandatory. Belated filing of Form 67 does not disqualify FTC claims.
Compare India’s old and new tax regimes. Learn about tax slabs, deductions, and which option suits your income and investment habits best.
Learn about Tax Deducted at Source (TDS) in India, its applicability, key sections, deduction process, penalties, and recent updates for compliance.
ITAT Kolkata rules on Section 271AAC penalty, clarifying tax implications for returns filed under Section 139. Read the full case summary and key takeaways.
