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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...
It was ruled that approval under Section 151 granted mechanically, with contradictory stands taken by the authority, vitiates the reopening. The reassessment was set aside for lack of proper application of mind.
The Tribunal held that penalty under Section 271(1)(c) cannot be sustained when income is determined on an estimated basis. In absence of clear concealment, the Rs.5.41 lakh penalty was deleted.
The Tribunal clarified that CPC could not make prima facie adjustments denying Section 80P deduction before the Finance Act, 2021 amendment. The disallowance made in 2019 was held invalid and deleted.
The Tribunal clarified that under the pre-amended law, accumulated income could be applied within five years or the immediately following year. Utilization within the sixth year barred taxation in AY 2023-24.
The ruling confirms that transactions with banks involve third parties, defeating the identity required for mutuality. While sustaining taxability, the Tribunal permitted a 5% estimated expense deduction to compute real income.
The new law outlines detailed rules for computing regular, residual, and specified income of registered NPOs. It also prescribes disallowances and a 30% tax on specified income.
Explains the legal distinction between agricultural and non-agricultural income under the Income Tax Act, 1961. Highlights tax exemption rules and conditions for agricultural income.
Tribunal held that a commercial tannery cannot be treated as a residential house merely because rent is taxed under “House Property.” Section 54F exemption cannot be denied on such technical classification.
Explains how residential status determines tax liability under the Income Tax Act, 2025. Clarifies who is taxed on global income and who is taxed only on domestic income.
Introduction The story of cryptocurrency in India has been a roller-coaster ride, to say the least. From the Reserve Bank of India’s (RBI) ‘shadow ban’ in 2018 to the Supreme Court’s landmark judgment in Internet and Mobile Association of India v. RBI (2020), the journey has been one of ups and downs for the cryptocurrency […]
