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Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : ITAT Mumbai upholds CIT(A) order favoring Fitrite Packers, dismissing Revenue’s appeal over disallowances related to penalty and...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Understand the differences between appellate powers u/s 251, revisional powers u/s 263, and 264 of the Income Tax Act, and how they affect taxpayers and revenue.
SC clarifies TOLA’s application to Income Tax Act post-April 2021, covering reassessment notice deadlines and procedural timelines. Notices beyond limits are void.
SOP for investigating high-risk refund cases for AY 2024-25. Clusters of suspicious ITRs identified and disseminated for verification by Investigation Wing users.
Insight Instruction No. 8 guides Assessing Officers in verifying high-risk refund ITRs for AY 2024-25, detailing steps for verification and reporting within 30 days.
Insight Instruction No. 43 addresses verification of high-risk refund cases for AY 2024-25. TDS officers to assess and submit feedback on organized refund claims.
ITAT Ahmedabad held that PCIT has taken divergent view from that of AO without giving the basis for invoking of provisions of section 263 of the Income Tax Act. Accordingly, order passed by PCIT u/s. 263 not justifiable.
ITAT Chennai held that salary received for international assignment which is subjected to tax in UK could not be taxed in India. Accordingly, claim of the assessee allowed. The assessee being non-resident individual filed return of income declaring income of Rs.2295/- and claiming refund of Rs.10.08 Lacs.
Learn about cybersecurity risks in India’s securities market, SEBI’s Cyber Resilience Framework, and measures to protect financial institutions from cyber threats.
As per the AO, the impugned payment in cash exceeding the specified limit was not allowable as deduction and accordingly the AO disallowed the same under the provisions of section 40A(3) of the Act and added to the total income of the assessee.
AO proceeded to finalize the assessment based on available records, as the assessee had still not responded or provided any explanations regarding the unexplained cash deposits. AO added the unexplained cash deposits of Rs. 3,13,34,845/- to the total income.
