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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Understand TDS applicability in development agreements with insights into Sections 194IC and 194IA of the Income Tax Act. Explore the criteria, exceptions, and analysis for effective compliance.
CBDT notifies Income-tax (Thirty Third Amendment) Rules, 2022 vide Notification No.112/2022-Income Tax | Dated 7th October, 2022 and amended Income Tax Rule 114F. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No.112/2022-Income Tax | Dated 7th October, 2022 G.S.R. 769(E).—In exercise of the powers conferred by section 285BA read with […]
Explore the critical analysis of the ITAT Delhi order in the Karcher India Pvt. Ltd. case regarding the applicability of the Resale Price Method (RPM) for a distributor’s international transactions. Understand the legal nuances and implications.
Assessee had given the scientific basis for the warranty in respect of tyres sold to the truck segment and non-truck segment and further the issue was pending with the AO because AO had to verify the details in term of the decision of the Supreme court in the case of Rotork Controls India Pvt. Ltd., vs. CIT,314 ITR 62(SC). Therefore, the matter need to go back to the file of AO.
Integra Engineering India Ltd. Vs ACIT (ITAT Ahmedabad) It is pertinent to note that though the assessee has stated that the intention of the assessee to give advances to its subsidiary for making capital and subsidy but the intention was to control the operation of the GTL and to oversee that the manufacturing cost of […]
Ever since income tax became a reality, people have been trying to find ways to reduce their tax liability. But with so many tax-deductible expenses and exemptions, it can be hard to know which deductions to use and which ones to leave out.
Question 1: Who is required to file Form 27C on E-filing portal, buyer or seller? Resolution: The Seller is required to file Form 27C on E-filing portal. Question 2: How can buyer furnish the declaration to seller under section 206C(1A) for obtaining goods without collection of tax? Resolution: The Buyer is required to manually fill Part-I of form 27C […]
Income from assets given on lease, though offered to tax under normal provisions, was not routed through Profit and Loss Account and the accounting treatment given by assessee was in accordance with mandatory AS-19 which mandated assessee to reflect investment in asset under finance lease as lease receivable in balance-sheet on asset side under the head loans and advances.
Appellants are the erstwhile Promoters and therefore they cannot be continued to be in the Company in any capacity may be as shareholders as if they continue Resolution Plan shall not be workable at all.
Explore Section 119A of the Income Tax Act and its implications. Understand the Taxpayer’s Charter and the guidelines set by the Board for its administration.
