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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...
Explore the detailed written submissions in the case of Sh. XXXXXX, challenging the penalty u/s 271D for accepting part cash in the sale of agriculture land. The appellant, an uneducated, rural individual, faced ill health and genuine reasons to accept cash. The penalty, imposed without fair hearing and ignoring reasonable causes, goes against judicial precedents. Discover the legal intricacies and practical challenges, emphasizing that penalty provisions should not be applied mechanically.
PTC India Financial Services Limited Vs ACIT (Delhi High Court) Present writ petitions have been filed seeking directions to the Respondents to grant credit of tax challans and to pass a rectification order for the assessment year 2016-17 and accordingly refund the excess amounts recovered from the petitioner along with interest. Learned Counsel for the […]
Understanding the impact of SC decision & CBDT instruction on reassessment notices u/s 148A. Learn how to reply to these notices for AYs 2013-14 & 2014-15.
This Article discusses Tax Treatment of Cash Credit, Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68,Section 69, Section 69A, Section 69B, Section 69C and Section 69D respectively of Income Tax Act, 1961.
MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. In this part you can gain knowledge about various provisions relating to MAT and AMT. First of all we will understand the provisions of MAT and thereafter the provisions of AMT.
F.No.225/ 81/2022/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA-II division) North Block, New Delhi, the 3rd June, 2022 To All Pr. Chief Commissioners of Income-tax/ Chief Commissioners of Income-tax All Pr. Director Generals of Income-tax/ Director Generals of Income-tax. Madam/Sir Subject: Guidelines for compulsory selection of returns […]
Article discusses Interest under section 234D of Income TAx Act, 1961 on Excess refund granted to taxpayer which includes Manner of computation of interest U/s. 234D , Basic provisions related to Refund, Amount liable for interest and Adjustment under Section 234D(2).
Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income
There are two modes of payment of direct taxes (i) physical mode i.e. payment by furnishing the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making payment by using the electronic mode. In this part, you can gain knowledge about various provisions relating to e-payment of various direct taxes.
DCIT Vs Ambalal Sarabhai Enterprises Ltd. (ITAT Ahmedabad) Facts- The assessee Company is mainly engaged in the manufacture of drugs & pharmaceuticals. The assessee Company filed ROI on 31.10.2001 declaring income from house property Rs.9,036/-, income from other sources Rs.1,25,40,914/- and business loss of Rs.10,26,63,568/-. AO made addition in respect of buying commission to Teknoserve […]
