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Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
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 Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...
Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...
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...
Rules 207–208 mandate telegraphic transfer buying rate for foreign currency TDS and introduce Form 125 for specified senior citizens to enable proper tax deduction by banks.
Rule 206 mandates use of the telegraphic transfer buying rate with defined specified dates for different income heads to ensure uniform foreign currency conversion into rupees.
Rules 204–205 mandate specific forms and documentary evidence for salary TDS computation, ensuring proper disclosure of income, deductions, and employee claims.
Rules 201–203 streamline certification of advance rulings, align High Court appeal procedures, and prescribe detailed conditions for grant and allocation of TDS/TCS credit.
Rule 200 mandates filing of advance ruling applications in Form 120 with transaction-based fee slabs, ensuring structured and uniform compliance under section 383.
Rule 199 clarifies what constitutes a “specified order” and lays down strict eligibility conditions to determine who can approach the Dispute Resolution Committee under section 379.
Rules 197–198 prescribe Form 119 with ₹1,000 fee for DRC applications and set clear conditions for penalty waiver or prosecution immunity under section 379.
Rule 215 prescribes Forms 130–133, fixed due dates, and digital authentication requirements to ensure uniform issuance of TDS/TCS certificates under section 395(4).
Tribunal held that rejection of the Project Completion Method was invalid as the Assessing Officer did not record satisfaction under section 145(3). Income was directed to be recomputed under the method consistently followed by the assessee.
Tribunal held that application software licences with limited duration and no ownership rights are revenue expenditure. It deleted the disallowance and ruled that remand by the Commissioner (Appeals) was unjustified.
