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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...
The Tribunal held that notices issued on or after 01.04.2021 for A.Y. 2015-16 were invalid in view of the Supreme Court’s ruling in Rajeev Bansal. As the reopening was barred by limitation, the reassessment order was quashed.
A simple guide to the five heads of income under the Income Tax Act, 1961, explaining salary, house property, business income, capital gains and other sources.
Bombay High Court held that adjustments under Section 143(1)(a) are invalid if prior intimation is not issued and response not considered, reaffirming mandatory compliance.
ITAT Delhi held that initiation of re-assessment proceedings under section 148 of the Income Tax Act is liable to be quashed as without jurisdiction since revisionary proceedings under section 263 on the same issue was already dropped.
Rule 129 prescribes notice and forms for Section 274 reference, detailing objections, tax benefit basis, and Commissioner’s satisfaction before invoking Chapter XI provisions.
Rules 127 and 128 of the Draft Income-tax Rules, 2026 restrict GAAR impact to the tainted part of an arrangement and exempt cases below ₹3 crore tax benefit and specified FII investments.
Draft Rule 126 of the Income-tax Rules, 2026 limits eligible activities of IFSC-based Finance Companies and mandates foreign currency interest payments to qualify under section 177.
Draft Rule 125 of the Income-tax Rules, 2026 mandates Form 61 authorization filing and extensive ownership disclosures for transactions with notified jurisdictional areas, requiring eight-year record retention to strengthen compliance.
Draft Rule 124 of the Income-tax Rules, 2026 sets out the procedure, timelines, and forms for furnishing country-by-country reports under section 511, triggered by a ₹6,400 crore consolidated revenue threshold.
Rule 122 of the Draft Income-tax Rules, 2026 requires the foreign associated enterprise to initiate an APA process before India begins bilateral or multilateral negotiations, ensuring coordinated and mutually acceptable transfer pricing agreements.
