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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...
Where assessee-firm claimed to have received unsecured loans during relevant years, however, it could not prove genuineness of unsecured loan taken and underneath sources for making these investments, addition made by Assessing Officer under section 68 was justified
Where Assessing Officer, after following directions of Principal Commissioner regarding examining of claim made by assessee for exemption under section 54F, passed an assessment order under section 143(3) read with section 263 holding that assessee was eligible for exemption as it held only one residential property during year, subsequent revision order passed by Principal Commissioner setting aside impugned assessment order as erroneous and prejudicial to interest of revenue was to be quashed
In case, Assessing Officer finds that if property is accounted in books of firm M/s. S.P. Hospital as a commercial property and the property is used for the purpose of hospital, then the Assessing Officer is directed to allow deduction under section 54F of the Act.
The section 269SS and 269T of the Income Tax Act, 1961 prohibits acceptance / repayment of loan, deposit, specified sum etc. otherwise than by an account payee cheque, account payee bank draft, ECS through bank account etc. The violation of the above provisions may attract stringent penalty under section 271D and 271E respectively. The clause […]
Understand important tax audit reporting clauses with funny Q&As. Learn and enjoy the Form 3CD Annexure in the Tax Audit Report (TAR) in a humorous and useful way.
Assessee was entitled to the benefit of indexation on the total cost of acquisition from the year of allotment of flat dehors the fact that assessee had paid installments over a period of time subsequent to the date of allotment.
Income from letting out of premises/developing space along with other facilities in an industrial park, SEZ is taxable under business income
ACIT Vs AVA landmark LLP (ITAT Delhi) The capital assets held by erstwhile company transferred to assessee as LLP were considered as transfer and the Assessing officer made addition of Rs.11,37,40,244/- to the return income on allegation of non-compliance of Section 47(xiiib) of the Act. However, the Ld. CIT(A) observed that there is no violation […]
Shri Abdul Hakeem Vs ITO (ITAT Delhi) ITAT notice that the assessee has filed the appeal belatedly where the number of days delayed has not been specified. The delay in our understanding is about 14 months 10 days. No explanation worth the name has been provided to justify the delay. It is trite that the […]
The tide up grants for a specific purpose would only mean that the assessee which was voluntarily organization, had agree to act as a trustee of a special fund granted by the donor with the result that it need not be pooled or integrated with the assessee is normal income or corpus.
