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Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
Income Tax : This article outlines major penalties under the Income-tax Act for defaults involving tax payments, return filing, TDS compliance,...
Income Tax : The article explains how transactions between associated domestic entities exceeding ₹20 crore must comply with arm's length pri...
Income Tax : This article explains the interest provisions applicable to delays in TDS deduction, TDS/TCS payment and non-payment of tax demand...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Delhi ITAT held that the full value of unaccounted sales cannot automatically be treated as taxable income. It restricted the ...
Income Tax : Addition of capital gain was deleted as impugned land being agricultural land situated beyond the prescribed municipal limits and ...
Income Tax : The ITAT held that investments which did not generate exempt income during the year cannot be considered for Rule 8D disallowance....
Income Tax : The ITAT Ahmedabad held that isolated WhatsApp messages and electronic communications cannot, by themselves, support additions in ...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
ITAT Delhi held that revisionary proceedings under section 263 of the Income Tax Act would not survive since the assessment order is held to be non-est. Thus, appeal dismissed as having become infructuous.
Learn how to optimize home loan interest tax benefits for self-occupied and rented properties. Strategies include reducing capital gains tax and offsetting rental income.
Indian residents must disclose foreign assets and income in their ITRs. Learn the rules, penalties for non-compliance, and filing updates for FY 2023-24.
India’s dual tax regimes create complexities for taxpayers. A unified tax system blending deductions and concessional rates aims to simplify and rationalize taxation.
Learn how to file Schedules FSI, TR, and FA in Indian ITRs. Understand foreign income, tax reliefs, and asset disclosures to ensure compliance and avoid penalties.
In the matter abovementioned ITAT remanded the matter to CIT (A) after observing that no proper opportunity was given to assessee and assessee was able to substantiate the additions made by AO if opportunity may be granted.
It was argued on behalf of the revenue that tribunal was not justified in passing the order as it is an admitted fact that huge cash was deposited in the bank account of the assessee, which was totally contrary to the agreement hence provisions 69A were attracted.
It was argued on behalf of assessee that in the preceding AY, the margin of the assessee from the sale of recharge coupons was 1.75% (approx) and the same was accepted by the Department. Estimation of profit margin at 8% by AO is very much on higher side.
ITAT Jaipur examines Harish Jain’s appeal regarding additions on undisclosed income and retraction of statements during search operations. Detailed case analysis.
Explore Section 263 of ITA, 1961, and its implications for revising assessment orders with no discussion on certain issues. Judicial precedents explained.
