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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 : 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 : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : ITAT Bangalore rules software development as "production", allowing Bosch's claim under Sections 32(1)(iia) and 32AC for depreciat...
Income Tax : ITAT Bangalore denies Section 11 exemption to Al-Badar Trust, citing capitation fee collection as lacking charitable intent under ...
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...
Unlock the complexities of Unlisted Share Taxation! Explore the nuances of Off-Market and Regular Sale scenarios. Learn about Capital Gains Tax, exemptions, and the critical catch in disclosure for a seamless ITR filing.
The first Income-tax Act in India was introduced in 1860 on account of financial stress owing to the mutiny of 1857 and was to be in force for a period of 5 years. The concept of the aggregate income from all sources was not material except for determining the minimum taxable limit.
Rithala Education Society Vs Union of India (Delhi High Court) In the present case, the significance of issuance of a show cause notice at a stage prior to issuance of a re-assessment notice under Section 148 of the Act has been lost on the respondents inasmuch as the impugned order under Section 148A(d) of the […]
Excel Commodity And Derivative Pvt. Ltd Vs Union of India (Calcutta High Court) The appellant/assessee was issued notice under Section 148A(b) of the Act dated 22nd March, 2022. The sum and substance of the allegation in the notice was that the appellant/assessee has done fictitious derivative transactions with M/s. Blueview Tradecom Pvt. Ltd. The assessee […]
No distinction between compensation for compulsory acquisition of agricultural & non agricultural land for income Tax exemption under RFCTLARR Act
Shrikant Phulchand Bhakkad Vs JCIT (Bombay High Court) It was seen that the issue under consideration of the office had not been examined by the assessing officer while passing the assessment order. The transactions entered into by the assessee were non genuine and were carried out with a view to avoid paying tax. The assessee […]
An appeal is filed with the CIT(A) from Appealable Orders listed in Section 246A of the Act and the procedure in appeal before the CIT(A) and the powers of the CIT(A) are governed by Sections 250 and 251 of the Act respectively.
Ernst And Young U.S. LLP Vs ACIT (Delhi High Court) Supreme Court and this Court have repeatedly held that when the original proceeding has been completed under Section 143(1), there is no need for fresh tangible material for reopening the assessment and the doctrine of change of opinion does not arise since under Section 143(1) […]
According to section 40A(3) of the Income Tax Act, if payment for any expenditure exceeding Rs.10,000 is made in cash in a day, then the expenditure will be disallowed under the Income Tax Act.
PVR Ltd Vs CIT (Delhi High Court) HC held that ITAT erred in law in holding that the difference between the price at which stock options were offered to employees of the appellant company under ESOP and ESPS and the prevailing market price of the stock on the date of grant of such options was […]
