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Income Tax : Explore the major amendments in Finance Act, 2025 compared to 2024, covering Income-tax Act changes, compliance updates, tax refor...
Income Tax : A structured comparison of the Income-tax Bill 2025 and Finance Act 2025, covering key provisions, objectives, and changes in tax ...
Income Tax : In this article author analyses main changes made in Finance Bill 2025 as passed by Lok Sabha, along with it’s analysis....
Income Tax : Discover the highlights of the Form 3CD amendments effective April 1, 2025, including new clauses for cruise ships and MSMEs....
Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Mumbai quashes Sec 263 revision in Narayan Rane's case. Holds AO took plausible view, order not erroneous & prejudicial despi...
Income Tax : Bombay High Court dismisses revenue appeal, upholds ITAT ruling on assessment of CD marketing rights expenditure....
Income Tax : Delhi High Court clarifies in Anindita Sengupta case that SC's Ashish Agarwal judgment doesn't mandate reopening concluded income...
Income Tax : Delhi High Court held that before undertaking a benchmarking of Advertisement, Marketing and Promotion [AMP expenses], it was incu...
Income Tax : Gujarat High Court quashes Punjab National Bank's tax assessment, citing non-application of mind and imposes an exemplary cost of ...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Penalty was not leviable as assessee made a computational error in not disallowing 1/6th out of expenses on car amounting to aforesaid Rs.1,63,263/- being 1/6th out of motor car expenses however assessees claim was accepted that this computational error was due to oversight and inadvertent mistake, and that the error was a bonafide one.
ITAT Delhi held that TDS provisions are not applicable in case of commission paid to bank and commission paid to partners. Accordingly, disallowance u/s 40(a)(ia) unsustainable.
Understand TDS implications on society redevelopment transactions. Explore FAQs and clarifications on TDS under Sections 194IA and 194IC, covering applicable amounts, deposit procedures, NRI considerations, and more. Stay informed to navigate TDS in society redevelopment agreements.
Dive into the evolution of taxation for MNEs with Pillar 2 – Global Minimum Tax. Understand the mechanics, implications, and exceptions of this groundbreaking framework to stay informed in the changing landscape of global taxation.
Addition made by the lower authorities to the extent of opening balance of share premium of Rs.63,32,28,987/- u/s 68 in AY 2018-19 was unjustified as share premium received in earlier years had already been examined and verified in the income-tax assessments framed u/s 143(3) and the explanation furnished by assessee had been accepted.
It appears that after completing the assessment the assessing officer addressed the PCIT stating that certain error has occurred in the assessment order and requested him to review the order under section 263 of the Act.
ITAT Mumbai held that NABARD has acted as nodal or implementing agency for the schemes framed by GOI. Hence the amounts transferred to Tribal Development Fund/Watershed Development Fund are diverted at source itself and hence not taxable in the hands of the assessee.
ITAT Bangalore held that excess premium paid by the assessee on redemption of preference shares cannot be taxed as deemed dividend under section 2(22)(d) or section 2(22)(e) and hence deleted the addition.
ITAT Delhi held that the onus is on the assessee to prove both source and nature of the credits in case of unexplained credit u/s 68. Unexplained credit will sustain in case the assessee fails to prove any of the same.
ITAT Allahabad held that while rejecting the application for grant of approval u/s 10(23C)(vi) CCIT has not dealt with all the aspects in a comprehensive manner and hence the matter restored back for passing detailed and exhaustive order.
