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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 : 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 : The court examined whether interest on share capital parked temporarily could be taxed. It held that where funds are directly link...
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 Delhi directs inclusion of Magma Advisory Services Ltd. in Honda R&D’s comparable list, rejecting TPO’s reasons and DR’s functional disparity claims.
ITAT Bangalore remands MBM Developers Vs DCIT case for reassessment, directing the AO to verify income recognition and expense allocation.
ITAT Bangalore dismisses the appeal in Ramrao Mannaji Nandakumari Vs ITO after the assessee opts for settlement under Vivad Se Vishwas Scheme 2024.
ITAT Mumbai rules in favor of Pathare Prabhu CHS Ltd., allowing deduction under Section 80P(2)(d) for interest income from co-operative banks. Read details of the judgment.
ITAT Mumbai ruled in favor of Borivali Jankalyan Sahakari Patpedhi Ltd., allowing deduction under Section 80P for interest income from co-operative banks.
ITAT Ahmedabad rules on undisclosed foreign accounts in the case of Manjulaben Bipinbhai Patel vs DCIT, addressing tax assessments and legal implications.
The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without requiring itemization of deductions. This blog examines the standard deduction’s advantages, qualifying requirements, most current revisions, and contrasts with itemized deductions.
ITAT Mumbai held that receipts from maintenance and support services and additional services, without transfer of any technical knowledge, know-how, skill, etc., are not in the nature of Fee for Technical Services (FTS) and hence not taxable in India.
Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications and tax implications.
The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A of the Act was carried out on the business premises of the assessee on 26.11.2014.
