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Income Tax : Most income tax notices involve minor mismatches or routine verification and can be resolved by submitting clarifications or docum...
Income Tax : Explains how gratuity exemptions differ for government, private, and Gratuity Act–covered employees. Key takeaway: exemption is ...
Income Tax : Explains how Section 87A rebate applies only below fixed income limits, while the standard deduction continues to reduce taxable s...
Income Tax : Discover how identifying errors in Assessing Officer jurisdiction, notice issuance, and approval under Sections 148/148A can secur...
Income Tax : Explains the tax treatment and mandatory ITR disclosures for foreign ESOPs, highlighting the need to report shares annually and av...
Income Tax : West Bengal’s ITR filings rose to 52.99 lakh in AY 2024-25, with significant increases in middle- and higher-income brackets. Th...
Income Tax : The CBDT has initiated its second NUDGE campaign, sending reminders to taxpayers with undisclosed foreign assets to ensure accurat...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : The CBI arrests ITAT officials and an advocate in Jaipur for bribery, seizing over Rs. 1 crore and exposing an organized network s...
Income Tax : Delhi ITAT cancels ₹22 crore tax addition based solely on WhatsApp chats from another phone, reaffirming privacy protections and...
Income Tax : The Tribunal held that the assessee proved substantial upgrades to a semi-constructed house using bills and contractor records. It...
Income Tax : The Tribunal held that the assessment was void because jurisdiction shifted between officers without a mandatory transfer order. I...
Income Tax : The Tribunal held that the AO cannot expand a limited scrutiny into full scrutiny without written approval from the Principal CIT....
Income Tax : The Tribunal held that freight amounts collected and passed on to airlines are mere reimbursements, not income. Only the assesseeâ...
Income Tax : Madras High Court held that payment made for International Private Leased Circuits [IPLC] doesn’t constitute royalty within the ...
Income Tax : Government initiatives under PMLA and Black Money Act target undisclosed crypto income, enhancing monitoring, enforcement, and com...
Income Tax : CBDT notifies a State Pollution Control Board as exempt under Section 10(46A), effective AY 2024-25. The decision confirms tax-fre...
Income Tax : A statutory authority has been formally notified for exemption under Section 10(46A) with effect from AY 2024-25. The approval is ...
Income Tax : CBDT notifies tax exemption for a development authority under Section 10(46A), effective from AY 2024-25. The ruling confirms retr...
Income Tax : The government notified a historic temple as eligible under Section 80G due to its cultural significance. Deductions apply only fo...
Comprehensive summary of capital gains—definition, classification, computation, exemptions, reinvestment reliefs, and procedures under Income Tax Law, including indexation and capital gain account rules.
ITAT Hyderabad held that reopening of assessment is invalid in as much as the approval/ sanction under section 151 of the Income Tax Act is granted in a mechanical manner. Further, reasons for reopening are based on on-application of mind and borrowed satisfaction. Accordingly, reopening quashed and appeal allowed.
Summary of taxability of gifts under the Income Tax Act for individuals and HUFs—covering monetary, movable, and immovable gifts, exemptions, limits, relatives, and COVID-19-related relief.
Overview of presumptive taxation under the Income Tax Act covering sections 44AD, 44ADA, and 44AE—eligibility, ineligible businesses, income computation, record maintenance, and advance tax rules.
Summary of key tax rules for rental and house property income under the Income Tax Act, including sub-letting, deemed ownership, composite rent, computation of annual value, and treatment of self-occupied properties.
ITAT Mumbai held that levy of penalty under section 270A of the Income Tax Act cannot be sustained since specific limb of Section 270A(9) leading to under-reporting of income or mis-reporting of income is not specified. Accordingly, appeal of assessee is allowed.
Detailed summary on salary, allowances, perquisites, pension, gratuity, HRA, standard deduction, and related tax exemptions under the Income-tax Act with reference to key provisions and CBDT notifications.
Author note I was working on tax audit’s of one of my client’s, after submitting the report management wanted to make changes in few estimates, It was my first time, hence thought to discuss my research with everyone Introduction We all know that tax audit is one of the important compliances under the Income-tax Act, […]
ITAT Delhi held that assessments under Section 153C were invalid where AO recorded a vague, consolidated satisfaction note without linking seized material to specific assessment years.
ITAT Surat allowed Goverdhan Nathji Pare Bethakji Seva Trust’s appeal, setting aside CIT(E)’s ex parte rejection of its trust registration application. Tribunal condoned a 24-day delay and restored matter to CIT(E) for a fresh order after granting a reasonable opportunity of hearing to assessee.
