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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...
ITAT rulings clarify that deduction of tax under Section 194J does not automatically classify income as professional income under Section 44ADA.
The new Act adopts a broad definition of income, covering salary, capital gains, perquisites, subsidies, and windfalls, ensuring taxation reflects real financial capacity.
The Tribunal held that reopening based solely on investigation wing information without independent application of mind is invalid. Mechanical reasons cannot justify reassessment under Section 147.
The Tribunal found that the investors had substantial net worth far exceeding their investments. With PAN, ITRs, bank statements, and audited financials on record, the share capital could not be treated as unexplained.
The Tribunal confirmed that once identity, source, and movement of funds are established through records, treating the investment as unexplained is unjustified. Revenues appeal was dismissed.
The Tribunal held that CPC wrongly applied the outdated ₹3 lakh ceiling despite Notification No. 31/2023 enhancing the limit to ₹25 lakh. Since the retirement benefit was within the revised cap, full exemption under Section 10(10AA) was directed.
IRS Publication 523 allows taxpayers to exclude up to 500,000 of gain if ownership and residence tests are met. The article explains eligibility, exceptions, and reporting requirements under U.S. tax law.
The ITAT held that fresh allotment of shares at a value below fair market value attracts Section 56(2)(viia). The term receives includes allotment, and the differential amount was rightly taxed as income from other sources.
ESOPs are taxed twice—first as salary perquisite at exercise and later as capital gains on sale. Understanding valuation rules and holding periods is crucial for compliance.
The ITAT held that absence of a valid notice under Section 143(2) is a jurisdictional defect. Since the notice was not properly issued by the competent officer, the entire assessment was declared void ab initio.
