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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...
This article explains how residential status under the Income-tax Act, 1961 determines whether India can tax your global income or only India-sourced income. It highlights statutory tests, classifications, and judicial principles governing tax jurisdiction.
The Court held that losses already set off in earlier years cannot be notionally carried forward for computing deduction under Section 80IA. The ruling follows binding precedent restricting retrospective reworking of absorbed losses.
The High Court upheld deletion of ₹7.26 crore addition under Section 68 after finding that PAN, bank statements and audited financials established identity and creditworthiness. Suspicion without evidence was held insufficient.
Explains how Section 6 determines whether global or only Indian income is taxable. Highlights differences between ROR, RNOR, and Non-Resident status.
Explains how agricultural income is fully exempt under Section 10(1) but can impact tax rates on other income. Covers constitutional basis and partial integration rules.
ITAT Kolkata held that reassessment under Section 147 was invalid as it relied solely on existing records. In absence of new tangible material, reopening amounted to impermissible review.
Delhi High Court held reassessment under Sections 147/148 cannot be initiated merely on an internal audit objection. Absence of new tangible material made reopening invalid.
The addition under Section 68 was deleted as capital introduced by partners is not a loan or unexplained credit of the firm. Enquiry into partners creditworthiness must be conducted separately in their cases.
The Tribunal observed that merely using the term misreporting without linking it to any specific statutory limb is insufficient. It quashed the penalty, reiterating that penal proceedings must be precise and legally justified.
The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect claims were treated as conscious misrepresentation, not a bonafide error.
