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Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
Income Tax : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : Allahabad HC quashes GST demand against Solvi Enterprises, ruling that the selling dealer was registered at the time of transactio...
Income Tax : PCIT Vs Greenply Industries Ltd (Gauhati High Court) The Gauhati High Court’s recent judgment in “The Principal Commis...
Income Tax : ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under sec...
Income Tax : ITAT Mumbai held that developer is entitled for deduction under section 80-IA of the Income Tax Act for carrying out development w...
Income Tax : ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under sectio...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
ITAT Jaipur held that since the intimation under section 143(1) of the Income Tax Act, 1961 is not reflected in the online system, there cannot remain any consequent grievances on account of the said intimation.
ITAT Delhi held that initiation of reassessment proceedings without applying his mind based only on the sole reason that as per AIR information assessee has deposited cash in his savings bank is without authority of law.
Weather unclaimed deduction can be claim before assessing authority without filing revised return and weather power of appellate authority can allow claim of duction which was not claimed in return of income.
Malwa Coop. L & C Society Ltd. ITO (ITAT Amritsar) In this case Hon’ble ITAT already determined the turnover, and the direction was made accordingly. Also related to deduction u/s 80P(2)(a)(vi) specific direction was made by the Hon’ble ITAT in its order dated 13.10.204 in ITA No. 483/Asr/2014. ITAT heard the rival submissions and relied […]
The general prudence of the law is that the same income cannot be taxed twice. On other hand, the partners are not liable to pay tax on the remuneration which was already paid by the firm in its return of income.
Income Tax Reassessment invalid if A.O having jurisdiction over the case of the assessee had failed to obtain the requisite sanction u/s 151 of the Act from the Pr. CIT qua his ‘reasons to believe’
Assessing authority had passed the order beyond his jurisdiction by calculating the cost of acquisition on basis of his own assumption.
Explore the provisions of Section 270AA, offering a strategic avenue for assessees to avoid penalties for under-reporting or mis-reporting of income. Learn about the conditions, application process, and the responsibility of the revenue to guide assesses through this insightful article.
ITAT Bangalore held that addition merely on the basis of third-party information, without any corroborative evidence, gathered by the Investigation Wing of the Department is unsustainable in law.
ITAT Indore held that TDS on salary is deductible on the basis of net salary i.e. gross salary (-) deduction under Chapter VI-A. Therefore, demanding amount on short-deduction of TDS calculated on gross salary is unsustainable.
